(Yicai) March 24 -- Apple has established a new investment fund in China worth CNY720 million (USD99.2 million) to expand its clean energy capacity in the country.

The move is part of Apple's efforts to transition its supply chain to 100 percent renewable energy by 2030, the US tech giant said on its website today. The fund aims to add around 550,000 megawatt-hours of wind and solar energy generation capacity to China's power grid each year, which will likely increase as more investors join the initiative, it added.

Managed by UK asset manager Schroders, the fund provides another option for companies committed to sourcing high-impact clean energy solutions in China, including Apple suppliers, the California-based firm noted, adding that it also aims to deliver financial returns to investors.

Apple and its suppliers launched the first clean energy fund in China in 2018. That initiative has exceeded its established goals, having newly built more than 1 gigawatt of wind and solar projects across 14 Chinese provinces.

The new clean energy fund will replicate the approach of the first, supporting new renewable energy projects, including those in the early development stages.

Apple is collaborating with suppliers worldwide to transition to 100 percent renewable energy. Since 2015, it has reduced greenhouse gas emissions by more than 55 percent and will continue striving for deep emissions cuts across all business aspects.

Editor: Martin Kadiev