This year, H&M Group has joined the COP27 climate conference in Egypt to share its success on the road to decarbonization and further plans to slash emissions.
Namely, the company has been working on integrating sustainable practices in its business model and mitigating climate change for years now with the end-goal being to reach net-zero emissions by 2040.
H&M recently updated its climate objectives and had them verified by the Science Based Targets initiative, said Leyla Ertur, Head of Sustainability at H&M Group.
The clothing brand’s climate strategy was realigned to match the latest science-based target setting frameworks designed to limit rising temperatures to 1.5 °C.
The group’s new ambition is to slash its absolute scope 1 and 2 emissions and its scope 3 emissions by 56%, respectively, by 2030.
And to do this, H&M Group is implementing an annual budget of 3 million Swedish Crowns (~$289 thousand) that will support emissions reduction projects, such as phasing out coal and adding more sustainable materials.
Furthermore, the group’s investments are also focused on promoting the use of renewable energy sources (i.e., wind and solar), by means of both boosting their availability and supporting innovations.
The funding of all such projects is intended to help the multinational fashion company to fully decarbonize its operations, from production to logistics.
In a statement issued with regards to the recent announcement, Etrur also said: “Instead of measuring the success of these initiatives by financial gain, we measure effective emission reductions. To turn our company growth, profit and greenhouse gas reduction into equal KPIs is a very ambitious decision that underlines the importance and value of our sustainability work for our business.”