H&M Foundation has committed SEK7,500,000 (€660,000) to Start Network’s disaster risk financing programme, Start Ready. This three-year commitment aims to bolster the capacity of eight countries to anticipate, respond to, and recover from crises.
STOCKHOLM , Oct. 18, 2024 — With climate as a strategic focus, the H&M Foundation aims to support the textile industry in halving its greenhouse gas emissions every decade reaching net-zero by 2050 in a just and fair transition. However, there are also pressing climate related challenges such as climate disasters, that demand urgent action. Over the years, climate related disasters have escalated. Evidence suggests that around 55% of humanitarian funding goes to climate related crises but – despite this being a much more effective way of tackling these crises.
Targeting anticipatory measures in climate driven disasters can prevent or mitigate emergency catastrophes. That is why H&M Foundation has partnered with a global network of more than 100 organisations working together to shift from reactive crisis response to proactive early action, to support their financing mechanism Through Start Ready, funds are prepositioned for crises that happen with regular and predictable patterns of recurrence, like floods, droughts, and heatwaves. Start Ready protects an average of 700,000 people across eight countries annually. This partnership will enhance the capacity and coverage of current hazard preparedness systems in these countries.
Anna Gedda, CEO of H&M Foundation, hopes that this partnership can inspire other funders to invest more in preventive work: “Proactive measures are essential to prepare for, respond to, and recover from catastrophic events. We believe preventive funding can make a significant difference and ensure a safer future for all. We are proud to support Start Network in their vital efforts to prevent and mitigate the negative effects of disasters.”
H&M Foundation is privately funded by the Stefan Persson family, founders and main owners of the H&M Group. We use philanthropic resources to find, fund and facilitate disruptive innovations, initiatives and research that enable a socially inclusive and planet positive textile industry. To accelerate the transformation, we take on a holistic and open approach – bringing diverse partners together to co-create, and to share learnings and solutions. The H&M Foundation can also provide emergency relief. For more information visit .
CONTACT: Jasmina Sofić, Media Relations Responsible, +4673 465 59 59
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