Fast fashion retailer H&M announced Wednesday that they are launching a new currency, Unicoin, that can only be spent on educational supplies. F
Unicoin is a part of the H&M Conscious Foundation, an independent organization that works to drive long-lasting positive change for people and communities. The Foundation complements the company’s sustainability work, and is currently focusing on education, clean water and strengthening women.
Science shows that the early years of a child’s development, birth to 8 years, is the most critical time for a child to learn. The initiative is aimed to enable children to support the right for children around the world to access learning opportunities from a young age.
Children, with the help of their parents, can upload a drawing depicting their dreams for the future on unicoins.org. In return, they’ll receive a Unicoin, which represents a child’s right to education. H&M Conscious will match each Unicoin with a notebook and pencil.
This initiative is part of the Global Program for Education, a collaboration between H&M Conscious and UNICEF that began February 2014. H&M gave a grant of $9.3 million that was used to reach 73,600 children in early development programs.
According to the Unicoin press release, more than 200 million children under the age of 5 in developing countries are failing to reach their full potential in cognitive development because of poverty, poor health and nutrition, and deficient care.