The Tommy Hilfiger and Calvin Klein owner has committed $10 million to the fund through its philanthropic arm.
The initiative was launched in June by nonprofit Apparel Impact Institute to finance, scale and de-risk promising solutions that could slash the industry’s carbon emissions in the coming years.
The Fashion Climate Fund counts H&M Group, Lululemon, H&M Foundation and The Schmidt Family Foundation among its initial donors, with each expected to contribute $10 million between now and 2030. In making solutions like renewable energy, coal-free manufacturing and lower-impact and next-generation materials a less risky investment opportunity, the fund estimates that it will unlock a further $2 billion in funding from traditional financial institutions like banks and private equity.
H&M and Lululemon Back $250 Million Fund to Tackle Fashion’s Climate Impact
The brands are among the lead donors to a new fund, which is designed to de-risk and scale high-impact projects so they can attract up to $2 billion in more conventional financing.