Nike, Gap Among Fashion Brands Pledging Improved Sustainability
23 August 2019 - 8:35PM
Dow Jones News
By Maitane Sardon
A coalition of 32 fashion and textile companies on Friday signed
a pact committing to make the fashion industry more
sustainable.
Representatives of Adidas (ADS.XE), Chanel (CNL.YY), H&M
Group (HM-B.SK), Inditex (ITX.MC), Nike (NKE), Gap (GPS) and 26
other companies pledged to act to mitigate climate change and avoid
the loss of biodiversity.
The move comes as the fashion industry, which generates over
$1.66 trillion a year in revenues, faces growing criticism over its
environmental impact. The industry's high carbon footprint and
reliance on non-renewable resources and hazardous chemicals for
textile production are a concern for sustainable investors.
The United Nations estimates the fashion industry contributes to
around 10% of global greenhouse emissions and consumes more energy
than the aviation and shipping industries combined. The
Environmental Protection Agency said 10.5 million tons of textiles
wound up in landfills in 2015, the last year for which it collected
data.
Some of the goals outlined by the brands are aimed at curbing
climate change. These measures include the implementation of
targets to limit global warming to 1.5 degrees Celsius.
The companies also pledged to set targets and work with their
supply chains to protect ecosystems and key species. The fashion
sector, they said, will also commit to reducing the negative
impacts that it has on the ocean with initiatives such as
innovation to eliminate micro-fiber pollution from the washing of
synthetic materials.
"We recognize that our living natural capital is in danger and
that this needs to be remedied to have a foundation for a thriving
society and business," they said.
The commitments will be presented to heads of state during the
G7 meeting at Biarritz, starting Saturday.
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
August 23, 2019 06:20 ET (10:20 GMT)
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