Apple Green Bond spend hits $2.8B; creating 1.2 gigawatts of clean energy

The Apple Green Bond initiative has now helped create 1.2 gigawatts of clean energy, as Apple says it has allocated $2.8B of the $4.7B total raised. Some of the projects funded are directly linked to Apple, generating power for the company’s own data centers, while others are more general, feeding clean power into the grid.

A green bond is like a conventional bond, where a company raises money by selling paper that offers a fixed return by a fixed date, but where the proceeds are specifically earmarked for environmentally friendly projects …

Apple began funding clean power projects in 2016 through its green bond, which was the largest of its kind ever offered. The company promised a total spend of $4.7B, and has today provided an update through its Annual Green Bond Impact Report.

Since the historic climate change agreement at the 2015 United Nations Climate Change Conference (COP21) in Paris, Apple has invested the proceeds from three issuances of Green Bonds to support global efforts in carbon emissions reductions.

In February 2016, the company issued its first $1.5 billion Green Bond, following up with its second round of $1 billion in June 2017 after the former US Administration’s announcement of its intention to withdraw from the agreement reached at COP21. In November 2019, Apple issued its third set of Green Bonds and its first in Europe, with two bonds each at 1 billion euros (totaling approximately $2.2 billion USD) […]

Apple’s newly completed renewable projects, part of the company’s planned $4.7 billion Green Bond spend, are bringing clean energy to local communities while reducing carbon emissions. In 2020, Apple funded 17 Green Bond projects that will avoid an average of 921,000 metric tons of carbon emissions annually, which is equivalent to removing nearly 200,000 cars from the road. The projects will generate 1.2 gigawatts of renewable energy globally, with Apple adding over 350 megawatts of newly installed renewable energy over the last year in Nevada, Illinois, Virginia, and Denmark.

Apple’s Green Bond issuances are among the largest in the private sector.“Apple is dedicated to protecting the planet we all share with solutions that are supporting the communities where we work,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “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 is an important driver in our efforts. Ultimately, clean power is good business” […]

Apple has allocated more than half of its total Green Bond spend — $2.8 billion — and will continue to invest in projects that address carbon emissions.

The company also said that it is making progress on its promise to become carbon neutral across its entire business, manufacturing supply chain, and product life cycle by 2030.

Apple provides several examples of its latest green projects, including a solar power farm in Nevada.

Onsite solar project outside of Reno, Nevada: A 180-acre site located within the Reno Technology Park is now providing power to Apple’s Nevada data center.

The project, recognized as “Utility-Scale Project of the Year” by Solar Builder magazine, has created 236 clean energy construction jobs of which more than 90 percent were filled by Nevada residents, and represents a more than $60 million investment in Washoe County. This site is delivering 50 megawatts of renewable power to Apple, joining the company’s three other Nevada projects that deliver 270 megawatts.

Apple became the largest user of solar power in the US back in 2019.

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