The scoop BlackRock’s Larry Fink warns CEOs that the risks associated with climate change will compromise returns without reallocation of capitol, calling for potentially the biggest divestment in finance history.
Why it matters BlackRock, the world’s largest asset manager, pledges to divest from fossil fuels and coal, increase investment transparency, and promote firm accountability throughout their sustainable transition.
Bottom line Though his letter is a step in the right direction, it merely foreshadows the significant changes yet to come. Executives will either embrace innovation today or be overshadowed by forward-thinking leaders.
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The scoop The fashion industry faces criticism for not following environmental standards to produce cheaper closet updates. Once again. But at what cost?
At the expense of exploiting cheap labor and adding to the global problem of industrial pollution. Brands such as Zara have been at the center of this heated debate as they continue to follow their fast business models.
The invisible price tag
- Online fashion houses such as Zaful, Shein and Romwe make millions on their fashion lines by taking advantage of low-wage labor in sweatshops in China and other parts of Asia.
- Customers fall victim to the low prices of their goods but a rising number in the online consumer market have complained about the sub-standard quality of the items they purchase.
- Consumers of fast fashion tend to ignore the moral and environmental standards that companies disregard.
What are the consequences?
- Over 265 million children globally are enslaved by manufacturing houses found guilty of illegal labour practices.
- As of 2017, only 15% of old clothes were recycled.
- Companies such as Zaful make greenwashing claims about their sustainability programs but there is a shadow of doubt as to what their policies on environmental management actually are?
Eco-friendly goes beyond price
- There are strict sustainability guidelines which restrict organic cloth manufacturers from scaling their production.
- Sustainable fashion must enable the consumers to lead more minimalist lifestyles.
Choose slow fashion
- Consider quality over quantity. What is that you really need?
- Leverage your purse by purchasing from sustainable brands in order to facilitate the shift towards a sustainable industry.
- Upcycle by using old fabrics for other uses once you’re done using the fashion item, to create a circular consumption pattern for yourself.
Dig deeper → 4 min