30 billion dollars: the cost of sustainability in fashion
The world economic forum has presented these forecasts backed by the Boston Consulting Group and Fashion for Good which specifies the cost of the becoming sustainable of the sector.
Sustainable promises in the fashion world will cost between 20 billion to 30 billion dollars. This prediction, presented at the Davos Forum by Katrin Ley, director of Fashion for Good, derives from the report “Financing the Transformation in the Fashion Industry” made in collaboration with Boston Consulting Group (BCG).
The amount specified in the report refers to the sum that the fashion sector must invest annually to implement the disruptive development and innovations that the business needs. This “radical change” as it can be read in the study, has a deadline of 2030, the year in which the significant change should be perceived.
“The problem is there’s still a huge technology gap,” said Sebastian Boger, a BCG partner, to WWD. Borges also highlights in the report problems at both ends of the value chain: the availability of sustainable raw materials and possible recycling solutions at the end of the chain.
Sustainable promises in the fashion world will cost between 20 billion to 30 billion dollars
The report is complemented by a study by Boger called The Pulse of Economy. The findings were similar to the main report, with forecasts of a slow industry change and with the potential to be exploited. Boger also uses the word “tremendous” to describe the current scenery.
The summit of the World Economic Forum is being held in the Swiss town of Davos, between January 21 and 24. Once again on its agenda, features issues such as consumption, industry, the value chain, transparency, energy, and above all, sustainability.
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