Bangladesh claims to make history by hosting the world’s first climate conference specifically tailored to the fashion industry.
One of the key focuses of the event will be the technological and financial challenges associated with reducing emissions. According to the report, many leading fashion brands have set ambitious targets to reduce supply chain emissions, with goals of 50% reduction by 2030 and achieving carbon neutrality by 2050.
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Event organiser, Mostafiz Uddin, said: “There is lots of talk about 2030 but, remember, 2030 is less than seven years away. Ambitious targets have been set by the industry, and rightly so. But it is not clear how they will be met, both from a technical and financial perspective.”
The Climate Action Forum will address practical solutions tailored to Bangladesh’s ready-made garment industry, highlighting initiatives such as energy efficiency, machine upgrades, electrification of thermal loads, direct power purchase agreements, and biomass-fed thermal systems. The discussions will encompass challenges related to business cycles, pricing, financing, target setting, policy opportunities, knowledge gaps, and scalability of solutions.
The forum will delve into the causes and urgency of the climate crisis, examining both the impacts already witnessed and potential scenarios under different decarbonisation pathways. The Government of Bangladesh will also take the stage to discuss the country’s efforts in mitigating the effects of climate change. Bangladesh, as the world’s second-largest ready-made garment exporter, is particularly vulnerable to climate change, facing extreme weather events such as cyclones, floods, and droughts.
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Uddin said: “The climate emergency is the foremost issue of our time. How we tackle it has huge implications for fashion brands and their supply chains, which have an outsized impact on carbon emissions.”
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By GlobalDataAnother critical aspect of the forum will be the exploration of decarbonisation approaches, including the adoption of NetZero goals and timelines. Renewable energy will be a key topic, as the transition to renewable resources is crucial for fashion brands to meet their climate targets. The challenges associated with decarbonising the electricity grid in Bangladesh and the shift towards renewable energy sources, such as solar power, by garment factories will be discussed.
Financial challenges surrounding decarbonisation efforts pose a significant hurdle, and the forum will explore options for funding the technological upgrades required. The event will examine changes to business and pricing models, de-risking and underwriting investments, direct investment opportunities, and other tools necessary to address financial challenges and bridge the funding gap. Additionally, it will explore ways to decouple climate action from business cycles, ensuring that the ambitious 2030 targets can be met.
Uddin added: “This event will bring key decision makers under one roof, people who are in a position to effect lasting, positive change in our industry.
“Bangladesh is the perfect stage for the Climate Action Forum. As well as being a major producer of garments, it is also itself a victim of the increasingly unstable global climate and has witnessed a marked increase in weather extremes in the past decade.
“We have to act on this issue – and we have to act now.”
