Apple invests $2.8bn in 17 renewable energy projects in 2020

The projects will cut 921,000 metric tonnes of carbon emissions annually and help the iPhone maker to become carbon-neutral by 2030

The newly completed Turquoise solar farm in Nevada delivers 50 megawatts of renewable power to Apple. It is Apple's fourth solar project in the state. Courtesy Apple

Apple invested $2.8 billion it raised through green bonds to fund 17 renewable energy projects in 2020, as the world's second-largest phone maker continues the push to achieve its target of becoming carbon-neutral by the end of this decade.

The company said the projects in the US and Europe will generate 1.2 gigawatts of renewable energy. They will cut an average of 921,000 metric tonnes of carbon emissions annually, which is equivalent to removing nearly 200,000 cars from the road.

"Apple is dedicated to protecting the planet we all share with solutions that are supporting the communities where we work," Lisa Jackson, Apple's vice president of environment, policy and social initiatives, said in a statement.

A green bond is a type of fixed-income instrument that raises money for renewable energy, climate and environmental projects.

Apple has so far raised a total of $4.7bn through three green bond deals. Its spending on renewable projects is among the largest in the private sector globally. In February 2016, the company issued its first $1.5bn green bond, followed by its a $1bn deal in June 2017 and $2.2bn in November 2019.

“We all have a responsibility to do everything we can to fight against the impacts of climate change … our $4.7bn investment of the proceeds from our green bond sales is an important driver in our efforts. Ultimately, clean power is good business," Ms Jackson said.

Last July, Apple committed to become carbon neutral across its entire business, manufacturing supply chain and product life cycle by 2030. This means that every Apple device sold will have net zero climate impact in the next 10 years.

The Cupertino-based company is investing in technologies to help its partners make sustainable choices.

Last year, it completed the construction of two of the world's largest onshore wind turbines in Denmark. They are expected to produce 62 gigawatt hours energy each year - enough to power almost 20,000 homes.

Top tech companies have rolled out various green initiatives in the past few months.

In June, Amazon launched a Climate Pledge Fund, with an initial funding of $2bn, to invest in sustainable technologies and services. The new investment programme will help Amazon become carbon neutral by 2040.

In September, Google pledged to run all its campuses and data centres on carbon-free energy by 2030.