Apple announces clean energy investment fund

Apple Inc announced on Friday a first-of-its-kind investment fund in China to connect suppliers with renewable energy sources.

The move is part of broader efforts by the US-based tech heavyweight to address climate change and increase the use of renewable energy within its supply chain.

Under the initiative, Apple and 10 initial suppliers will jointly invest nearly $300 million over the next four years into the China Clean Energy Fund.

The fund will invest in and develop clean energy projects totaling more than 1 gigawatt of renewable energy in China, the equivalent of powering nearly a million homes.

"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," said Lisa Jackson, Apple's vice president of Environment, Policy and Social Initiatives.

The 10 initial supplier partners include Catcher Technology, Compal Electronics, Golden Arrow and Sunway Communication.

Transitioning to clean energy can be complex. This is especially true for smaller companies that may not have access to viable clean energy sources. By virtue of its size and scale, the China Clean Energy Fund will give participants the advantage of greater purchasing power and the ability to attain attractive and diverse clean energy solutions. The China Clean Energy Fund will be managed through a third party, DWS Group, which specializes in sustainable investments and will also invest in the fund.

The move follows Apple's announcement earlier this year its global facilities are powered by 100 percent clean energy and the launch of its Supplier Clean Energy Program in 2015.

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.