The retailer also said it aimed to become climate positive throughout its entire value chain by 2040 — saving more greenhouse emissions through various initiatives than are used in its entire value chain.

Among the highlights in the report was the company's commitment to switch to 100-percent renewable electricity. Already 96 percent of electricity used by the company comes from renewable sources.

H&M also aims to collect 25,000 tonnes of textiles annually by 2020 as part of a garment collection initiative. Since the initiative was launched in 2013 the company has already collected 39,000 tonnes of unwanted textiles.

Already the biggest user of cotton certified by the Better Cotton Initiative, the company said it was also one of the biggest users of organic cotton, recycled polyester and lyocell, a botanical fibre extracted from wood.

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