Modern Australian
Men's Weekly

.

H&M Foundation launches new round of Global Change Award with a mission to accelerate innovation for a net-zero textile industry by 2050

STOCKHOLM, SWEDEN - Media OutReach Newswire - 25 October 2024 – The H&M Foundation announced a significant shift in its overall strategic direction, with a new mission of promoting just and fair climate solutions for the textile industry, with the innovation challenge Global Change Award (GCA) being the first initiative to reflect this shift.


Going forward, the H&M Foundation will 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. Therefore, 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 supports 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 its launch in 2015, 46 innovations have received support and a combined grant of 8 million euros from the GCA. While it continues to award 10 winners every year, with each receiving 200,000 EUR, there are some key updates to align the award, and its Changemaker Programme, with H&M Foundation’s new strategic focus.

“While the industry is hungry for innovation, we see that a holistic perspective to decarbonisation is often lacking, and the critical early stages of an innovator’s journey overlooked”, says Annie Lindmark, the newly appointed Programme Director for Innovation at the H&M Foundation. “The Global Change Award is now aiming to back a wider range of changemakers with early-stage innovations that can help accelerate the textile industry’s path to net-zero and equip them to build solutions that benefit both people and the planet – this is where we as a philanthropy can make a real difference.”

The textile industry has many innovation challenges and initiatives. However, the H&M Foundation identified a gap in support for innovations at idea stage, which are often seen as too risky for traditional investors and businesses. As a philanthropic organisation, H&M Foundation is more tolerant to risk and can fund and support these high-potential changemakers before they’re ready for commercial backing.

In a departure from an open application system, GCA will now operate a nomination-based process, involving a variety of actors like industry experts, research institutes, brands, garment suppliers, innovators, and non-profits. This change aims to discover changemakers who might otherwise be overlooked and to broaden the impact of the GCA.

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 long-term partners Accenture and KTH Royal Institute of Technology, H&M Foundation will invite the winners to participate in a yearlong Changemaker Programme. This programme is designed to elevate their innovations, while fostering personal growth and promoting a holistic mindset that avoids "carbon tunnel vision" and encourages solutions that benefit both people and the planet.

The nomination process for the Global Change Award 2025 opens on 23 October 2024, with winners to be announced in April 2025.

Hashtag: #H&M, #GlobalChangeAward, #Sustainability, #ESG

The issuer is solely responsible for the content of this announcement.

H&M Group

About the H&M Foundation and GCA:
The H&M Foundation, funded by the Persson family, founders and majority owners of the H&M Group, supports 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. Its projects target high-emission areas along the textile value chain where the H&M Foundation’s philanthropic strengths can have the greatest impact. More information, hmfoundation.com

The Global Change Award accelerates innovation to support the textile industry in halving its greenhouse gas emissions every decade, reaching net-zero by 2050. By supporting changemakers on their unique journeys, we empower them to turn their brilliant ideas into impactful innovations. Each year, ten winners share a 2 million EUR grant and get access to the yearlong Changemaker Programme, provided by the H&M Foundation in collaboration with our strategic partners Accenture and KTH Royal Institute of Technology. We aim to equip our winners with a holistic mindset – promoting solutions that will benefit both people and the planet. The Global Change Award is run by H&M Foundation, our vision is to spark significant, industry-wide transformation towards a socially inclusive and planet positive future. Learn more at hmfoundation.com/gca

Freezer Room Hire in Perth: The Ultimate Solution for Reliable Cold Storage

Ever found yourself in a cold storage crisis and wondering how to save your perishables before they go bad?   Well, this isn't something new. Pe...

Why Exterior Window Cleaning Is More Than Just Aesthetic

Most people see window cleaning as a finishing touch. Something you do before guests come over or when the smudges finally start to annoy you. It is...

How Duct Inspections Can Save You Money Long-Term

Ever noticed your energy bill creeping up without changing your habits? It is more common than you might think, especially in Melbourne homes where ...

Designing Secure Content APIs in Headless CMS Environments

APIs are what enable content to be delivered from a headless CMS to anywhere digital content can exist from websites and apps to IoT and more. Yet whi...

How to Choose the Right First Aid Kit for Your Workplace

Ever walked past your workplace first aid kit and wondered if that dusty box actually contains what you'd need in a real emergency? We know that fee...

The Role of Mining Equipment Suppliers in the Industry

Mining is one of the most essential industries, driving the global economy by providing raw materials for manufacturing, energy production, and infr...

From White Belt To Warrior: How To Train Your Body For BJJ Endurance

Brazilian Jiu-Jitsu (BJJ) is as much a mental chess match as it is a physical grind. Whether you’re new to the mats or prepping for high-level com...

Driving After Brain Injury: Common Challenges and How To Overcome Them.

Suffering a traumatic brain injury (TBI) can drastically influence a person's ability to drive safely. For many, driving represents independence, bu...

The Psychology of Stepping Up: Why We Avoid Helping—and How to Fix That

Most of us like to think of ourselves as kind, helpful people. We imagine that if someone needed assistance—especially in an emergency—we’d st...

Cross-Continental Collaboration: Nutifood and Viplus Dairy to Create Australian- Standard Premium Dairy Brand

Vietnam’s Nutifood has officially entered a strategic partnership with ViPlus Dairy, a heritage-rich dairy manufacturer with over 130 years of ex...

Commercial Plastering Can Boost Your Business Appeal

In business, appearances matter. The way your space looks sets the tone for how clients, customers, and even your staff perceive your brand. A well-...

How to Transfer Registration When You Buy a Used Car in Brisbane

Purchasing a second-hand car can be a thrilling experience, but there's more to it than simply handing over the cash and driving off. One very impor...

Expert Tips for Comparing Budget Movers and Energy Providers For a Modern Apartment

Starting a new life in a modern apartment can be a challenging yet exciting step. While moving into a modern apartment, people always need reliable ...

Slowing Down in Nature: My Experience on Orchid Classic Cruise in Lan Ha Bay

Why Orchid Classic is a Top Choice for Lan Ha Bay Lan Ha Bay, a hidden gem adjacent to the more famous Ha Long Bay, offers travelers a quieter and ...

Your Next Travel Essential? Why Aussies Love Lightweight Electric Wheelchairs

Planning for a trip or just getting around town? A lightweight electric wheelchair could be your perfect travel mate. Whether it’s a stroll throug...

Australian Study Woes – What is a Confirmation of Enrolment?

Recent changes to Australian study visas are altering the landscape for international students who want to learn and work on our shores.  To secur...

Metal lockers vs. wooden lockers: which is better?

Lockers—the ultimate background hero of the workplace. They might not have the flashiness of that overpriced espresso machine in the break room, b...

Invisalign Treatment: What Your Dentist Wants You to Know

When straightening the teeth, out-of-date metal braces are no longer the only option. Nowadays, Invisalign is among the most highly sought-after alt...