Bestseller to invest $100 mn in renewable energy in Bangladesh

By 2028, energy created by near-shore wind turbines could flow into the electricity grid in Bangladesh and supply companies with renewable energy. This is the ambition behind a large wind energy project in Bangladesh, where many international fashion companies have production and thus an interest in strengthening the green energy infrastructure.

One of them is the international fashion company Bestseller, which now supports the development of the first offshore wind project.

“At Bestseller, we are firmly committed to improving our climate footprint and to supporting and accelerating the green transition in the fashion industry. Helping to pave the way for a sustainable energy infrastructure in Bangladesh is one of many steps we can take to reduce greenhouse gas emissions in our indirect value chain. We proudly and wholeheartedly support the task,” Anders Holch Povlsen CEO and owner, Bestseller.

Specifically, Bestseller will invest up to $100 million in the wind project, which constitutes a part of the total project investment. The amount is the largest sustainability investment in the fashion company's history, the company said in a press release.

The wind project off the coast of Bangladesh is initiated by Copenhagen Infrastructure Partners (CIP), a global leader in renewable energy investments, and local partners. Bestseller’s investment is made in collaboration with the H&M Group through an initiative from the non-profit organisation Global Fashion Agenda (GFA), which aims to bring together major players in the global fashion industry to develop the industry in a more sustainable direction - most recently with a particular focus on scaling up renewable energy in manufacturing countries.

“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,” said Thomas Tochtermann chairman, Global Fashion Agenda.

Copenhagen Infrastructure Partners has in recent years developed and created several green energy projects, all of which aim to contribute positively to the green transition and access to more renewable energy. Therefore, the Danish-owned energy company is pleased with the prospects in the Bangladesh wind energy project and the backing that Bestseller and H&M Group now have pledged.

“With Bestseller, we get backing for our ambitions in Bangladesh from one of the largest and most reputable companies in the fashion industry. It is a unique collaboration for us to bring partners from the textile industry on board,” Niels Holst Partner and co-head of the Growth Markets Fund, Copenhagen Infrastructure Partners.

Fibre2Fashion News Desk (RR)