Burning Stock Is What Happens When Financial Value Is The Only Measure Of A Business
The processes involved with producing consumer products, as well as those involved in their destruction, have both a widespread and global impact on our environment.
Each year fashion consumes 79 billion cubic metres of water and 31 billion litres of crude oil. That's enough oil to fill 12,402 Olympic pools.
The fashion industry also requires 43 million tonnes of chemicals annually. A quarter of the chemicals it releases into rivers and waterways are toxic to aquatic ecosystems.
These figures put in perspective how important it is that we not only reduce the impact of production processes - but also reduce the volume of product that is made, sold, and committed to waste.
Whilst it is Burberry who recently hit the headlines for destroying £28 million worth of fashion and cosmetics products, they are not alone. It is symptomatic of an industry-wide problem which undervalues fashion product, and does not account for its full cost - either to the people behind the product, or to the environment.
This is something that individual businesses can and must address through sustainable production practices and better buying decisions. However it is also something that requires collaboration - leading businesses across the supply chain, and the professionals who run them, need to come together to achieve real change.
At CO we believe that when fashion business is done well, looking to its social and environmental impact as well as financial, it’s good for everyone.
If this approach to what a good business is becomes a common objective of all in the industry then fashion will create jobs, prosperity, and great products that don’t damage the environment. We all win.
The CO platform matches users with the connections (sustainable suppliers, buyers, experts) and resources (information, content, events, training, best practice) they need to do fashion better, giving thousands of fashion professionals the means to build their businesses in the most sustainable way. Sign up for free today.