This agreement, signed on 19 November 2024, makes H&M the first global fashion brand to sign a deal under the government’s green energy policy. This project also represents significant progress in the company’s efforts towards achieving sustainability goals.
This partnership enables H&M to purchase clean energy at competitive prices.
The signing ceremony was held at the PECC2 Innovation Center and witnessed the participation of key figures, including H&M Regional Director Jessica Wilhelmsson and PECC2 Chief Operating Officer Nguyen Hai Vu, along with representatives from both organizations.
During the ceremony, the H&M team toured various facilities within the PECC2 Innovation Centre. They visited the Battery Energy Storage System (BESS), Operations Control Center (PECC2-OCC), and Digital Capability Center (PECC2-DCC).
This visit provided insights into how technology can be used for remote management of power plants and the digitalization processes involved in power plant projects.
Furthermore, this agreement represents an important moment for PECC2, as it focuses on facilitating the transition to clean energy through the development of renewable energy projects aimed at providing sustainable electricity to major companies such as H&M via the DPPA framework.
The Vietnamese energy company aims to create opportunities for customers in the field of renewable energy and is committed to delivering value while ensuring mutual benefits for all stakeholders involved.
The DPPA mechanism, approved by the Vietnamese government in July this year, allows private renewable energy developers to sell electricity directly to consumers. This policy represents major progress towards achieving net-zero emissions by 2050.
Supported by private sector entities and local and international investors, the DPPA sets out mechanisms for large energy consumers to directly access clean energy supplies. This initiative is expected to stimulate increased investment from the private sector and contribute to economic growth by aligning corporate emissions reduction goals with Vietnam’s clean energy goals.
It allows large electricity consumers with a delivery voltage of 22 kilowatts or more and an average monthly usage of 200,000 kilowatt-hours to obtain renewable energy directly from producers, bypassing the state-owned energy buyer, EVN.
“‘First’ H&M to sign agreement under DPPA for green energy in Vietnam” was originally created and published by Just stylewhich is a trademark of GlobalData.
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