Apple Inc spending from ‘green bonds’ hits $2.8 billion

Apple Inc said on Wednesday it allotted $2.8 billion raised from “green bonds” that last year funded 17 projects that will generate 1.2 gigawatts of renewable energy.

It said the projects will avoid an average of 921,000 metric tons of carbon emissions each year, which it said is equal to removing nearly 200,000 cars from the road.

Green bonds are a category of fixed-income securities that raise capital for projects with environmental benefits, such as renewable energy or low-carbon transport.

Apple, one of the largest private-sector issuers of such bonds, is using the capital as part of its effort to become carbon neutral across its sprawling manufacturing supply chain by 2030. The company has issued three sets of green bonds since 2016 totaling $4.7 billion.