More than 110 of Apple's manufacturing partners worldwide will be fully powered by renewable energy, helping the iPhone maker advance its goals to cut emissions.
This transition will generate almost eight gigawatts of clean energy over the months, the world's second-largest smartphone maker said in a statement on Thursday.
The move will help reduce over 15 million metric tonnes of carbon dioxide emissions annually, equivalent to taking more than 3.4 million cars off the road each year.
"We are firmly committed to helping our suppliers become carbon neutral by 2030 … [we] are thrilled that companies who have joined us span industries and countries around the world, including Germany, China, the US, India and France," Lisa Jackson, Apple's vice president for environment, policy and social initiatives, said.
We are firmly committed to helping our suppliers become carbon neutral by 2030
Apple, which said the bulk of its emissions rise from its product manufacturing, unveiled a plan last year 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 company also said it is constructing one of the largest battery projects in the US, California Flats. It can house up to 240 megawatt-hours of energy, enough to power over 7,000 homes for one day and will allow the company to store excess energy generated during the day to use when required.
The project was approved by the Monterey County Board of Supervisors last year and it will consist of Tesla's 85 lithium-ion 'megapack' batteries.
Megapack is a massive battery that could substitute power plants that supply power when an electrical grid gets overloaded.
The Cupertino-based company has invested $2.8 billion it raised through green bonds to fund 17 renewable energy projects last year.
Apple has so far raised a total of $4.7 billion through three green bond deals that raise money for renewable energy, climate and environmental projects. 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.
It is also financing green energy projects to cover a portion of upstream emissions, the company said.
Upstream emissions are the release of greenhouse gases before the raw material for the fuel enters a processing plant.
“In a year like no other, Apple continued to work with a global network of colleagues, companies and advocates to help make our environmental efforts and everything we do a force for good in people’s lives … and to work alongside the communities most impacted by climate change,” said Ms Jackson.
The company’s carbon footprint has decreased by 40 per cent and it has avoided more than 15 million metric tonnes of emissions through green initiatives.
Apple said it is also introducing its suppliers to resources and training materials to facilitate a smooth transition to renewables. It also connects them with project developers to buy renewable energy directly from them.
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
