Apple funded 17 Green Bond projects last year, which will ultimately help avoid an average of 921,000 metric tons of carbon emissions being pumped into the environment each year. That’s the equivalent of removing nearly 200,000 cars from the road, Apple says.
In an update on its planned $4.7 billion Green Bond spend, Apple notes that its new projects will generate a massive 1.2 gigawatts of renewable energy globally.
Apple started funding green energy projects five years ago. A Green Bond or Climate Bond is a fixed-income financial instrument with a climate or environmental spin. In other words, it’s like a regular bond… only green. Apple’s Green Bond issuances are some of the largest in the private sector.
Apple’s environmental efforts in 2020
Apple says that last year it added over 350 megawatts of newly installed renewable energy around the world. This included a 180-acre site in the Reno Technology Park that’s now providing power to Apple’s Nevada data center, a 112-megawatt wind farm outside Chicago, a 165 megawatt solar project in Fredericksburg, Virginia, and the largest onshore wind turbines in Denmark.
“Apple is dedicated to protecting the planet we all share with solutions that are supporting the communities where we work,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “We all have a responsibility to do everything we can to fight against the impacts of climate change, and our $4.7 billion investment of the proceeds from our Green Bond sales is an important driver in our efforts. Ultimately, clean power is good business.”
Under Tim Cook’s leadership, Apple has embraced environmental efforts in a big way. That has included reversing the terrible reputation the company had in this area in previous years. Sustainable energy now powers 100% of Apple’s stores and offices. And it’s working hard to make sure that the same applies to its supply chain. It aims to achieve the fully carbon neutral benchmark by 2030.
It’s all part of Tim Cook’s mission to make Apple for a “force for good” in the world.