Image: Sustainability Index
The fashion industry has a vital role to play in addressing the urgent challenges of climate change and improving the welfare of workers. While many fashion brands have made commitments to operating more responsibly, measuring progress in a standardized and comparable way is a monumental task. The inaugural BoF Sustainability Index aims to provide a transparent and trusted benchmark to track measurable progress in the industry.
Key Insights
- The BoF Sustainability Index examines public disclosures from 15 of the largest companies in the fashion industry.
- Despite increased talk about sustainability, actions are not aligning with public commitments.
- The average overall score of the assessed companies was only 36 out of 100, indicating a significant gap between engagement and action.
Image: The BoF Sustainability Index
The BoF Sustainability Index analyzes over 5,000 data points across the 15 companies to assess their performance. It provides a clearer picture of the challenges and opportunities the industry faces in the next decade if it is to align with global climate and sustainable development goals.
Discourse Outpaces Action
Companies need to go beyond target-setting and demonstrate tangible progress. The industry must address the trust deficit by establishing transparent supply chains and relying on quality data.
The Finance Gap
Bold ambitions must be backed by detailed plans for financing sustainability initiatives. Companies need to communicate how they intend to fund these efforts.
The Growth Conundrum
Reducing the industry's environmental footprint requires separating growth from impact. Fashion brands must find ways to grow their businesses while minimizing their negative effects on the planet.
Collaboration with Clout
To drive swift progress, the fashion industry needs impactful and inclusive collaboration efforts that go beyond the current baseline. Working together, companies can effect significant change.
A New Social Contract
Addressing systemic inequalities within the fashion industry's supply chain is crucial. Fashion brands must take responsibility for fair and equitable treatment of workers at every stage.
Pushing Boundaries
Innovation in areas like circularity and regenerative agriculture presents fresh opportunities for positive change. By pushing boundaries and embracing new ideas, fashion companies can lead the way in sustainability.
The BoF Sustainability Index does not aim to criticize or applaud any particular company. It serves as a tool to objectively assess progress, identify shortcomings, and provide a framework for future advancements.
The index focuses on the five largest public companies in luxury, high street, and sportswear, measuring their performance against 16 environmental and social targets. This report is the first in a series leading up to the United Nations Climate Change Conference in Glasgow, UK.
Please note that the index is based on public disclosures until December 31, 2020, and is not an absolute measure of sustainability performance. For a more detailed understanding of the methodology and limitations, refer to the full report.
The fashion industry has the opportunity to lead the way in driving sustainable progress. By embracing transparency, collaboration, and innovation, fashion brands can create a better future for both the planet and the workers who make the industry thrive. Let's work together to make fashion a force for positive change.
