06. DEFINE AND STANDARDIZE
Effective, well designed legislation can help regulate industry standards, ensure brand accountability and reduce the probability of greenwashing.
Universal definitions and standards for circularity will support smoother cross-sector collaboration, while enabling progress to be better monitored.
KEY ACTIONS FOR:
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Clear communication of recycled input sources. Material passports to increase supply chain transparency and material provenance
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Encourage the collection of waste data throughout the supply chain. Eliminate hazardous chemicals and reduce overall chemical usage
Digitally track textiles and clothing to redirect appropriately and recover value
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Commit to comprehensive reporting against standardized metrics. Set Science Based Targets. Explore digital passports embedded in clothing to encourage transparency
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Implement legislation around greenwashing to prevent misleading the public. Mandate standardized reporting from brands
Incentivize Science Based Targets from brands
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Include verifiable ESG metrics in financial disclosures. Require financial institutions and market participants to report ESG metrics in a standardized way to promote transparency and encourage comparability. For additional information:
• US investors, reference the Securities & Exchange Comission (SEC)
• EU investors, reference the European Union's Sustainable Finance Disclosure Regulation (SFDR)