As developments continue to come thick and fast in the ESG and sustainability space, reading this article made me take a step back and think. It raises a number of key points, and while it does so in relation to the fashion industry, these are the kinds of points all corporates need to engage on.
- First, you need to be clear on what "sustainability" (or whichever other on trend buzzword you choose to use) means and how you are following through on that promise. This article rightly points out the lack of regulation of certain terms and while some jurisdictions are attempting to tackle this issue (see the EU's Sustainable Finance Package), it is still a significant issue.
- Second, it is important to embed your sustainability practices into your operations, culture and governance. Only by doing this and making the commitment to capacity (time and money) and capability, will you be able to make demonstrable progress on your ESG journey.
- Finally, engagement throughout your supply chains is key. That can be difficult in a time when supply chains are more than ever an international spider's web but is a key part of understanding the totality of your impacts and being able to follow through on the first point above.
It is all a lot to think about, let alone do. As 2020 comes to a close, maybe one for the new year's resolution list...
“There’s a lot of people who love to use a moment like this, a PR moment, to say we’re doing this [sustainable] collection,” he says. “That’s not sustainable. That’s just going with the public zeitgeist. “It’s a 10-year strategy to do right,” he adds. “And your whole team has to want to do it.”