Apple shares closed higher in the US Thursday amid news the tech innovator is launching a new clean energy fund in China. The investment vehicle will see 10 firms and Apple invest in it to develop new, clean energy solutions and projects across the country.
Apple shares ended the US Thursday trading session 1.68% higher at $191.11. The stock is also a little higher in out-of-hours activity.
Apple supports renewable energy industry
Apple said Thursday that it and an initial 10 supplier partners will jointly invest $300 million over the next four years, into the fund.
That investment will then be used to support or develop new clean and renewable energy projects across China. That will help ensure that there are clean energy options throughout Apple’s – and other businesses – entire supply chain in the country.
“At Apple, we are proud to join with companies that are stepping up to address the climate challenge,” said Lisa Jackson, Apple’s vice president of Environment, Policy and Social Initiatives. “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.”
Details of the planned fund show that it will be managed by a third-party, called DWS Group. They are specialists in sustainable investments and are also among the ten additional partners set to invest in the fund.
The fund will create more than 1 gigawatt of renewable energy across six provinces in China.
Apple added that while transitioning to renewable energy sources and practices isn’t always easy, particularly for smaller firms, this new fund will help make using clean energy a more achievable option for all business who operate in China.
“Apple and its suppliers will generate more than 4 gigawatts of new clean energy worldwide by 2020 — representing one-third of Apple’s current manufacturing electricity footprint,” the tech giant said.