Taipei, U.S.-based consumer electronics giant Apple Inc. said it has partnered with 10 of its suppliers, including firms from Taiwan, to set up a clean energy investment fund in China, which is expected to fulfill its commitment to the China market.
Over the next four years, Apple and the suppliers will jointly invest almost US$300 million into the China Clean Energy Fund, the company said in a statement.
Among the 10 Apple suppliers in the investment fund are Taiwanese metal casing maker Catcher Technology Co., contract notebook computer producer Compal Electronics Inc., and iPhone assemblers Pegatron Corp. and Wistron Corp., according to Apple.
Other suppliers to contribute to the clean energy fund are Belgian chemical firm Solvay Group, Shenzhen Sunway Communication Co., U.S. glass supplier Corning Inc., U.S.-based packaging Golden Arrow, Inc., U.S.-based printed circuit board maker Jabil Inc. and Guangdong-headquartered connector supplier Luxshare Precision Industry Co., Apple said.
The company did not disclose the share of each of the 10 suppliers to the fund.
Apple said the fund will invest in projects to develop more than 1 gigawatt of renewable energy in China, which is enough to power nearly 1 million households there.
The China Clean Energy Fund, Apple said, will be managed through a third party -- Germany-based asset management firm DWS Group, which specializes in sustainable investment and will also invest in the fund.
"At Apple, we are proud to join with companies that are stepping up to address the climate challenge," Lisa Jackson, Apple's vice president of environment, policy and social initiatives, said in the statement.
"We're thrilled that so many of our suppliers are participating in the fund and hope that this model can be replicated globally to help businesses of all sizes make a significant positive impact on our planet," Jackson said. Apple said that based on the size of the China Clean Energy Fund, the fund is expected to give its participants the advantage of greater purchasing power and enable them to attain more attractive and diverse clean energy solutions.
The announcement of the clean energy fund came after Apple said earlier this year that its global facilities are powered by 100 percent clean energy.
In 2015, Apple announced the launch of its Supplier Clean Energy Program. Since the program started, 23 of Apple's manufacturing partners from more than 10 countries have committed to powering all of their Apple production with 100 percent clean energy.
By 2020, Apple said, it expects that it and its suppliers will generate more than 4 gigawatts of new clean energy worldwide, accounting for about one-third of the U.S. tech giant's current manufacturing electricity footprint.
Source: Focus Taiwan News Channel