Apple recently announced the opening of three new wind farms in China. These investments are the first investments of the Apple China Clean Energy Fund. Apple and 10 suppliers in China will invest nearly $300 million to build renewable energy plants, with the goal of providing 1 GW of renewable energy to Apple suppliers. The fund is managed by a third party and is designed to enable smaller companies to better access renewable energy projects.
The program has been around for some time; in 2015, Apple began providing tools and resources to suppliers and published important information on how to reach agreements with energy suppliers and help meet local regulatory requirements.
Apple avoids the concept of buying carbon credits from existing solar or wind farms, preferring to invest in new projects, such as solar farms and rooftop installations, which offer vastly greater emissions reduction opportunities than purchasing credits.
The China Clean Energy Fund is Apple's first attempt to form a financial partnership with suppliers to help them transition to renewable energy, and Apple believes their extra push could be just what suppliers need to make the transition.
“I think some of the larger suppliers are looking at it, but in China, even though government policy has been supportive of clean energy, I don’t think a lot of companies have responded, certainly not a lot of companies that we work with. In manufacturing, there are always companies that see a good return and benefit and are willing to take this opportunity.” Jackson said that the fact that a large part of the conversion work has progressed shows that it is a decision that also looks very reasonable financially.
Apple plans to replicate this model in other markets where it has suppliers. As the company helps suppliers make the transition, it hopes other companies will do the same, and many suppliers have decided to use renewable energy to power Apple's business.
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