Please use this identifier to cite or link to this item: https://repository.iimb.ac.in/handle/2074/22040
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dc.contributor.advisorMukherji, Sourav
dc.contributor.authorChaudhary, Anand Mohan
dc.contributor.authorSharma, Mansi
dc.date.accessioned2023-07-02T15:20:40Z-
dc.date.available2023-07-02T15:20:40Z-
dc.date.issued2022
dc.identifier.urihttps://repository.iimb.ac.in/handle/2074/22040-
dc.description.abstractAs per experts, global greenhouse gas emissions (GHG) for 2022 stood at 58 gigatons (GT), the largest annual level ever recorded. While the rate of growth in GHG emissions in the past decade has slowed compared to the previous decade, average GHG emissions in the last decade were the highest on record. Thus, it becomes imperative to understand and evaluate the different sectors contributing to these emissions. Emissions can be divided among five global economic sectors: energy supply; industry; agriculture, forestry, and other land-use change (AFOLU); transport; and direct energy use in buildings. Since 1990, most growth in emissions has been from the energy supply, industry, and transport sectors. In this paper, we cover the textile industry with a deep focus on the fast fashion trend that has emerged in the past few decades. Factors like going out of fashion and degrading of clothes have pushed for large volumes to be produced quickly. The key issue with tackling climate change by curbing emissions is the inherent interconnectivity among various industries. No one industry can be completely held responsible for the emissions being produced. This calls for a closer look at each industry and identification of its direct and indirect impact through demands placed on fundamental industries like energy. Our major findings are stated as follows: *The large demand for fossil fuel in the energy sector is driven by the consumptionbased business models of modern industries and needs to be collectively tackled. Sectors like energy and transport are tightly coupled with any manufacturing business setup. *Firms like H&M, Zara and Shien have created a fast-paced business model which has commoditised clothes as disposable products *The state of recycling and the circular economy in this sector is also in its infancy. This needs to be addressed not just through the development of new technology but also through systemic changes which can reduce the toll being taken on the planet's finite resources. *Using systems theory and closed loop diagrams to analyse the connections between different elements of the industry, we found that the industry has to come together to create a new paradigm which promotes durability in products and encourages the culture of reuse. *The trade-off between financial returns and the larger cause of mitigating climate change is evident in the fact that large volumes of unsold inventory are disposed of off to artificially inflate the brand premium. There is also planned obsolescence baked into the product to wear away in a short period to incentivise new purchases. *Active regulatory intervention and clear guidelines are required to make sustainability a default option rather than a voluntary choice. Through careful implementation of taxation and incentivising green business practices, government authorities can push the industry to change to better models. *India can potentially be a trendsetter for sustainable textile production and consumption for the world.
dc.publisherIndian Institute of Management Bangalore
dc.relation.ispartofseriesPGP_CCS_P22_183
dc.subjectClimate change
dc.subjectFashion industry
dc.subjectMitigation strategies
dc.subjectFast fashion industry
dc.titleClimate impact of fast fashion and mitigation strategies
dc.typeCCS Project Report-PGP
dc.pages30p.
Appears in Collections:2022
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