TrendForce has learned that Foxconn on March 13 2024 announced that it had signed an agreement with Xuzhi Capital, which plans to establish a green energy asset management company and launch a green energy development fund to jointly expand the green energy business in mainland China. Through direct investing in the green power industry assists the group's sustainable development, and obtains green power rights and interests, it is benifical to Foxconn's leadership in leading the supply chain towards net zero and have stable investment returns.
In the future, Foxconn and Xuzhi Capital's will jointly establish a green energy asset investment company with a total capital of RMB 2 billion based on Xuzhi Capital’s many years of investment and operation experience in the field of global energy development. The two parties will focuse on green power generation projects, with the ultimate goal of obtaining RMB 2 billion per year. kWh green power rights.
The two parties plan to establish a green energy development fund with a target size of RMB 7 billion, and jointly develop green power industries such as solar pv, wind and energy storage. It is estimated that the desirable green power rights and interests of 6 billion kWh will be accelerated through these two cooperation projects. The goal of net-zero and environmentally sustainable development is moving forward.
Foxconn announced in 2020 that in response to CA100+, it aims to achieve net-zero emissions by 2050. At the same time, the group has also set a goal of using 50% green electricity by 2030 as an important milestone towards net-zero. The Group officially passed the Science Based Targets initiative (SBTi) target verification in April 2023, and subsequently set Science Based Targets (SBT) based on the 1.5°C warming path and gradually make progress in compliance with the 1.5°C warming path. Under the reduction targets and mechanisms of the international initiative, four major methods are adopted to reduce the greenhouse gas emissions of Category 1 and Category 2 within the group's operating boundaries: operational energy conservation, direct purchase of green power, green power construction, and investment in purchasing green power certificates. Greenhouse gas emissions. Last year, Foxconn significantly increased the adoption of green electricity, with the proportion exceeding 40%, achieving its original goal ahead of schedule .
This time, Foxconn has expanded its application area and established a green energy asset investment company in mainland China . It also plans to initiate the establishment of a green energy development fund and actively carry out large-scale investment in green energy. With its large scale and fast pace, Foxconn is not only the leader in net zero Another specific action on the path is a firm commitment to fulfill the 2050 net-zero sustainability goal.