Apple Borrows $1B To Fight Climate Change

Renewing its commitment to renewable energy and environmentally friendly business practices, Apple just took out a bond worth $1 billion. There’s a catch, however. The money needs to be used for projects that promote green development. It’s basically a loan that will allow Apple to fight against climate change.

This is not the first time that Apple chose to opt for a green bond, Bloomberg reports. Last year, the company did the same and managed to raise $1.5 billion. In both cases, the goal is to make the iPhone maker’s operations as eco-friendly as possible by making their stores and properties completely reliant on renewable energy.

Much of the hubbub surrounding this decision comes via speculations that it is a response to the Trump administration’s decision to pull out of the Paris Climate Accord. Private companies have been taking the lead from the government in the fight against climate change ever since the new regime took over. Vice president of environment, policy and social initiatives at Apple, Lisa Jackson said so herself in a statement.

“Leadership from the business community is essential to address the threat of climate change,” Jackson said.

As one of the dozens of companies that signed the letter to persuade President Trump to keep to the Paris Accord, Apple is heavily invested in a more renewable future. The new bond is expected to mature by 2027 is expected to get an Aa1 rating.

With regards to the ramifications of this new development, the bond makes it easier for investors to take a chance in green investments, Business Insider reports. As a result, it encourages more businesses to put money in eco-friendly efforts that reduce carbon emissions and the levels of greenhouse gasses in the atmosphere. It also protects Apple’s own finances while achieving its goals of relying only on renewable energy.