Swedish fast fashion retailer, H&M Group plans to invest in a large-scale offshore wind project being developed by Copenhagen Infrastructure Partners in Bangladesh.
With a planned capacity of about 500 MW, the project is set to be the first utility-scale offshore installation in Bangladesh. It would supply 40 per cent of the country’s power by 2041. Once completed, the installation would cut the country’s annual emissions by a projected 725,000 metric tonne.
H&M will collaborate with Danish retailer Bestseller for the $100 million project being funded by Copenhagen Infrastructure Partners and Global Fashion Agenda. The project is likely to begin operations by 2028.
As per a part of its Green Fashion Initiative, H&M has till date funded 17 projects aimed at reducing 190,000 metric tonne of carbon emissions annually.
In November 2023, the company collaborated with DBS bank to create a financing program to offer loans on favorable terms to suppliers aiming to displace fossil fuels.
In 2023, H&M teamed up with one of its manufacturers in India, Raj Woollen to install solar panels, energy-efficient motors and water conservation technologies across the country. In 2022, the company reduced the number of suppliers using on-site coal boilers from 90 in 2021 to 70 in 2022.
