Apple launches $300 million ‘green’ fund for China suppliers

Apple and its 10 initial suppliers would jointly provide the money for the China Clean Energy Fund, aimed at helping the companies make the transition to clean energy. (Reuters)
Updated 13 July 2018
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Apple launches $300 million ‘green’ fund for China suppliers

SHANGHAI: Apple said on Friday it has established a fund to invest nearly $300 million over the next four years to connect its Chinese suppliers to renewable energy as Beijing pushes an anti-pollution drive.
The US giant said it and 10 initial suppliers would jointly provide the money for the China Clean Energy Fund, aimed at helping the companies make the transition to clean energy.
Apple said the project would produce an initial one gigawatt of clean energy, equivalent to powering nearly a million homes.
Most of Apple’s products worldwide are assembled in vast production networks in China that employ hundreds of thousands of workers, and the company has taken various steps to reduce resulting carbon emissions.
It said in April that its headquarters in Cupertino, California, had gone 100 percent renewable and announced initiatives to achieve the same in other Apple facilities worldwide.
China’s four-decade transition into an industrial behemoth has brought the side effects of severe air, soil and water pollution, and the government is pushing various initiatives to clean things up including incentives for renewable energy and the electric-car industry.
Among other projects, in late 2016 Apple said it bought a 30 percent stake in subsidiaries of China-based Goldwind, the world’s largest wind turbine maker, to produce renewable energy.


China willing to invest $3 bln in Nigerian oil operations -NNPC

Updated 15 July 2018
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China willing to invest $3 bln in Nigerian oil operations -NNPC

ABUJA: China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
During a visit to Nigeria’s state-owned NNPC, CNOOC Chief Executive Yuan Guangyu said the Beijing-based oil company had invested more than $14 billion in its Nigerian operations and expressed readiness to invest more.
Guangyu said Nigeria was their largest investment destination and also asked the NNPC to seek common grounds with CNOOC for enhanced productivity.
Nigeria has been holding talks with oil majors over new finance agreements for joint ventures since last year. The NNPC last year signed financing agreements with Chevron and Shell worth at least $780 million to boost crude production and reserves.
Other western oil companies, including ExxonMobil (XOM.N), operate in Nigeria through joint ventures with NNPC.