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January 13, 2022

Spinnova latest to sign the UN Global Compact

Finnish sustainable fibre producer Spinnova has become a signatory of the United Nation’s Global Compact, said to be the world’s largest corporate sustainability initiative. 

By Fi Forrest

The commitment means Spinnova integrates the UN Global Compact (UNGC) and its principles to its strategy, culture, and day-to-day operations, and engages in collaborative projects that advance the broader development goals of the UN, particularly the Sustainable Development Goals.

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To support public accountability and transparency, Spinnova also commits to reporting on its progress within one year of joining the compact, and annually thereafter according to the UN Global Compact Communication on Progress policy.

The United Nations Global Compact promotes the ecological, social, and economic responsibility of companies and non-business organisations. The initiative requires a commitment to the UNGC’s ten universally accepted principles and calls for action in support of the UN’s Sustainable Development Goals.

Announcing the signing Spinnova’s CEO and co-founder Janne Poranen said: “Our sustainable fibre innovation supports several of the Sustainable Development Goals and committing to the compact’s principles on a concrete level comes naturally for us. It’s an honour to make this pledge and stand alongside the United Nations and the community around it.” 

Spinnova’s process can use FCS-certified wood or cellulosic waste streams as its namesake fibre’s raw material and, unlike other cellulose-based fibres, the firm says its method involves no dissolving, harmful chemicals or side streams. In addition, as the fibre’s chemical compound is the same as that of paper, it biodegrades quickly and sheds no microplastics.

Last month, the firm said Woodspin, its joint venture with strategic partner wood pulp producer Suzano is proceeding with its factory project in Central Finland, with the site expected to be completed by the end of 2022.

Spinnova announced in February 2021 it had entered into a 50:50 joint venture with Suzano in a move that will see it begin construction of the EUR22m (US$27m) factory, which will be the first commercial-scale Spinnova production facility in Finland. The total investment, including all needed infrastructure such as real estate, is estimated to be some EUR50m.

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Free Report
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What is driving growth in the Global Luxury Apparel Market?

The global luxury apparel market has seen exceptional recovery since 2021, after the inevitable sales decline in 2020 due to the pandemic. This growth has largely been due to strong demand in the key market of APAC, with the lifting of restrictions leading consumers to spend more on luxury goods for events such as holidays and social occasions. This growth is only expected to continue, and GlobalData’s free report Global Luxury Apparel Market Trends, Size and Forecasts out to 2025, can assist companies in understanding the drivers behind this growth, as well as potential inhibitors and key trends affecting the market. Understanding these crucial elements will be essential for luxury brands and retailers to stay ahead of their competitors. This report provides comprehensive analysis of:
  • Luxury apparel market size at total, regional, and category level – with forecasts out to 2025
  • Market drivers and inhibitors
  • Retailer and brand market shares, 2019-2021
  • Hot issues and profiles of leading brands
  • Key trends affecting the global luxury apparel market
Read this report now if you want to maximize growth using in-depth market predictions.
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