The world’s largest offshore floating solar plant is in development: The European consortium Nautical Sunrise Project will handle research and development for the world’s largest offshore floating solar (OFS) power installation using tech from Dutch-Norwegian company SolarDuck, according to a press release. The EUR 8.4 mn project aims to establish a 5 MW OFS system that will be integrated into the OranjeWind wind farm off the coast of the Netherlands.

Where is the money coming from? The Horizon Europe program is providing EUR 6.8 mn in funding, while German energy company RWE will pay for the projects’s installation and deployment.

H&M teams up with major investors to cut emissions from fast fashion: Swedish fast fashion giant H&M is partnering with US-based private equity firm TPG and Swedish sustainable investment firm Vargas to fund Syre, a Swedish start-up that aims to reduce fast fashion’s carbon footprint, The FinancialTimes reports. The venture will pour USD 60 mn into constructing a US-based factory in North Carolina that will reduce polyester emissions by up to 85%. H&M has also entered into a USD 600 mn agreement with Syre to purchase a sufficient quantity of the start-up’s output over the next seven years to fulfill half of its demand for recycled polyester.

Syre wants to revolutionize the textile industry: Syre aims to introduce circular polyester (cPET) that can be recycled and reused, as opposed to recycled polyester (rPET) sourced from plastic bottles, which can only be used once, FT writes. Syre plans to construct 12 factories globally, and seeks investments from major brands like Ikea to acquire the bns in funding it needs. Syre is targeting not only the clothing sector but also automotive and home interiors, with ambitions to produce 3 mn metric tons, a market share of about 3%, of circular polyester by 2032.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • ABG + Ad Net Zero partner on decarbonization: The UAE’s AdvertisingBusiness Group (ABG) has partnered with Ad Net Zero to reduce greenhouse gas emissions in the advertising sector. ABG and Ad Net Zero will provide guidance to help organizations meet net zero targets. (Statement)
  • UK to invest record GBP 800 mn in offshore wind farms: The UK is set to provide record support for new offshore wind farms in an upcoming auction. The country has a renewable energy budget of over GBP 1 bn, GPB 800 mn of which is earmarked for the wind farms. (Bloomberg)
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