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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 email@example.com
(END) Dow Jones Newswires
August 23, 2019 06:20 ET (10:20 GMT)
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