(Yicai Global) July 26 -- Apple will launch its first investment fund in its biggest manufacturing market to make the electronic products greener and to seek investment opportunities in China's renewable energy sector.
Over the next four years, Apple and its 10 initial suppliers will invest nearly USD300 million in the China Clean Energy Fund, which will help develop more than 1 gigawatt of green energy, the Cupertino-based firm said on its website. One gigawatt equals nearly 1 million households' monthly energy needs.
"We are thrilled so many of our suppliers are participating in the fund and hope this model can be replicated globally to help businesses of all sizes make a significant positive impact on our planet," said Lisa Jackson, Apple's vice president of Environment, Policy and Social Initiatives.
China's government has made steps toward more environmentally friendly policies this year by restructuring rural energy generators, using less coal to reduce emissions, and punishing polluting companies.
The iPhone maker said earlier this year that it will run its worldwide operations on clean energy and some 23 manufacturing partners in more than 10 countries have already committed to turning green in their energy consumption. Apple and its suppliers have promised to produce more than 4 GW of clean energy around the globe by 2020, which is equivalent to one-third of the company's manufacturing-related electricity footprint.
Some of the 10 partners include two Taiwanese tech firms Catcher Technology and Compal Electronics, as well as US companies Jabil and Corning. The China Clean Energy Fund will be managed by a third-party agency, Europe-based asset manager DWS Group, which will also invest in the fund.