Apple Inc announced on Monday a new investment fund, with a pledge of 720 million yuan ($99.3 million), to expand clean energy production in China, reinforcing its commitment to transition its global supply chain to 100 percent renewable energy by 2030.

The move is designed to launch second China Clean Energy Fund, building on the success of its inaugural 2018 program.

With Apple's anchor investment, the fund aims to add about 550,000 megawatt-hours of new wind and solar capacity annually to China's grid, a figure expected to grow as additional investors join, Apple said in a statement.

The innovative new fund, managed by Schroders, is an additional option for businesses working to procure high-impact clean energy solutions in China — including Apple suppliers —all while aiming to generate a financial return for investors. It is modeled after the success of the first China Clean Energy Fund, which Apple and its suppliers launched in 2018.

"Our suppliers in China are driving world-class advancements in smart and green manufacturing," said Jeff Williams, Apple's chief operations officer. "With the launch of our second China Clean Energy Fund, we are proud to deepen our collaboration with suppliers across China to advance innovation, opportunity, and progress for the planet we share."

The initial China Clean Energy Fund exceeded its goal of over 1 gigawatt of new wind and solar projects in China across 14 provinces. The first-of-its-kind investment fund helped expand access to renewable energy for suppliers of all sizes, and enabled the development of new projects across the country. The newly launched fund — China Clean Energy Fund II — will replicate this approach to support new renewable projects, including those in the early stages of their development.

In addition to contributing to a cleaner electrical grid in China, the new fund will help advance progress toward Apple 2030, Apple's ambitious goal to be carbon neutral across its entire carbon footprint — including the manufacturing supply chain and the lifetime use of every product — in the next five years. As part of this goal, Apple works closely with suppliers to help them transition to 100 percent renewable energy for their Apple production. Today, about two-thirds of Apple's manufacturing in China is powered by renewable energy, with over 100 suppliers contributing to that progress.

Apple's work with its suppliers in China and around the world to transition to 100 percent renewable energy is a major driver of the company's significant climate progress. Since 2015, the company has slashed its overall greenhouse gas emissions by more than 55 percent and remains focused on driving deep emissions reductions across every aspect of its business.