Apple commits US$300mn to renewable energy projects in China
Apple has announced its investment in green energy businesses and initiatives across China with a view to producing 4GW of green energy globally.
Apple launched the China Clean Energy Fund in 2018, and further funding from the Silicon Valley company (along with ten other local suppliers) is set to expand the initiative. The fund is intended to give smaller local companies the financial backing to become more competitive in the green energy sector.
Apple has committed to investing US$300mn in renewables by 2022 as part of its goal to reach net zero emissions by 2025. The funding is intended to produce 1GW within China, and will allow Apple to further supply their manufacturing plants with green energy.
This is off the back of Apple completing the first of three projects across China in Concord Jing Tang and Concord Shen Zhang Tang which have a capacity of 48MW each, plus a third 38MW site.
"The China Clean Energy Fund has enabled us to invest in a great many renewable projects at a much higher capacity. This just wouldn’t be possible on our own," said Hao Peng, President of Apple supplier Sunway Communication.
Apple is committing to 4GW of renewable capacity by 2020 globally, which will cover a third of the company’s manufacturing demand. Currently, Apple sources renewable energy from sites across the globe including large scale wind farms in Texas.
Apple already operates on 100% renewable energy but some of this was being bought through alternative sources while its manufacturing plants in China ran off more traditionally generated energy. This operation adds to the 25 projects currently spanning the globe in an effort to tackle sustainability.
Business Chief Legend: Ho Ching, CEO of Temasek
Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.
Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.
Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.
Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.
As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.
It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.
But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.
As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.
So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.