Here’s What To Expect in the Sustainable Fashion Industry by the End of 2024
As environmental issues remain a top priority, let's take a closer look at global efforts to enhance sustainability and achieve better goals for saving the planet. The fashion industry can only thrive if government regulations are properly aligned.
India is working to balance environmental sustainability with economic development. This transition will require collaborative policy reforms across various sectors to ensure the availability of essential resources such as land and water. India is making significant strides toward achieving net-zero emissions by 2070, which is integral to its economic growth strategy. The country aims for a 45% reduction in GDP emission intensity and seeks to generate 50% of its power from non-fossil fuel sources by 2030. To facilitate this clean energy transition, India is implementing supportive financial mechanisms, including feed-in tariffs, tax incentives, and green bonds. Notably, green financing has seen progress, with green bond issuances reaching $21 billion as of February 2023. Additionally, the Reserve Bank of India has successfully auctioned sovereign green bonds totaling INR 20,000 crore, which will fund eligible green projects. An economy-wide analytical approach is essential for promoting sustainable development and economic growth in India. Anticipating Change – What 2025 Fashion Might Hold for Us.
In a significant development, the U.S. Government Accountability Office (GAO) has released its first report addressing textile waste, highlighting the negative impacts of fast fashion and the challenges in recycling. This report marks the first federal acknowledgment of textile waste as a significant environmental issue in the U.S. Defining Looks of 2024.
Sustainability On The Globe
The findings indicate a 50% increase in U.S. textile waste from 2000 to 2018, with fast fashion and inadequate recycling infrastructure being major contributing factors. The GAO recommends establishing an interagency mechanism to coordinate federal efforts, involving the EPA, NIST, and the Departments of State and Energy. It also advises Congress to consider implementing a national textile waste management strategy. Zodiac Jewellery – One Love, One Fashion, One Anthem.
In Europe, the European Commission has announced plans to streamline sustainability regulations, which will help reduce redundancy in reporting requirements and ease compliance for businesses, particularly small and medium-sized enterprises (SMEs). Meanwhile, in Bangladesh, a 9% wage increase for garment workers has been announced, offering some hope for improvement amidst the country’s current challenges.
Furthermore, the U.S. Federal Government has recognized textile waste as a major environmental concern, reflecting a growing awareness in the field. In Texas, Attorney General Ken Paxton has filed a lawsuit against 3M, DuPont, and Corteva, alleging misrepresentation of the safety of PFAS-containing products.
On a positive note, sports brand Puma has secured a multi-year agreement with Goodspin to integrate wood-based fibers into its upcoming collections.
With a strong commitment to environmental sustainability, numerous countries are taking decisive action to address and mitigate damage, especially those developing nations that significantly contribute to global warming and carbon emissions through fashion waste and overproduction. We are determined to create a better future in the coming years.
(The above story first appeared on LatestLY on Dec 24, 2024 11:52 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).