Fashion industry could be 80% circular by 2030 - report
23/11/2021
A new report, Scaling Circularity, written in collaboration with consultancy McKinsey & Company, analyses a pilot in Bangladesh to scale post-industrial recycling and capture textile value.
The Circular Fashion Partnership shows the recycling technologies deliver better environmental outcomes across greenhouse gas emissions, water depletion and land use and have the potential to be more cost effective than using corresponding virgin materials if they are scaled.
Current technologies have the potential to deliver 75% textile-to-textile recycling into the fashion system, and a further 5% recycled feedstock from other industries. To deliver this scenario, the sector requires at least $5-7 billion capital investment in recycling technologies by 2026, as well as further mobilisation of capital towards collection and sorting infrastructure, said GFA.
Federica Marchionni, CEO of GFA, said: “This research proves the necessary recycling technologies exist, deliver huge improvements in environmental impact and that the economics work at scale. The challenge is providing conditions for scaling. With sufficient investment, supportive policies, and by enabling pre-competitive collaborations, I am optimistic that we can create a profitable circular system and accelerate fashion’s journey to net zero.”The analysis showcases the case for scaling this model to other markets including Vietnam, Turkey, India, Malaysia, Indonesia and Bangladesh, claiming there is a $4.5 billion opportunity.
The CFP facilitates circular commercial collaborations between 43 textile and garment manufacturers, 17 recyclers, one buying agent and 20 global fashion brands. Participants include Gymshark, Peak Performance, Cyclo, Recover, Renewcell, Birla Cellulose, Lenzing, Infinited Fibre Company, Marchi & Fildi, Worn Again Technologies and Natural Fiber Welding.
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