H&M funds offshore wind project in Bangladesh to get factories off fossil fuels

Clothing company H&M Group is investing in Bangladesh’s first offshore wind project since Bangladesh is home to many factories that stitch the retailer’s clothing. It is a utility-scale installation being developed by Copenhagen Infrastructure Partners. Other companies are also being encouraged to join the project, which is slated to begin operations by 2028. The project aims to show how a collaborative approach to sustainable financing solutions can go hand in hand to overcome industry-wide challenges.

The eligibility for being a part of this project includes:

  • Fashion companies should have pledged an emissions reduction of at least 50 percent by 2030
  • They should have pledged to be net zero by 2050,
  • These companies should have the capacity to put at least $10 million into the project

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