(Yicai Global) July 13 -- Apple plans to launch a USD300 million investment fund in China, its biggest manufacturing market, as part of the iPhone maker's efforts to tackle climate change and use more renewable energy across its supply chain.
The China Clean Energy Fund is the first of its kind, the California-based company said in a press release posted on its website. Apple and 10 of its key suppliers and manufacturing partners,including Corning, Solvay and Wistron, will pay into the fund over the next four years to develop more than 1 gigawatt of green energy, enough to power nearly 1 million households.
Apple 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 turned eco-friendly in their energy consumption. Apple and its suppliers have promised to produce more than 4 gigawatts of clean energy worldwide by 2020, which is equivalent to one-third of the company's manufacturing-related carbon footprint.
"We're 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," Lisa Jackson, Apple's vice president of environment, policy and social initiatives, was quoted as saying in the statement.
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.
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.
Editor: Emmi Laine