The sustainability organization Apparel Impact Institute (Aii) presented the most important investors in its newly launched climate protection fund on Wednesday. The Swedish clothing group Hennes & Mauritz and its H&M Foundation, the Canadian sportswear supplier Lululemon Athletica Inc. and The Schmidt Family Foundation, which was funded by the former Foundation established by Google boss Eric Schmidt and his wife Wendy Schmidt.
The aim of the fund is “to promote joint actions to reduce emissions in the supply chains of the fashion industry,” the Aii said in a statement. It should therefore give the impetus to ultimately make around two billion US dollars available for climate protection projects through various innovative financial models, with which the carbon emissions of the industry can be halved by 2030. Concrete measures include the elimination of coal consumption in production, the switch to renewable energies, the use of innovative materials and increasing energy efficiency, the organization explained.
Leyla Ertur, Head of Sustainability at Hennes & Mauritz, responsible for the group’s sustainability projects, justified the Swedish textile giant’s involvement: “It is time to act immediately and we as the H&M Group are constantly looking for Investment opportunities to further strengthen the availability and use of renewable energy and to fund the innovation and diffusion of technologies that will enable us to fully decarbonize our production and logistics operations,” she said in a statement. “The Fashion Climate Fund has the potential to accelerate the necessary change in the industry and we invite other stakeholders to join us on this journey.”
Esther Speck, VP, Sustainable Business and Impact, at Lululemon, also hopes that the new fund will have a signal effect on the apparel industry: “Lululemon is proud to support the Fashion Climate Fund and to work together with other brands to fight climate change together and to accelerate sustainability solutions in the apparel industry,” she emphasized in a statement. “We remain committed to our climate goals and are confident that this fund will help develop innovative solutions that decarbonize and modernize the industry’s supply chains.”