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Other major players are expected to join efforts to reduce greenhouse gas emissions in the fashion industry.
Luluemon, H&M and others are joining forces to help fight climate change, pledging £200m to halve carbon emissions by 2030.
Called the Fashion Climate Fund, the initiative is run by the nonprofit group Apparel Impact Institute, which works to increase sustainability in the fashion industry and lessen its impact on the environment. according to a Press release of the Apparel Impact Institute, the fund aims to “address fashion supply chain emissions” by supporting research into innovative solutions and putting them into practice.
According to a previous report by the Apparel Impact Institute, recent studies had shown that the fashion industry is responsible for 2-8% of greenhouse gas emissions per year. An additional World Economic Forum study published last January added that eight supply chains, spanning food, fashion, construction, electronics and more, were responsible for “more than 50% of global emissions.
Contributors to the Fashion Climate Fund include not only Lululemon and H&M, but also philanthropic organizations like the Schmidt Family Foundation. Apparel Impact Institute also announced that it expected to “unlock an estimated $2B [£1.6 billion] in combined capital” from prospective donors over the next eight years.
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He added that he was currently in talks with more donors, who are expected to commit £8m in the same time period.
Leyla Ertur, head of sustainability at H&M Group, said it was “time for urgent action” in a press release and called on other industry players to join the fund. “We, as the H&M Group, are constantly looking for investment opportunities to further strengthen the availability and use of renewable energy and finance the innovation and distribution of technology that will allow us to fully decarbonize our production and logistics operations.”
Lululemon’s vice president of sustainable business and impact, Esther Speck, added that she was “proud” to be a supporter of the fund and its work to “accelerate climate action and sustainability solutions in the apparel industry.”