Apple has made an anchor investment commitment of $100 million to the China renewable energy strategy, helping to further sustainable infrastructure in the country where many of the company's products are made.
Funding is allocated for Chinese solar and wind energy projects in late-stage development and construction, according to IPE Real Assets, which could provide financial returns and Green Energy Certificates for investors.
This follows the 2018 China clean energy strategy, which was a successful partnership agreement between Apple and its suppliers.
"This second strategy continues to demonstrate the critical role our clients can play in supporting the energy transition and the growing importance of actively managed investment solutions in this space," Yuyu Peng, head of China Renewable Infrastructure for Schroders Capital Infrastructure Asia, which is advising on the effort, said in a press release.
As part of this new deal, approximately 550,000 megawatt-hours will be added to China's electrical grid annually, expanding its green energy efforts.
The investment will also support Apple's 2030 plan, which seeks to achieve net-zero emissions.
Since 2015, the company said it has reduced carbon emissions by 55%, with much of this achieved by convincing its manufacturing partners to switch to renewable energy early on.
"By focusing on recycled and renewable materials, clean electricity, and low-carbon shipping, we're working to bring our net emissions to zero across our entire carbon footprint," according to Apple's website.
China isn't new to the renewable energy game, either; it's consistently pushed the boundaries of solar and wind development and broken records along the way.
This is both an environmental and financial strategy, as the increase in renewables can help lower energy costs while simultaneously reducing the social costs of health care and environmental damage caused by burning dirty fuels.
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Definitely 💯 Schroders' infrastructure team in Asia announced it has successfully invested 1.2 gigawatts in renewable solar and wind projects so far, and there's still plenty of room for growth.
"China is now the largest country in the world for installed renewable energy generating capacity. This will continue to create investment opportunities which help to accelerate our clients' decarbonization targets while delivering resilient cash flows," Peng concluded.
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