International fashion companies Bestseller and H&M Group have announced that they will invest in Bangladesh's first utility-scale offshore wind project. The project was developed by Copenhagen Infrastructure Partners (CIP) in collaboration with local partner Summit Power.
Bangladesh's first offshore wind project, located near Cox's Bazar district in southeastern Bangladesh, with an installed capacity of 500 MW, was approved in late October. Scheduled to begin operations in 2028, the wind farm will create hundreds of direct and indirect jobs during the construction phase and reduce emissions by about 72 per year50,000 tons.
The offshore wind project, which is in the early stages of development, will significantly increase renewable energy in one of the fashion industry's most important manufacturing countries**, according to the non-profit Global Fashion Agenda (GFA).
According to the GFA, more than 70% of the fashion industry's greenhouse gas emissions come from the upstream chain, and its current operations rely mainly on non-renewable energy sources such as oil, gas, oil and coal.
To ensure and accelerate decarbonization, GFA is advocating for fashion brands to collectively invest in renewable energy generation. The group also called on other fashion brands to co-invest in the offshore wind farm, as well as possible future energy projects.
It is reported that Bestseller will invest up to 700 million Danish kroner (equivalent to about 7. RMB) for the project2.6 billion yuan). This is the largest sustainability-related investment in Bestseller's history.
It is understood that Bestseller is one of the largest fashion groups in Europe, founded in 1975. The business has covered 29 countries around the world, engaged in fashion design, development, retail and brand promotion. H&M is a clothing brand founded in Sweden in 1947 by Erling Persson.