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H&M commits to slashing energy prices

  • News
  • May 11, 2017
H&M commits to slashing energy prices

Fashion retailer H&M has become the first international brand to join a global initiative led by the Climate Group that aims to reduce its carbon footprint.

Now number 10 in the list of other major corporations that have joined the initiative, but the first international, H&M has promised to enhance its energy productivity.

How retailers can be more energy efficient in times when they may be forced to use more power, or at a time when the amount of energy they are using is becoming increasingly more unsure. 

But the group aims to support companies that are looking to become more sustainable.

“Using less energy and increasing our economic output is a fundamental part of our strategy,” H&M’s global sustainability business expert Pierre Borjesson said.

The fashion retailer has a large sustainability programme, and has also pledged to use 100 percent recycled materials by 2030.

“This means H&M will support reductions of greenhouse gasses to a larger extent than what our value chain emits. Two of our key priorities are leadership in energy productivity and using renewable energy throughout the value chain,” says Borjesson.

To achieve this, the retailer aims to invest in new technologies for lighting, heating, ventilation and air conditioning systems to improve its energy use.

In addition, H&M will work to have all of its supplier partners enrolled in an energy efficiency program by 2025, as well as reduce the energy used in its logistics transport and warehouses.

CO2 emissions which are an effect of energy manufacturing and consumption are the main reason for the ‘off-seasons’ retailers have been facing.

H&M, had profits fall in the third quarter of 2016 due to “a combination of hot weather and reluctance to buy warmer clothes.”

The company reported a net profit of SK$2.5 billion in the three months to February - a fall of almost 30 percent from a year earlier - but still about 1 percent above analysts’ expectations.

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