The key points
- H&M awards 5 projects as part of the GCA award which has existed since 2015
- One of H & M’s green objectives is to use 30% of recycled raw materials by 2025
- The group is targeting zero net emissions by 2040
One million euros to finance projects that will change the world of fashion (and beyond). H&M today announced the winners of the 2022 edition of the Global Change Award, created by the H&M Foundation in 2015: five projects different by nationality and concept that are united, however, by the high rate of innovation. To win the coveted recognition (and the related funding) are BioPuff® by Saltyco (United Kingdom), an alternative to goose down obtained from plants; Biorestorea washing system that brings old and worn garments back to perfect condition and extends the life of the garments (Sweden); CottonAcea solution based on artificial intelligence developed by the Indian start-up Wadhwani AI that reduces the use of pesticides, increases production and leads to increased revenues for small producers of contone;Re: lastanethe first process – developed in China – which makes elastane and polyester recyclable;Ruby (Usa), viscose and lyocell produced by carbon dioxide emissions. In addition to funding, the five projects will receive support under the GCA Impact Accelerator organized by the H&M Foundation and Accenture.
The Global Change Award is part of the strategy of “sustainable conversion” of the fast fashion model promoted by H&M for years now. The Swedish giant has just published the Sustainability Report 2021 in which it declares to have tripled, during the year of reference, the percentage of recycled raw materials in the composition of the garments, going from 5.8% to 17.9%, in line with the aim of reaching 30% in 2025. Among the main objectives on the agenda are the reduction of absolute emissions by 56% by 2030, to achieve net zero emissions by 2040, and the creation of products designed to be circular (therefore for example decomposable) by 2025.