APPLE LAUNCHES $300M GREEN ENERGY FUND IN CHINA

SHANGHAI – Apple Inc will launch a $300 million clean energy fund in China, the firm said in a statement on Friday, working with its suppliers to invest in renewable energy projects that could power close to 1 million homes in the country.

The China’s government has made cutting pollution their main priority, they have done this by adding pressure on local and international firms to help reduce high levels of smog in its major cities and clean up the country’s waterways and polluted soil.

The investment from Apple along with 10 suppliers including Pegatron Corp and Wistron Corp over a four-year period, comes at the time when the United States and China are locked in trade wars.

Apple’s chief executive Tim Cook earlier this year called for calm heads in Washington and Beijing as the world’s two largest economies have veered towards a trade war and exchanged tit-for-tat tariffs on billions of dollars of goods.

Apple makes most of its products in China which was criticized by US President Donald Trump and the iPhone maker also ships their product around the world, including to the United States. China is also one of Apple’s most important end markets, although it has faced a rising challenge from local smartphone rivals.

The American brand has made a push for renewable power and to showcase of how serious they are about renewable energy they announced earlier this year that all their facilities are powered by clean energy.

Photo Credit- AppleInsider

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