H&M Foundation has announced one million Euro grant for innovative ideas in sustainable fashion. This is the second time they have introduced such award. This ‘Global Change Awards’ appreciates new initiatives and ideas to challenge the environmental impact of fashion.
“The Global Change Award aims to spark ideas that enable products and resources to have more than one life. Finding ways to reinvent the fashion industry is a fundamental part of a more sustainable future. Moving towards a circular fashion industry is of immense importance. Even though it’s challenging, it also opens up great opportunities, and makes clear business sense” says Karl-Johan Persson, Board Member of the H&M Foundation and CEO of H&M. Johan goes on to explain innovations that occur as a result of the awards will not be “owned” by H&M, they will be made available to the whole fashion industry. The Global Change Award aims to speed up the transition to a circular business model for the entire fashion industry.
One of the key concepts for this year’s Global Change Awards is ‘making the fashion industry circular’. The ‘circular economy’ is an economic model designed to eliminate waste and restore valuable resources. This applies to all areas of the fashion industry, and to achieve it the fashion industry needs to reinvent itself: how to design, what materials to use, how to dye, cut and sew, ship, sell, own, use and dispose fashion. “New technology, business models and materials can make this possible. By transforming to a circular model, the fashion industry will be able to produce fashion for a growing world population while operating within the planetary boundaries and ensuring a long term viable business,” explains Erik Bang, Project Manager, Global Change Awards.
The H&M Foundation is a non-profit global foundation, privately funded by the Stefan Person family, founders and main owners of H&M. The judges would include David Roberts, Founder of Exponential Leadership & chairman in 1Qbit Information Technologies Inc, Rebecca Earley, Professor in sustainable textile and fashion design at University of the Arts London , Ellis Rubinstein, president and CEO, The New York Academy of Sciences among others.
Textile Focus News Desk
