Climate Inaction Puts 34% of Fashion Industry Profits at Risk
The financial implications of global warming are becoming increasingly difficult for corporate executives to ignore.
Workers operate sewing machines at a garment factory in Binh Thuan province, Vietnam.
Photographer: Maika Elan/BloombergThe fashion industry is heading for a 34% drop in profits by 2030 unless companies move quickly to rein in their climate footprint, according to a report by the Apparel Impact Institute.
As global warming becomes increasingly politicized, the financial case for action is becoming harder for executives to ignore, said Lewis Perkins, president and chief executive officer of the Apparel Impact Institute. The report details the rising costs of inaction, from supply-chain disruptions to higher operating expenses, underscoring the risks climate change poses to corporate earnings.