H&M Group recently took part in a roundtable discussion organized by the UNFCCC Fashion Industry Charter for Climate Action in Bangladesh.

The aim of the event was to discuss the need for policy reforms in the renewable energy market, with a particular focus on Power Purchase Agreements and green tariffs.

A range of stakeholders, including fashion brands, policymakers, renewable energy developers, and financial institutions, were in attendance to identify key actions necessary for the industry's transition to renewable alternatives.

The roundtable's primary objective was to advance policies that enable the industry to procure renewable energy. The participants agreed that Power Purchase Agreements could play a crucial role in the industry's green transformation by helping suppliers remain resilient and local communities benefit from the development. Despite acknowledging the challenges that lie ahead, the participants agreed that proactive collaboration among all stakeholders is essential to transform the energy market in Bangladesh.

H&M Group's participation in the roundtable reflects its commitment to reducing its absolute emissions by 56% by 2030, sourcing 100% renewable electricity to power its operations and supply chain. The company also seeks to drive the agenda forward for new frameworks enabling additional renewable electricity into the grids. By collaborating with others in the fashion industry, H&M hopes to be part of the solution to climate change.

The next UN Climate Change Conference (COP28) will provide an opportunity for public and private sectors from all industries to report on their progress towards their climate ambitions.