Extreme heat and flooding are likely to wipe out $65 billion in garment export earnings from Pakistan, Bangladesh, Cambodia, and Vietnam according to research by Cornell University.
The report mapped fashion’s climate vulnerabilities across production centers, and estimated future economic damages from extreme heat and flooding. Analysis by Cornell University’s Global Labor Institute and Schroders finds extreme heat and flooding are threatening key apparel production hubs.
Four countries vital for fashion production risk losing $65 billion in export earnings and 1 million potential jobs by 2030. Karachi, Colombo, Managua, Mauritius, and Dhaka are identified as the most climate-vulnerable production centers Investors say adaptation measures aren’t factored into risk plans because the industry is focused on mitigation.
The analysis calls for climate adaptation finance that redistributes costs and risks away from apparel workers. The report revealed that due to the industry’s emphasis on mitigation rather than adaptation strategies, brands, investors, or regulators are not prioritizing preparing for these risks in the nations that combined account for 18 percent of global garment exports, according to the report.
The study further reveals that one million fewer employment will be produced as a result of the delayed growth brought on by the adverse climate conditions.
The study identified 32 garment production centers for six international brands in Bangladesh, Cambodia, Pakistan, and Vietnam and mapped their climatic sensitivity. It was discovered that the entire fashion business faces material dangers from flooding and heat, which caused export revenues to drop by 22 percent.
The researchers cautioned that these forecasts are anticipated to increase dramatically by 2050. No one is factoring the on-the-ground costs of climate breakdown into their planning. The apparel industry and regulators have mostly framed their climate responses around mitigation issues – emissions, water usage, and recycled fabrics, the report revealed. The brands treat climate “loss and damage” for manufacturers and workers are treated by brands as their problems.
This is partly because research on the physical hazards that climate change poses to businesses is still in its infancy, with few companies sharing enough information and few investors conducting accurate assessments.“There is so little data on this… There are some brands not disclosing the factory locations of their suppliers,” said Angus Bauer, Schroders’ head of sustainable investment research.
The report urged brands and retailers that Due to the industry’s emphasis on mitigation rather than adaptation strategies, brands, investors, or regulators are not prioritizing preparing for these risks in the nations that combined account for 18 percent of global garment export, according to the report. Investing in adaptation, such as investing in cooler workspaces, flood avoidance, and social protection systems, is one of the things that experts recommended.
According to the report, the key will be introducing set standards and protocols for working hours, effort levels, rest, and hydration to be collected and reported daily, as well as enforcing meaningful sanctions for violations of standards.
Four Asian countries including Pakistan to lose 65bn dollar textile export earnings due to the climate crisis
