STOCKHOLM, Oct. 23, 2024 – The H&M Foundation has announced a strategic shift aimed at halving greenhouse gas emissions in the textile industry by 2050. This initiative, named the Global Change Award 2025 (GCA), seeks innovative solutions across various high-emission areas, including sustainable materials and responsible production.
The GCA will provide support to innovators with impactful ideas, emphasizing the need for a fair transition for all stakeholders involved. Since its inception in 2015, the GCA has funded 46 innovations with a total grant of 8 million euros, continuing to award 10 winners annually, each receiving 200,000 euros. The winners for 2025 will be announced in April 2025.
In a related development, the European Investment Bank (EIB) is intensifying its efforts to support green initiatives in Africa. The bank has been investing in renewable energy projects and promoting environmentally friendly practices to combat climate change on the continent, which contributes less than 4% of global greenhouse gas emissions but is severely affected by climate impacts.
The EIB has financed solar-powered mobile communication towers in Guinea, reducing diesel usage and expanding telecommunications access. In 2020, about 71% of the EIB's funding in Sub-Saharan Africa focused on projects in fragile countries, aiming to create green jobs and promote sustainable economic development. The bank plans to triple its climate financing by 2025, addressing challenges posed by climate change, which could potentially wipe out 15% of Africa's GDP by 2030.