There will soon be a reality check for the fashion business. Sustainability self-regulation might not exist by the end of 2024. Globally, numerous new regulations are being implemented to require action on issues ranging from waste management and recycling to the usage of chemicals and the production of textiles, reported Business of fashion.
Although there has been some improvement in the business, it is not changing at the rate required to get ready for new rules. In this industry, the use of fossil fuels, which emits pollution, nevertheless dominates production, even if circular business models are relatively new. The consumption of apparel and footwear is predicted to rise by more than 60%, from 62 million tonnes in 2022 to 102 million tonnes in 2023, if development keeps up its current rate.
As the industry struggles to advance, authorities are taking action. The EU is leading the way in advancing a vision of a circular economy that is free of carbon emissions and decouples economic growth from the use of limited resources. The EU's Strategy for Sustainable and Circular Textiles, which was passed in June 2023, captures the vision of the textile sector. It envisions an industry characterized by products that respect social rights and the environment. Currently being discussed are up to sixteen pieces of legislation, the first of which is scheduled to take effect in 2024. The time frame that brands have to get ready to comply is rapidly closing.