Fashion retailers join forces with the renewable sector to decarbonise production in Bangladesh
Fashion retailers H&M and Bestseller are teaming up with Global Fashion Agenda to develop the first offshore wind project in Bangladesh.
The country is one of the fashion industry’s most important manufacturing places.
Making the announcement at COP28, H&M and Bestseller have pledged to invest in the first utility-scale offshore wind project off the coast of Cox’s Bazar in Bangladesh. The project is being developed by Copenhagen Infrastructure Partners, a global leader in renewable energy investments.
Global Fashion Agenda has been urging fashion brands to come together to invest in securing a large-scale, cost-effective supply of renewable energy in manufacturing countries, and it is now calling for other fashion brands to co-invest in the wind plant.
Currently in early stage development by CIP in collaboration with a local partner Summit Power, the wind project’s operations are expected to commence in 2028 if successful. With an approximate capacity of 500MW, it will be the first utility-scale offshore wind farm in Bangladesh to support the country in reaching its goal of supplying 40% of the nation’s power from renewable sources by 2041.
Anders Holch Povlsen, chief executive of Bestseller, said: “By pledging to invest significantly in the offshore wind park in Bangladesh, we can support the availability of renewable energy in one of our key manufacturing countries and aim to reduce climate emissions from our supply chain.
“It’s a responsibility we share with the global fashion industry, and we encourage other fashion companies to share the opportunity with us.”
Helena Helmersson, chief executive of H&M Group, added: “For us, 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.
“The nearshore wind park in Bangladesh is an important step for the transformation of the Bangladesh renewable energy market and we believe that this will contribute greatly to the decarbonisation of the garment industry as a whole.”
