This is why H&M Conscious Foundation has made available one million euro for those who find a new technique for recycling.
Here it is again: €1,000,000 for your old clothes!
The move is part of a broader effort by the company to reduce its impact on the environment, operate more ethically and address the shortage of raw materials.
H&M has always been known for the bargain price of its products, which encourages people to buy more clothes than they really need with the probable intention to throw out your old clothes.
However, consumers are starting to become aware of the enormous negative impact this phenomenon has on the environment.
“We want to find a technology that allows us to recycle the fibers with quality that remains” added Karl-Johan Persson, CEO of H&M. The current methods of recycling cotton, in fact, produce low quality material.
HOW TO ENTER
You must send your idea through the application online at: globalchangeaward.com by 31 October.
On February 1, 2016 five winners will be selected by a jury, each of whom will receive €100,000. The rest of the prize money will be distributed through an online vote in which anyone can participate and the results will be announced on February 10, during a final ceremony in Stockholm.