Fast-fashion is an ethical nightmare
In the first instalment of our premium series on building an ESG (environmental, social and governance) portfolio, we tackle the fashion industry – a sector which has come under heavy criticism for poor ethics in the last few years. Fast-fashion is not good for the environment, but there are plenty of retailers which put ethics first. These are the ones which stand to benefit from shifting demand.
Every second, a lorryload of textile waste ends up in a landfill site. The fashion industry is responsible for 92m tons of rubbish a year and more greenhouse gas emissions than all international flights and maritime shipping combined. Plastic microfibres which end up in the sea after we bin our year-old jumpers which have already gone out of style, kill an estimated 100,000 marine animals every year, while the manufacturing process of cotton garments produces a fifth of the world’s wastewater. Our fast-fashion habit is draining the world of its natural resources and we need a solution. Now. Many retailers…