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Swedish fashion retailer H&M has announced a major shift in its approach to climate change.
In a press release, the company says it will now focus on helping the textile industry cut its greenhouse gas emissions "every decade by 2050, while promoting a just and fair transition for both people and the planet."
The H&M Foundation, funded by the Persson family, founders of the H&M Group, and majority owners of the H&M Group, says the Global Change Award is the first initiative to reflect the new mission.
"While the industry is hungry for innovation, we see that a holistic perspective to decarbonization is often lacking, and the critical early stages of an innovator's journey overlooked," says Annie Lindmark, who has been appointed program 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 nomination process for the Global Change Award 2025 opens Oct.
23, and winners will be announced in April 2025.
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