These Fashion Behemoths are Investing in 500 MW Wind Project of Bangladesh

These Fashion Behemoths are Investing in 500 MW Wind Project of Bangladesh

Global fashion brands BESTSELLER and H&M Group are investing in Copenhagen Infrastructure Partners’ (CIP) first offshore wind project in Bangladesh. It is an offshore wind project for a capacity of 500 MW. Currently, it is in the phase of early-stage development by CIP in partnership with Summit Power, a firm that develops, owns and operates power generating assets.

Operations will kickstart in 2028. The project will pave the way for the creation of multiple jobs, while also stabilizing energy supply, and curbing emissions by nearly 725,000 tonnes per year.

The said wind project is said to be the first renewable energy project on a large scale in the country, that is a hub for manufacturing.

Textile Major H&M Signs PPA With Neoen & Alight For 90 MWp Solar Park In Sweden

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The fashion industry is heavily dependent on non-renewable energy sources, like petroleum, gas, oil, and coal. The Global Fashion Agenda (GFA), a global platform connecting fashion brands, retailers, designers, and other players, has thus been created for a more sustainable and circular fashion industry. The platform ensures and accelerates decarbonisation encouraging collective investments by fashion brands in new renewable energy generation by securing large-scale, cost-effective supply of renewable energy in manufacturing countries.

The GFA is now calling on other fashion brands to invest in the wind plant.

H&M & BESTSELLER Initiatives 

In a bid to power its operations with sources of renewable energy, the H&M Group also signed a green energy agreement for 90 MW with French renewable energy player Neoen and solar power specialist Alight in Sweden.

In 2022, about 92 percent of H&M’s aggregate electricity usage was met from sources of renewable energy, reporting a slide from the previous year, when the firm’s renewable energy employment was pegged at 95 percent. The firm has set sights on achieving 100 percent renewable energy by the end of the decade.

Last year, Danish fashion brand BESTSELLER had announced solar power installations in fashion textile industries in Bangladesh.