The China Clean Energy Fund, which Apples claims is a first-of-its-kind fund, will invest in clean energy projects throughout the country, with a goal of generating more than 1 gigawatt of renewable energy over four years, enough to power almost 1 million homes.
The US giant said it and 10 initial suppliers would jointly provide the money for the China Clean Energy Fund, aimed at helping the companies make the transition to clean energy. In China, where many of Apple's suppliers are based, that means a lot of wind wind and solar.
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The iPhone maker said Thursday that it was launching a $300 million fund that will identify and invest in clean energy projects in the world's second biggest economy. In 2015, Apple committed to using clean energy in its supply chain and has said it hopes to create 4 gigawatts of renewable energy globally by 2020, an increase from a goal of 3 gigawatts announced earlier this year.
The fund, called the China Clean Energy Fund, will be managed by DWS Group, Deutsche Bank's asset management arm. It's not alone in its mission to promote clean energy, with other U.S. companies going green with deals for renewable energy sources too.
"At Apple, we are proud to join with companies that are stepping up to address the climate challenge", said Lisa Jackson, Apple's vice president of environment, policy and social initiatives, in a statement. Just last month, Samsung Electronics, which in response to almost a year of campaigning by Greenpeace, made an initial commitment to go 100% renewable for its operations in the US, China, and the EU.