The US-based technology giant, Apple, has launched a fund with key suppliers to invest US$300mn in solar projects.
The more than 1GW of renewable energy will be used to increase clean power in the firm’s supply chain.
The financing will be used over a period of four years, with the entire fund to be spent on solar projects in China.
Chinese firms that operate within Apple’s supply chain will purchase the solar power generated, as it aims to create more access to renewable energy for smaller companies.
“At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” stated Lisa Jackson, Vice President of Environmental, Policy and Social Initiatives at Apple.
“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.”
The technology company currently has 25 renewable projects which collectively have 626M of capacity.
Apple set the target of reaching 1.4Gw of clean energy capacity and aims for the new investments in solar to take a significant step towards reaching that goal.