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Investors Should Be Worried About Tech Stocks

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How Big Tech Is Fueling A Renewable Boom In Taiwan

Apple

Apple is seemingly everywhere these days. From its headline-grabbing stock split to its industry-leading carbon-neutral push, the tech giant is truly showing that it is worth its $2 trillion valuation. And now, it's ramping up the pressure on its suppliers to commit to going green, as well. 

Though Apple reached its goal of powering its facilities across the globe with 100% renewable energy back in 2018, it had received some criticism because a number of its suppliers were not quite on the same page. But these critiques didn't fall on deaf ears. 

Last month, Apple announced that it would be pushing its suppliers to go green, as well, with the lofty goal of helping its entire supply chain become carbon-neutral by 2030. And because of the sheer size of Apple's operations, this move would be the equivalent of taking over 3 million cars off of the road each year. 

Already, over 70 of its suppliers have committed to using only renewable energy, including chipmaking giant Taiwan Semiconductor Manufacturing Company, which recently signed the world's largest renewable corporate power deal with Denmark's Orsted. Under the deal, TSMC will buy 920 megawatts of power from the Greater Changhua 2b & 4, when the offshore wind farm project is scheduled to be finalized by 2025 or 2026 for a period of no less than 20 years.  This commitment could be a game-changer for Taiwan. Right now, Taiwan produces as much as 90% of its electricity through coal, natural gas, and nuclear energy. As it stands, this isn't enough for Big Tech - which is leading the renewable push across the globe. 

Related: Chinese Panic Buying Could Fuel A Copper Rally

Currently, $53.4 billion in corporate revenue in Taiwan comes from tech facilities linked to companies with clean power goals. With this new deal between TSMC and Orsted, however, Taiwan is well on its way to rising to the demands of tech giants looking to clean up their supply chains. 

Orrin Cook, director of international programs at the Center for Resource Solutions, a San Francisco think tank explained, “In Taiwan, without the leading tech companies’ demand for renewable energy, I don’t believe that change would have taken place.." 

This landmark deal was the first of its kind in Taiwan, and it could spark a new renewable boom in the island nation. 

By Michael Kern for Oilprice.com

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