STOCKHOLM, SWEDEN – Media OutReach Newswire – 25 October 2024 – The H&M Foundation announced a significant shift in its overall strategic direction, with a new mission of promoting just and fair climate solutions for the textile industry, with the innovation challenge Global Change Award (GCA) being the first initiative to reflect this shift.
Going forward, the H&M Foundation will focus on supporting the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. Therefore, GCA is now seeking innovative ideas addressing different high emission areas across the textile industry value chain, including sustainable materials and processes, responsible production, mindful consumption, and ‘wildcards’ that supports the GCA purpose. Today, only a fraction of philanthropic capital is directed to climate.
“The textile industry needs all hands-on deck if we are going to meet our climate goals by 2050, and we must ensure this transition is fair for everyone. I really believe that innovation is key to decarbonising the industry, and that the Global Change Award can play a role in identifying and growing future changemakers whose ideas can have a transformative impact if given the right support,” says Karl-Johan Persson, Board Member of the H&M Foundation.
Since its launch in 2015, 46 innovations have received support and a combined grant of 8 million euros from the GCA. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are some key updates to align the award, and its Changemaker Programme, with H&M Foundation’s new strategic focus.
“While the industry is hungry for innovation, we see that a holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked”, says Annie Lindmark, the newly appointed Programme Director for Innovation at the H&M Foundation. “The Global Change Award is now aiming to back a wider range of changemakers with early-stage innovations that can help accelerate the textile industry’s path to net-zero and equip them to build solutions that benefit both people and the planet – this is where we as a philanthropy can make a real difference.”
The textile industry has many innovation challenges and initiatives. However, the H&M Foundation identified a gap in support for innovations at idea stage, which are often seen as too risky for traditional investors and businesses. As a philanthropic organisation, H&M Foundation is more tolerant to risk and can fund and support these high-potential changemakers before they’re ready for commercial backing.
In a departure from an open application system, GCA will now operate a nomination-based process, involving a variety of actors like industry experts, research institutes, brands, garment suppliers, innovators, and non-profits. This change aims to discover changemakers who might otherwise be overlooked and to broaden the impact of the GCA.
In addition to financial support, winners will gain access to a powerful network of mentors, collaborators, and industry leaders to help bring their solutions to life. Together with long-term partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong Changemaker Programme. This programme is designed to elevate their innovations, while fostering personal growth and promoting a holistic mindset that avoids “carbon tunnel vision” and encourages solutions that benefit both people and the planet.
The nomination process for the Global Change Award 2025 opens on 23 October 2024, with winners to be announced in April 2025.
Hashtag: #H&M, #GlobalChangeAward, #Sustainability, #ESG
The issuer is solely responsible for the content of this announcement.
H&M Group
About the H&M Foundation and GCA:
The H&M Foundation, funded by the Persson family, founders and majority owners of the H&M Group, supports the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. Its projects target high-emission areas along the textile value chain where the H&M Foundation’s philanthropic strengths can have the greatest impact. More information, hmfoundation.com
The Global Change Award accelerates innovation to support the textile industry in halving its greenhouse gas emissions every decade, reaching net-zero by 2050. By supporting changemakers on their unique journeys, we empower them to turn their brilliant ideas into impactful innovations. Each year, ten winners share a 2 million EUR grant and get access to the yearlong Changemaker Programme, provided by the H&M Foundation in collaboration with our strategic partners Accenture and KTH Royal Institute of Technology. We aim to equip our winners with a holistic mindset – promoting solutions that will benefit both people and the planet. The Global Change Award is run by H&M Foundation, our vision is to spark significant, industry-wide transformation towards a socially inclusive and planet positive future. Learn more at hmfoundation.com/gca
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
