A joint partnership has been launched by H&M, the Swedish multinational fast fashion retailer, and IFC, a member of the World Bank Group to boost the use of clean, renewable energy in the garment industry, while also slashing greenhouse gas emissions.
“H&M will partner with IFC to guide its strategic tier one and two suppliers in China, India and Bangladesh in adopting renewable energy solutions, thereby improving environmental sustainability within the H&M global supply chain,” reads a statement issued by the IFC.
Both the organizations will develop a platform for implementation of practical renewable energy solutions on the ground to achieve meaningful reductions in greenhouse gas emissions through adoption of clean energy sources such as solar, wind, and hydro power; an approach that will be initially taken in three countries of high importance to H&M but which can ultimately be replicated in other markets.
Renewable energy already powers 96 per cent of the fashion brand’s own global operations, and this partnership aims to expand this climate-friendly approach to the independent garment factories that produce its fashions throughout the world.
Also Read – H&M unveils sustainability goals: Here are the Key Points
H&M is committed to a goal of 100 percent renewable energy usage in its own operations, and is one of the first companies in the industry to start setting climate-change and renewable energy goals along its value chain.
“Cutting greenhouse gas emissions is crucial for the environment, but importantly, this project will create a low-carbon roadmap that shows how it makes good financial sense for firms too,” said Milagros Rivas Saiz, Global Head Advisory at IFC.
