H&M, Bestseller to invest in 500MW offshore wind project in Bangladesh
The project is currently being developed by CIP in collaboration with Summit Power
Global fashion giants Bestseller and the H&M Group have pledged to invest in an 500MW offshore wind power project in Bangladesh.
The fashion companies made the pledges during the COP28 on Tuesday, report renewables now.
The project is currently in the early-stage of development by the Copenhagen Infrastructure Partners' (CIP) in collaboration with Summit Power. It is expected to be operational in 2028.
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It is set to be the first utility-scale offshore wind power project off the coast of Cox's Bazar and will significantly boost Bangladesh's renewable energy output
Bangladesh, the world's second largest readymade garments exporter, is a key manufacturing country for the global fashion industry, including the H&M and Bestseller.
Bestseller is aiming to reduce climate emissions from its supply chain through the project, according to Renewables Now.
"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," said Anders Holch Povlsen, chief executive and owner of Bestseller.
In a LinkedIn post on Tuesday, the Danish brand said, "We proudly pledge to invest USD 100 M in the first utility-scale wind project off the coast of Bangladesh, one of our key manufacturing countries."
Helena Helmersson, chief executive of Sweden-based H&M Group said, "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."
