Tycoon Victor Fung Kwok-king believes that Hong Kong has the potential to develop into a center for sustainability education for clothing manufacturers and businesses involved in the fashion industry supply chain.
According to Fung, the honorary chairman of supply chain management conglomerate Li & Fung, in an interview, the city has the chance to develop yet another industry and train people on implementing sustainability and environmental, social, and governance (ESG) practices, one that will put Hong Kong on the global map.
"We can create an industry out of training in Hong Kong by setting up a whole series of courses," Fung stated.
Last week, 30 representatives from clothing factories and retail brands around the region attended a workshop on integrating sustainability throughout the entire supply chain, from innovation to day-to-day operations, which Li & Fung organized in collaboration with professors and researchers from universities in Hong Kong and overseas.
The fashion tech summit by Li & Fung featured a workshop centered around the idea of using sustainability as a competitive advantage.
The United Nations Economic Commission for Europe estimates that the world's fashion industry accounts for roughly 10% of carbon emissions and 20% of waste water emissions worldwide. Around the world, a truckload of unwanted clothing is burned or dumped in a landfill every second, according to the Ellen MacArthur Foundation. Reducing the negative effects of climate change would be greatly aided by a sustainable fashion industry.
"We have the potential to establish an additional industry that the world desperately needs and that will elevate Hong Kong's profile on a worldwide scale."
The workshop attendees determined the obstacles preventing sustainable practices in the fashion industry. They claimed that in order to align on sustainability goals and best practices, the industry needs a more organized framework for innovation and closer cooperation. They also emphasized the need for coordinated efforts throughout the supply chain and the challenges in locating suppliers who meet compliance, particularly with regard to strict environmental standards.