By 2028, energy generated by offshore wind turbines could flow into Bangladesh’s power grid and provide renewable energy to businesses. A new wind power project aims to strengthen the country’s green energy infrastructure.
This is of interest to international fashion companies producing in Bangladesh. The Danish fashion group Bestseller and the Swedish clothing giant H&M are some of the first to invest in the new project. Bestseller aims to raise up to $100 million (around €93 million), which would be the largest sustainability investment in the fashion company’s history.
“At Bestseller, we are committed to reducing our carbon footprint and supporting and accelerating the green transition in the fashion industry. Paving the way for sustainable energy infrastructure in Bangladesh is one of many steps we can take to reduce greenhouse gas emissions in our indirect value chain,” comments Bestseller CEO and owner Anders Holch Povlsen in a press release.
CIP and GFA are driving forces
The wind power project off the coast of Bangladesh, which is still in its early stages, is being initiated by Copenhagen Infrastructure Partners (CIP), a global leader in renewable energy investment, and local partners. Bestseller’s investment is made in collaboration with the H&M Group as part of an initiative by the non-profit organization Global Fashion Agenda (GFA), which places a particular focus on the expansion of renewable energy in producing countries.
“The availability of renewable energy is a necessity if we want to truly change the fashion industry’s emissions trajectory, and collective action is essential to achieve this. I am proud to unveil this industry-led investment in critical renewable energy infrastructure in Bangladesh, a key producing country. The Global Fashion Agenda and Copenhagen Infrastructure Partners invite stakeholders from the fashion industry and beyond to be part of the solution and join this effort,” explains Thomas Daughtermann, Chairman of the Global Fashion Agenda, in the statement.
Largest offshore wind farm in Bangladesh
In the coming years, the CIP will work closely with the authorities in Bangladesh and other strategic partners to further develop the project, carry out the necessary analyzes and initiate a series of environmental tests. The preparatory work is a prerequisite for the project to be realized.
If the wind farm gets the green light, it will be the first large-scale offshore wind farm in Bangladesh, reducing CO2 emissions by around 725,000 tonnes per year. With a capacity of around 500 megawatts, it is intended to contribute to Bangladesh’s efforts to become independent of fossil fuels. It is expected to be put into operation in 2028.