H&M Group Unveils Progress In 2023 Annual And Sustainability Report

H & M Hennes & Mauritz AB has officially released its Annual and Sustainability Report for the fiscal year 2023, marking a significant stride in the company's journey towards achieving its integrated financial and sustainability objectives. The comprehensive report is now accessible on the group's official website, hmgroup.com, offering insights into the progress made over the past year. For shareholders preferring a tangible copy, the company has made provisions to dispatch printed versions upon request.

In a move to further elucidate its sustainability endeavors, H&M Group also unveiled the Sustainability Disclosure 2023 alongside the main report. This supplementary document sheds light on sustainability-related information, complementing the insights provided in the Annual and Sustainability Report. Additionally, H&M Group has scheduled a webinar for 10.30 CET on March 27, aimed at providing an in-depth exploration of its sustainability efforts throughout 2023. Interested parties can access the webinar through a link provided by the company.

Leyla Ertur, Head of Sustainability at H&M Group, emphasized the critical importance of persisting in their sustainable business model amidst global social, environmental, and economic challenges. Ertur highlighted the necessity of ambitious actions to reduce emissions and resource use while ensuring a just transition for those dependent on the fashion industry for their livelihoods. These steps are deemed essential for fostering sustainable growth opportunities and maintaining business resilience.

The report boasts several notable achievements in sustainability for 2023. H&M Group reported a 22 percent reduction in greenhouse gas emissions within its supply chain and a 24 percent decrease in emissions from its own operations compared to the 2019 baseline. These reductions are part of H&M's broader goal to slash its absolute emissions by 56 percent across scopes 1, 2, and 3 by 2030. The company also made significant strides in material sustainability, with 85 percent of its materials now recycled or sustainably sourced—a figure it aims to elevate to 100 percent by 2030.

Additional highlights include a 29 percent reduction in electricity intensity per square metre and opening hour in H&M Group's stores, surpassing its goal of a 25 percent reduction seven years ahead of schedule. The group also achieved a 55 percent reduction in plastic packaging from its 2018 baseline and reported that 79 percent of its packaging materials in 2023 were either recycled or sustainably sourced.

The worker voice survey conducted within H&M Group's supply chain garnered responses from over 200,000 workers across more than 750 supplier factories. This initiative has been instrumental in identifying clear priorities and developing impactful roadmaps towards more effective grievance mechanisms.

H & M Hennes & Mauritz AB continues to stand as a beacon of sustainable fashion since its inception in Sweden in 1947. With a business model deeply rooted in offering fashion and quality at the best price sustainably, H&M Group encompasses several brands including COS, Monki, Weekday, &Other Stories, H&M HOME, ARKET, Afound, and Sellpy. For more detailed information about H&M Group's sustainability efforts and other initiatives, visit hmgroup.com.