Two-thirds of fashion brands lag in meeting decarbonisation goals
Around 40% even saw their emissions increase, McKinsey reported.
About two-thirds of fashion brands are lagging in meeting their decarbonisation goals, McKinsey reported.
In a new analysis, McKinsey found that 40% of the brands even saw either emissions increase since announcing their decabonisation commitments.
At present, the industry is estimated to account for 3-8% of total greenhouse gas emissions. This is projected to rise by about 30% by 2030.
“There’s a particular sense of urgency for fashion to abate emissions as quickly as possible since several countries that are likely to experience the greatest devastation from climate change are central to fashion’s value chain,” the report read.
Amongst the primary manufacturing countries that experience intense and frequent weather-related events are Bangladesh, China, India, and Vietnam. These countries have a combined $65b worth of apparel exports.
“Accelerating abatement without affecting the industry is achievable. In fact, it could be more affordable than fashion executives might think,” the report noted.
“Our research shows that most fashion brands could reduce their GHG emissions by more than 60 percent for less than 1 to 2 percent of their revenues.”
