How many sectors are committed to supporting the "ESG transition"? The global effort today is definitively considerable. Any area of the world economy has shown substation progress among the E, S and G aspect. Sometimes, most of them are not well reported by the media - often focused on negative headlines without paying the right attention to the world's steps toward full sustainability. The fashion industry, being one of the most receptive and dynamic sectors, committed itself, in a large-scale pact, to transform its industry.
It was created in October 2020 and launched as a mission given to Kering Chairman and CEO, François-Henri Pinault by French President, Emmanuel Macron, and was presented to Heads of State at the G7 Summit in Biarritz.
Since its establishment, the Fashion Pact has organised itself as a CEO-led coalition, with a 14-member Steering Committee that is supported by a CSO 23-member Operations Committee and a secretariat Task Force. It is a global coalition of companies in the fashion and textile industry - fashion, sports, lifestyle and luxury - including their suppliers and distributors, all committed to a common core of key environmental goals in three areas, stopping global warming, restoring biodiversity and protecting the oceans, signed the Fashion Pact.
For the first time in the Fashion industry, the CEOs of 60+ global leading companies are united to fight together against climate change, global inequality, and the destruction of the natural world. Collective action for the environment. Featuring global players, niche brands, and subject matter experts from sectors along the entire value chain - together representing 14 countries, over 200 brands and over 1/3 of the fashion industry, each eager to leverage collective action to scale and achieve impact. The multi-sector collaboration will be one of the key drivers to achieving end-to-end impacts along the supply chain.
Members have identified one common agenda with first actions and seven tangible targets -across the three themes - to jointly spearhead and scale sustainability in the fashion industry. On the Climate theme, signatories have committed to the implementation of Science Based Targets (SBTs) for Climate to achieve net-zero carbon impact by 2050: 1) implementing the principles of the U.N. Fashion Charter, 2) achieving 25% low-impact materials sourcing by 2025, and 3) achieving 50% renewable energy by 2025, and 100% by 2030 in their operations.
On the Biodiversity theme, despite it being still an emergent issue of focus, the Fashion Pact has committed to the protection of key species as well as the protection and restoration of critical natural ecosystems. Together with “Nature of Fashion'' webinars, companies will map the supply chain for biodiversity, create Science Based Targets for Nature, and develop biodiversity strategies. Members have committed to 1) individual biodiversity blueprints by the end of 2020, and 2) supporting zero deforestation and sustainable forest management by 2025.
In the Oceans pillar, The Fashion Pact’s first area of focus is on eliminating problematic and unnecessary plastic in the packaging. Signatories will 1) achieve the elimination of problematic and unnecessary packaging in B2C packaging by 2025 and in B2B by 2030
2) ensure that at least half of other plastic packaging in B2C is 100% recycled content by 2025, and by 2030 for B2B.
Boston Consulting Group (BCG) has developed a digital dashboard of KPIs and will steer companies on this long journey. In this early stage, companies have aligned on shared standards, committed to joint frameworks, and begun the implementation of action plans. Has been already documented that the increased use of renewable energy and reduced reliance on unnecessary and harmful plastic.
Within most companies, significant individual action is already underway to reduce GHG emissions. Members achieved significant progress towards the transition to lower climate impact raw materials with, for example, ~40% of the reported cotton volume of members being lower impact, as well as having 1/3 of signatories on track to achieving 50% renewable energy, and more than half of signatory brands have eliminated plastic packaging in their retail bags - while there have been a lot of challenges in hangers and B2B transport bags, with only 15% of signatories having achieved elimination.
Despite the different levels of progress, collective action can scale innovation to close the gap. We are just at the beginning of this long journey. The fashion industry, moving to a more durable, and ecologically responsible business, could inspire other sectors to join the transition.
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