Commercial, Energy Efficiency, GHG Emissions  -  November 14, 2022

H&M Group Sets 2030 Goals

H&M Group set a goal to reduce the group’s Scope 1, 2 and 3 emissions by 56% respectively by 2030 (from a 2019 baseline). 

To work towards this goal and to financially support projects to reduce its emissions throughout the whole value chain, H&M Group implemented an annual budget of around SEK 3 billion. The budget will be used for investments to phase out coal and increase the share of more sustainable materials amongst others.

“We have been engaged in climate mitigation for years and continuously push ourselves to demonstrate climate leadership within our industry. Our recently strengthened climate goals are verified by the Science Based Targets initiative. We are dedicated to contributing to the limitation of the global temperature increase to 1.5 °C and keeping our climate strategy aligned with the latest science-based target setting frameworks is crucial for us to create impact beyond our own organization and value chain,” said Leyla Ertur, Head of Sustainability H&M Group, in a statement. “Instead of measuring the success of these initiatives by financial gain, we measure effective emission reductions. To turn our company growth, profit and greenhouse gas reduction into equal KPIs is a very ambitious decision that underlines the importance and value of our sustainability work for our business.”

H&M Group focuses on investments that further strengthen the availability and usage of renewable energy and fund the innovation and distribution of technology that will allow the group to fully decarbonize its production and logistic operations.

H&M Group is a lead funder of the Fashion Climate Fund, which is designed to drive collective action to tackle fashion’s supply chain emissions. The Fund will help execute foundational supply chain improvements, including transitioning to renewable electricity, improving energy efficiency, eliminating coal in manufacturing, scaling sustainable materials and practices, and accelerating next-gen materials.