Bestseller, H&M to invest in offshore wind power

Two global apparel brands -- Bestseller and H&M -- will invest in an offshore wind-power project in Bangladesh to contribute to catering the country's electricity needs.
The wind project would have an approximate capacity of 500 megawatts, making it the first utility-scale offshore wind firm off the coast of Cox's Bazar.
The project is likely to support the country in reaching its goal of supplying 40 per cent of the nation's power demand from renewable sources by 2041.
Bestseller and H&M Group made the pledge at COP28 in Dubai on Tuesday, according to a statement issued by non-profit organisation Global Fashion Agenda (GFA).
The groundbreaking energy project is being developed by the Copenhagen Infrastructure Partners (CIP), a global leader in renewable energy investments.
The Global Fashion Agenda (GFA) has advocated the need for collective investments of fashion brands to secure large-scale, cost-effective supply of renewable energy in manufacturing countries.
The project, to commence in 2028, has the potential to significantly increase the availability of renewable energy in Bangladesh.
It may be launched in collaboration with the local partner Summit Power. "If development is successful, operations are expected to commence in 2028."
The project is expected to contribute to substantial job creation, stabilise energy supply, and reduce emissions by approximately 725,000 tonnes annually, according to the statement.
More than 70 per cent of the fashion industry's GHG emissions come from upstream activities and current operations predominantly rely on non-renewable energy sources such as petroleum, gas, oil and coal.
"Changing the industry power supply to renewable energy requires new infrastructure solutions at scale."
To ensure and accelerate decarbonisation, GFA now calls for other fashion brands to co-invest in the wind plant and potentially future energy projects.
Quoting Bestseller CEO Anders Holch Povlsen, the statement said, "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…"
H&M Group CEO Helena Helmersson said this was 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.
"The near-shore wind park in Bangladesh is an important step for the transformation of the Bangladesh renewable energy market and we believe that this will contribute greatly to the decarbonisation of the garment industry as a whole."
When asked, Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan termed the scheme 'positive'.
Such commitment indicated that they would source from Bangladesh for a long term, he said.

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