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Key Impact Points:
- Strategic Shift: H&M Foundation refocuses mission to promote just and fair climate solutions for the textile industry.
- Global Change Award Update: Seeks innovative ideas to decarbonize the textile value chain, awarding €200,000 to each of 10 winners annually.
- Supporting Early-Stage Innovators: Addresses funding gap for high-potential ideas deemed too risky by traditional investors.
The H&M Foundation has announced a significant strategic shift, now focusing on promoting just and fair climate solutions to achieve a net-zero textile industry by 2050. The first initiative under this new mission is the revamped Global Change Award (GCA).
Why it matters
The textile industry must halve its greenhouse gas emissions every decade to meet climate goals, but innovation funding is scarce. Only a fraction of philanthropic capital currently targets climate solutions.
Karl-Johan Persson, Board Member of the H&M Foundation, stated:
“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.“
What’s new
- Expanded Focus: GCA is now seeking innovative ideas across high-emission areas in the textile value chain, including sustainable materials, responsible production, mindful consumption, and wildcard solutions.
- Increased Support: Continues to award 10 winners annually, each receiving €200,000, aligning with the foundation’s new climate mission.
- Nomination-Based Process: Shifts from open applications to nominations by industry experts, aiming to discover overlooked innovators.
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Annie Lindmark, Programme Director for Innovation at the H&M Foundation, commented:
“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. 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 bigger picture
- Bridging the Funding Gap: Early-stage innovations often lack support due to perceived risks. As a philanthropic entity, H&M Foundation can fund these high-potential ideas before they’re ready for commercial investment.
- Holistic Development: Winners will access a network of mentors, collaborators, and industry leaders, participating in a yearlong Changemaker Programme with partners Accenture and KTH Royal Institute of Technology.
- Avoiding “Carbon Tunnel Vision”: The programme encourages solutions benefiting both people and the planet, fostering a comprehensive approach to sustainability.
What’s next
The nomination process for the Global Change Award 2025 opens on October 23, 2024, with winners to be announced in April 2025.
By targeting early-stage innovators and fostering a collaborative ecosystem, the H&M Foundation aims to drive transformative change in the textile industry, aligning economic growth with environmental responsibility.