Apple launches $300 million renewable energy fund in China
People walk past Apple's Fifth Avenue store, one of at least 120 Apple stores currently powered by renewable energy. Photo: John Moore/Getty Images
Apple said yesterday that it's joining with 10 suppliers to launch a new $300 million "China Clean Energy Fund" to enable its large supplier network there to expand renewable power use.
Why it matters: Corporate sourcing is increasingly a driver of renewable power deployment, and Apple's move show how it can evolve to fold in supply chains too.
Details: The tech giant announced a list of 10 suppliers that will work with the company to invest around $300 million over four years in projects that total over a gigawatt of power.
The intrigue: Via the Wall Street Journal, "Apple has gone on a charm offensive in China in recent years as it has looked to shore up its relationship with the Chinese government and consumers."
- Apple said that joint efforts will enable suppliers "greater purchasing power and the ability to attain more attractive and diverse clean energy solutions."
The big picture:
- "China’s government has made cutting pollution a key priority, putting pressure on local and international firms to help reduce high levels of smog in its major cities and clean up the country’s waterways and polluted soil." [Reuters]
- Apple said in April that all of its direct operations worldwide are now powered wholly by renewables, and that nearly two-dozen suppliers have made that commitment for their Apple-related work.