Apple Inc. is launching a $300 million partnership in China to bring renewable energy to the country, the company announced late Thursday.
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 nearly 1 million homes.
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China is the largest source of carbon pollution, and the investment is intended to help the country with its climate issues.
The partnership, led by Apple and 10 other suppliers, is part of the company’s push to proactively address climate change and increase the use of renewable energy within its supply chain. China is a major producer of Apple products and technologies.
”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.
“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,” added Jackson, a former Environmental Protection Agency administrator during the Obama administration.
Apple announced in April it had met its goal of powering all of its global facilities with clean energy. The company is also helping smaller companies adapt to clean energy usage, which is often financially burdensome, especially in small markets.