Apple Inc. has announced a substantial investment aimed at promoting the development of clean energy in China, launching a new phase of its clean energy fund with an investment of 720 million RMB (approximately 88.3 million MYR). This announcement coincides with the visit of Tim Cook, Apple’s CEO, to China.
According to a statement from Apple’s China website, the company revealed on March 24 that it has established a new investment fund to enhance clean energy capacity in China. This initiative is a crucial step towards Apple’s goal of achieving 100% renewable energy usage in its supply chain by 2030.
The statement highlighted that Apple will invest up to 720 million RMB to initiate the second phase of its clean energy fund in China. The fund aims to add approximately 550,000 MWh of wind and solar energy generation capacity to China’s power grid each year, with the potential for this figure to increase as more investors come on board.
Tim Cook also took to Weibo, sharing the news in both Chinese and English, emphasizing that two-thirds of Apple’s supply chain in China currently relies on renewable energy. The establishment of this new fund will support the company in its efforts to operate fully on renewable energy by 2030.
Cook arrived in Beijing on March 22 and not only attended the China Development Forum but also met with Ren Hongbin, the President of the China Council for the Promotion of International Trade. According to a post on the Council’s WeChat account, Cook and Ren discussed enhancing exchanges between the business communities of China and the United States, promoting the development of foreign-funded enterprises in China, and deepening cooperation in industrial and supply chains.
Ren expressed confidence that despite the challenges facing the global economy, the long-term positive trend of China’s economy remains unchanged. He also emphasized that this provides broader market opportunities for foreign companies like Apple. Furthermore, he mentioned that the China Council would continue to support foreign enterprises through various channels and encouraged Apple to actively participate in the upcoming Third Chain Expo to enhance global industrial and supply chain cooperation.
In addition, the Ministry of Commerce of China announced on March 23 that He Lifeng, the Vice Premier responsible for economic affairs, met with leaders from multinational companies, including Apple, Pfizer, Medtronic, Mastercard, and Cargill, welcoming these enterprises to expand their investments in China.
