Apple announced the release of its annual Green Bond Impact Report, highlighting investments made by the company with funds raised in its green bond issuance. According to the new report, in 2020, the company funded 17 projects enabling the avoidance of an average of 921,000 metric tons of carbon emissions annually, equivalent to removing nearly 200,000 cars from the road.

Since 2016, Apple has executed four green bond issues, raising $4.7 billion. According to the report, Apple has now invested more than half of the proceeds, allocating $2.8 billion to date. According to the report, the company has funded project ranging from operational those with immediate direct environmental benefits, to capacity building projects that enable suppliers to achieve environmental benefits, as well as research and development aimed at unlocking future environmental benefits.

In 2020 Apple utilized $330 million of the proceeds, roughly 15% of the company’s 2019 green bond issuances, financing 17 projects. The bulk of the spend, $310 million, was allocated to renewable energy projects, including wind and solar projects around the world, expected to generate over 1.2 GW annually.

The investments will help enable Apple to meet its environmental sustainability commitments. While Apple has already reached 100% renewable energy use in its own operations, the company launched a new initiative in July 2020, committing to become carbon neutral across its manufacturing supply chain and product life cycle by 2030.

Lisa Jackson, Apple’s Vice President of Environment, Policy, and Social Initiatives, said:

“Apple is dedicated to protecting the planet we all share with solutions that are supporting the communities where we work. 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.”