(MENAFN- PR Newswire)
STOCKHOLM, Oct. 22, 2024 /PRNewswire/ --
The H&M Foundation today announces a significant shift in its overall strategic direction, 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. The innovation challenge Global Change Award 2025 (GCA) is the first initiative to reflect this shift.
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Global Change Award 2025
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 support 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 GCA launched in 2015, 46 innovations have received support and a combined grant of 8 million euros. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are other key updates to the GCA:
New focus area – decarbonising the textile industry.
Holistic approach – equipping changemakers with a holistic people and planet mindset.
Wider range of
changemakers
– switching to a nomination-based process, instead of an open application system.
Systems change approach
– equipping changemakers to consider the entire textile value chain and its interconnectedness while also considering the impact on people.
"While the industry is hungry for innovation, the holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator's journey overlooked – this is where philanthropy can make a real difference", says Annie Lindmark, Programme Director for Innovation at the H&M Foundation.
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 partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong, tailormade Changemaker Programme. The Global Change Award 2025 winners will be announced in April 2025.
CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
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SOURCE H&M Foundation
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