Just a Mere $20B to $30B a Year to Transform the Industry, According to Report

It’s going to cost $20 billion to $30 billion a year to live out the fashion industry’s sustainability promises. That’s the amount needed to be deployed per year toward the development and scaling of disruptive innovations and business models in the fashion industry in order to see a significant “step change” by 2030, according to a report from Boston Consulting Group and Fashion for Good. Titled “Financing the Transformation in the Fashion Industry,” the report was announced Wednesday by Katrin Ley, managing director at Fashion for Good; in a panel discussion at the World Economic Forum’s annual meeting in Davos, Switzerland. Each year, the WEF welcomes thousands of attendees and over the last 50 years the emphasis has shifted completely to evolving a more inclusive and sustainable future. Fashion is a $2 trillion industry with a sizable stake in the estimated $5 trillion to $7 trillion needed for “global sustainability transformation” championed by the U.N., International Finance Corporation and World Bank, by that same timeline. This is measured against the U.N.’s Sustainable Development Goals, touted as a “shared blueprint” for nudging as close to the coveted triple-bottom-line as possible, with fashion’s three high-impact areas of focus being energy, water and waste. “The problem is

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