H&M is investing in offshore wind in Bangladesh to supply 40% of the South Asian country’s power.
The fashion brand and Danish retailer Bestseller is co-investing over £78 million ($100 million) into the project lead by Copenhagen Infrastructure Partners (CIP) and Global Fashion Agenda.
If the project is approved, it will be the first large-scale offshore wind farm in Bangladesh reducing carbon emissions by approximately 725,000 tonnes annually.
With a capacity of around 500 MW, it will help Bangladesh’s to reduce its reliance on fossil fuels, contribute to job creation and increase energy efficiency.
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The CIP will be working with authorities to develop the project. Once given the green light, the wind farm can be expected to be in operation by 2028.
H&M Group CEO Helena Helmersson said the partnership is a “great example” of collaborating on “sustainable financing solutions” and how “policy work can go hand in hand to overcome industry-wide challenges”.
Late last year, H&M told its garment factories in Bangladesh that it will pay more for clothing items to increase worker wages after protests in the country after wage disputes.
The retailer said it supports “the development of fair and competitive wages in our supply chain and are working toward improving working conditions.”
