April 20, 2024
Apparel, Fashion, Retail

Fashion Giants Investing In Bangladesh Wind Power Energy

Bestseller and the H&M, both fashion retailing giants have pledged to invest in a 500 MW offshore wind power project in Bangladesh.

The project is currently in the early-stage of development by the Copenhagen Infrastructure Partners’ (CIP) in collaboration with Summit Power and is expected to be operational in 2028.

“Bestseller is aiming to reduce climate emissions from its supply chain through the project,” Renewables Now reported.

Bangladesh, the world’s second largest readymade garments exporter, is a key manufacturing country for the global fashion industry, including the H&M and Bestseller.

“We proudly pledge to invest US $100 million in the first utility-scale wind project off the coast of Bangladesh, one of our key manufacturing countries,” Bestseller said.

“By pledging to invest in the offshore wind park in Bangladesh, we can support the availability of renewable energy in one of our key manufacturing countries,” Bestseller CEO Anders Holch Povlsen said.

“Through this initiative, we aim to reduce climate emissions from our supply chain,” Povlsen added.

“This is a great example of how a collaborative approach on sustainable financing solutions and policy work can go hand in hand to overcome industry-wide challenges,” H&M CEO Helena Helmersson also said.

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