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HomeNEWSH&M commits to slashing energy prices

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.

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.

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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.

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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. 

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

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“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.

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

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“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.

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

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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.

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

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

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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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