Apple is investing in a clean energy project in China
Apple (AAPL) has announced a $300 million fund for investing in renewable energy projects in China over the next four years. The company will be joined by suppliers such as Pegatron and Wistron.
The fund will develop clean energy projects, producing over one gigawatt of clean energy in the country—enough to power one million homes, according to Apple.
The country has been trying to promote clean energy sources as the demand for energy has surged over the years.
Apple has been investing in public policy interest in its key markets
This initiative comes at a time when investors are worried that the escalating trade war between the United States and China could hurt Apple’s fortunes in the country. With that said, the company may not be heavily affected by the trade war, as it has alliances with the Chinese government. It’s also reducing its dependence on the iPhone.
This move by Apple is an example of how the tech juggernaut is using its deep pockets to support such initiatives in its key markets. Over the last year, Apple has devoted $5 billion to support manufacturing in the United States.
The move is also the latest example of the company’s push toward renewable energy over the last few years. Three years ago, Apple launched the Supplier Clean Energy Program, committing 23 of its partners to use only clean energy.