H&M Group Inc.

H&M Group Inc., an apparel and furs retailer headquartered in the US, has set ambitious climate targets. The company aims to achieve net zero by 2040, with a commitment to reduce absolute scope 1, 2, and 3 greenhouse gas emissions by at least 90 percent against a 2019 baseline. Any remaining emissions will be balanced through permanent carbon removals.

In terms of emissions data, H&M Group reported approximately 1.85 billion kg CO2e for scope 1 and 2 emissions in 2024, with scope 3 emissions totalling about 1.81 billion kg CO2e for the same year. This marks a reduction from 2023, when scope 1 and 2 emissions were approximately 58 million kg CO2e and scope 3 emissions were about 5.49 billion kg CO2e.

Further breakdown for prior years includes:

• 2022: Scope 1 and 2 emissions were approximately 60 million kg CO2e, with scope 3 emissions at about 1.8 billion kg CO2e.
• 2021: Scope 1 emissions were approximately 20.3 million kg CO2e, scope 2 emissions were around 35.3 million kg CO2e, and scope 3 emissions stood at approximately 9.96 billion kg CO2e.
• 2019: Scope 1 and 2 emissions (market-based) were approximately 70.3 million kg CO2e, and scope 3 emissions were about 9.12 billion kg CO2e.

H&M Group has a near-term target to reduce its greenhouse gas emissions by 56 percent by 2030, compared to the 2019 baseline. In 2024, the company reported a 41 percent reduction in scope 1 and 2 GHG emissions since 2019, primarily attributed to an increased use of renewable electricity. The company's climate commitments are not cascaded from a parent organisation.