On Tuesday, NYU Stern Center for Sustainable Business announced its open-sourced “Apparel Industry Sustainable Strategies Framework” based on its Return on Sustainability Investment methodology launched with other sectors two years ago. The project was funded by HSBC Bank USA’s foundation.
As part of the framework, the Center for Sustainable Business identified eight key strategies for making the apparel industry more sustainable, uncovering more than 60 best practices to address environmental, social, and governance-related issues.
“Companies need to understand the business case,” said professor Tensie Whelan, founding director of NYU Stern’s Center for Sustainable Business. “The monetization is critical due to COVID-19 because these companies are really struggling.” The framework, through a set of strategies, proves the urgent business case for sustainability in the apparel industry.
Key strategies outlined include: reducing chemical impact, improving water management, improving energy management, investing in the reduction of material waste, implementing sustainable raw material sourcing, investing in circularity and innovation, investing in employee and supplier well-being, and investing in sustainable brand marketing and communications.
The Center for Sustainable Business team approached sustainably minded clothing brands like