Fashion Forward: HSBC and Walmart Invest in $4 Million to Apparel Impact Institute’s Fashion Climate Fund
New York, NY, December 14, 2023: The global fashion industry continues its journey towards sustainability with two major financial commitments. HSBC has pledged $4 million to the Apparel Impact Institute’s Fashion Climate Fund, while the Walmart Foundation has granted $1.5 million to Accelerating Circularity, an initiative focused on circular economy solutions.
HSBC Supports Climate Action:
- HSBC’s contribution to the Fashion Climate Fund will support projects that reduce greenhouse gas emissions throughout the apparel supply chain. This aligns with the bank’s commitment to sustainable finance and its goal of achieving net-zero emissions by 2050.
- The Fashion Climate Fund has already funded over 20 projects, resulting in emission reductions of more than 200,000 metric tons of CO2.
Walmart Invests in Circularity:
- The Walmart Foundation’s grant to Accelerating Circularity will be used to develop and scale innovative solutions for textile recycling and reuse. This aligns with Walmart’s goal of achieving zero waste by 2025.
- Accelerating Circularity is a multi-stakeholder initiative that brings together brands, manufacturers, and NGOs to create a more sustainable textile industry.
Industry-Wide Impact:
These investments demonstrate the growing commitment of major players in the fashion industry to environmental and social responsibility. Both contributions will help accelerate the transition towards a more sustainable future for the industry.
Here are some key takeaways:
- HSBC and Walmart are stepping up their efforts to address climate change and waste in the fashion industry.
- This follows a growing trend of companies prioritizing sustainability throughout their operations and supply chains.
- These investments are expected to have a positive impact on the environment and contribute to a circular economy for textiles.
We will continue to monitor developments in the fashion industry and provide updates on progress towards sustainability goals.
( Source WWD )