The Fashion Pact, a project spearheaded by Helena Helmersson, CEO of H&M, and Paul Polman, formerly of Unilever, has signed a Collective Virtual Power Purchase Agreement (CVPPA) with Lightsource bp, the solar power division of British Petroleum (BP). The Fashion Pact pledges to achieve 100% renewable energy usage in member companies’ operations by 2030 to advance sustainability within the fashion sector. The CVPPA constitutes an important milestone in the establishment of the participating companies’ long-term renewable energy commitment.
The partnership is anticipated to help 12 well-known fashion firms, even if specifics like the power capacity and financial terms were kept under wraps by Lightsource bp and the Fashion Pact. The Prada Group, Ralph Lauren, and Under Armour are a few businesses that stand to gain from this partnership.
According to Zosia Riesner, Director of Power Markets, Europe at Lightsource bp, this collective agreement enables companies with lower overall electricity needs to pool their needs, paving the way for a quick and effective switch to renewable energy sources and fostering the growth of new solar projects.
In contrast to the 3.8 GW installed in 2021, Lightsource BP has set ambitious worldwide goals, seeking to install 25 GW of solar capacity by 2025. Agreements like the CVPPA with the Fashion Pact are anticipated to draw additional investments in solar projects, helping Lightsource bp’s solar energy goals and assisting enterprises across various industries in their efforts to reduce their carbon footprints.
