The Global Fashion Agenda (GFA), Copenhagen Infrastructure Partners (CIP), Bestseller and the H&M Group have announced their intention to develop the first offshore wind project in Bangladesh, a project with the potential to significantly increase the availability of renewable energy in one of the fashion industry’s most important manufacturing countries.
- The announcement was made Tuesday at the ongoing COP28 at Dubai.
The backdrop: More than 70% of the fashion industry’s GHG emissions come from upstream activities and current operations predominantly rely on non-renewable energy sources, such as petroleum, gas, oil, and coal.
- Changing the industry power supply to renewable energy requires new infrastructure solutions at scale.
The project: The offshore wind project is currently in early-stage development by CIP in collaboration with a local partner Summit Power. If development is successful, operations are expected to commence in 2028.
- The wind project would have an approximate capacity of 500MW, making it the first utility-scale offshore wind farm in Bangladesh to support the country in reaching its goal of supplying 40% of the nation’s power from renewable sources by 2041.
- The project is expected to contribute to substantial job creation, stabilise energy supply, and reduce emissions by approximately 725,000 tonnes annually.
- The wind project has been identified as the first renewable energy project on such a large scale in the important fashion manufacturing region.
What they said:
Renewable energy availability is a necessity if we are to truly transform the emissions trajectory of the fashion industry, and collective action is essential to realising this. I am proud to present this industry-led investment for crucial renewable energy infrastructure in Bangladesh, one of the key manufacturing countries. 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.
— Thomas Tochtermann
Chairman
Global Fashion Agenda
We are delighted to work closely with leaders in the fashion industry. If successful, the Cox Bazar Wind Farm and the collaboration with Global Fashion Agenda, Bestseller, H&M Group, and other fashion brands will represent a transformative model to progress a just and rapid energy transition in a number of the most vulnerable and carbon intensive countries.
— Niels Holst
Partner and Co-Head, Growth Markets Fund
Copenhagen Infrastructure Partners
Our industry has an important role in contributing to the global, green transition, and in Bestseller we are committed to doing so. 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. It's a responsibility we share with the global fashion industry, and we encourage other fashion companies to share the opportunity with us.
— Anders Holch Povlsen
Chief Executive Officer
Bestseller
For us, 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. We are grateful for the engagement we have had with local stakeholders and excited to see our joint efforts coming to life. The nearshore wind park in Bangladesh is an important step for the transformation of the Bangladesh renewable energy market and we believe that this will contribute greatly to the decarbonisation of the garment industry as a whole.
— Helena Helmersson
Chief Executive Officer
H&M Group
