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Apple Inc spending raises $2.8 billion for “Green Bond”

Apple Inc spending from 'green bonds' hits $2.8 billion

On Wednesday, Apple Inc said it rose the funding for “green bond” to $ 2.8 billion that was the last year funded 17 projects which is expected to generate 1.2 gigawatts of renewable energy. It added that the projects would avoid an average of 921,000 metric tons of carbon emissions every year, stating that this is equivalent to removing about 200,000 cars off the road.

Green bonds are a class of fixed-income securities that raise capital for projects with environmental benefits, such as renewable energy or low-carbon transportation.

Apple is one of the largest issuer of such bond in private sector; it is using the capital as part of an effort to become carbon neutral in its broader manufacturing supply chain by 2030. The company has issued three sets of $ 4.7 billion green bonds since 2016.

Apple’s vice president of environment, policy, and social initiatives Lisa Jackson said in a statement, “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 are an important driver in our efforts”. Further she added, “Ultimately, clean power is good business.”

Among Apple’s 2020 green bond project, it is said that it was a set of two onshore wind turbines in Denmark which is said that the largest one in the country. The company said the 200-meter-long turbine, near Esbjerg, would generate 62 gigawatt-hours of electricity each year, all of which surplus energy for Apple’s data center in Viborg would go to the Danish grid.

Apple said other projects last year were a 180-acre solar power site near its data center in Reno and Nevada that will generate 270 megawatts of power along with its other Nevada projects; a 112 MW power purchase agreement with a wind farm near Chicago to offset electricity consumption in that area; And a 165 MW solar power development project near Fredericksburg, Virginia with three other companies.

(Reuters)

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