The owner of Tommy Hilfiger and Calvin Klein has pledged $10 million to the fund through his philanthropy.

The initiative was launched in June by the nonprofit Apparel Impact Institute to finance, scale and provide promising de-risking solutions that could reduce the industry’s carbon footprint in the coming years.

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The Fashion Climate Fund counts H&M Group, Lululemon, the H&M Foundation and the Schmidt Family Foundation among its initial donors, each expected to contribute $10 million between now and 2030. Renewable energy, coal-free manufacturing and low-impact and next-generation materials are a less risky investment opportunity, the fund estimates, which could unlock another $2 billion in funding from traditional financial institutions like banks and private equity. will give.

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H&M and Lululemon pledge $250 million to combat fashion’s climate impact

The brands are among key donors to a new fund, designed to reduce risk and scale high-impact projects so they can attract up to $2 billion in more traditional financing.

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