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.