Proactive funding to tackle climate disaster
H&M Foundation has announced a significant commitment of SEK7,500,000 (€660,000) to support Start Network’s disaster risk financing programme, Start Ready. This three-year commitment aims to strengthen the capacity of eight countries to anticipate, respond to, and recover from crises.
With climate as a strategic focus, the H&M Foundation’s mission is 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 urgent climate related challenges such as climate disasters, that require urgent action. Over the years, climate related disasters have increased. Evidence suggests that around 55% of humanitarian funding goes to climate related crises but only 1% of this funding is organised in advance – despite this being a much more effective way of tackling these crises.
Targeting anticipatory measures in climate driven disasters can prevent or ease emergency catastrophes. That is why H&M Foundation now partnered up with Start Network, 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 Start Ready. 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."
Jasmina Sofić
Media Relations Responsible
jasmina.sofic@hmfoundation.com
The H&M Foundation, funded by the Persson family, founders and majority owners of the H&M Group, supports the textile industry in halving its greenhouse gas emissions every decade by 2050, while promoting a just and fair transition for both people and the planet. Its projects target high-emission areas along the textile value chain where the H&M Foundation’s philanthropic strengths can have the greatest impact. More information, hmfoundation.com
