Bestseller, H&M pledge to invest in Bangladesh offshore wind project

At COP28 on Tuesday, fashion brands Bestseller and H&M Group pledged to invest in the first utility-scale offshore wind project off the coast of Bangladesh, a 500-MW nearshore scheme being developed by Copenhagen Infrastructure Partners (CIP) together with local partner Summit Power.

The project, which is in early-stage development with operations potentially starting in 2028, could significantly increase the availability of renewable energy in Bangladesh, a key manufacturing country for the fashion industry, non-profit organisation Global Fashion Agenda (GFA) said.

GFA, which is pushing for collective investments by fashion companies in new renewable energy generation, called for other brands to co-invest in the wind park off the coast of Cox’s Bazar in Bangladesh and potentially future energy projects.

"Global Fashion Agenda and Copenhagen Infrastructure Partners invite stakeholders from the fashion industry and beyond to be part of the solution and join this endeavour," said Thomas Tochtermann, chairman at GFA and director emeritus at McKinsey & Company Inc.

“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 and aim to reduce climate emissions from our supply chain,” said Anders Holch Povlsen, Bestseller chief executive and owner. The Danish brand said on LinkedIn that it is committing to invest USD 100 million (EUR 92m) in the project.

Helena Helmersson, chief executive of Sweden-based H&M Group said that “this is 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.” She added that the project will help transform the Bangladesh renewable energy market and contribute greatly to the decarbonisation of the garment industry.

(USD 1 = EUR 0.920)

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