Climate change poses a fundamental threat to economic development, and as per the World Bank, could push an additional 100 million people into poverty by 2030. Addressing these threats requires collective action from all players of the global economy, including the global apparel industry.
Fashion giant H&M Hennes & Mauritz (H&M), one of the first companies in the world to start setting climate change and renewable energy goals along its value chain, launched a joint partnership with the International Finance Corporation (IFC) on April 4, 2017 in Stockholm, with the aim to boost the use of clean, renewable energy in the garment sector, whilst reducing greenhouse gas (GHG) emissions.
During the next two years, H&M and IFC together will develop a low carbon roadmap for implementation of practical Renewable Energy solutions for H&M tier one and two suppliers in Bangladesh, India, and China to achieve meaningful reductions in GHG. PaCT is already helping the Bangladesh team to achieve these goals. “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,” shared Milagros Rivas Saiz, Global Head Advisory, IFC.
For more information, visit www.ifc.org
Textile Technology Business Center inaugurated at BGMEA complexNovember 20, 2022
IFC-led PaCT helped factories cut carbon and water footprints: BGMEASeptember 12, 2022
Sustainability plan vital to RMG sectorAugust 4, 2022