The World Benchmarking Alliance and Laudes Foundation published their first scoping study on the potential for transparency to propel the circular agenda forward, with a primary focus on the fashion industry. The report also highlights the private sector’s roles and responsibilities in transforming the economy into a circular one, and more precisely, what function corporate transparency should play in this transformation More about Circular Transformation
Companies are rapidly adopting circular commitments and business models to reduce their environmental footprint, particularly in the fashion industry. Whether these circular targets are achieved and environmentally beneficial remain unclear, since there is still little data standardisation and transparency on circularity.
After conducting extensive research and interviews with experts, WBA found that a corporate benchmark would further incentivise companies to report on their circularity efforts, particularly as recent frameworks have been published on assessing company-level circularity.
WBA identified the need for establishing a coalition of stakeholders relevant to the fashion industry to help develop a ground-breaking mechanism that will increase uptake of circular business models. The mechanism would be based on insights from stakeholders and the experiences of other industries in adopting any potential existing frameworks. It would be a call to action, an ambitious yet practical – and hopefully simple – way of incentivising companies to increase their transparency and accountability, providing industry roadmaps for all stakeholders to take their role.