In order to develop a new finance programme for suppliers connected to the sustainability objectives of the garment firm, PVH Corp., the owner of Calvin Klein and Tommy Hilfiger, recently partnered with Standard Chartered Bank.
The programme allows PVH suppliers to finance ongoing operations through a facility that is measured against PVH’s environmental and social objectives. Suppliers who adhere to certain criteria may qualify for subsidised funding.
Suppliers will be evaluated based on criteria linked to PVH’s environmental objectives as well as those concerning health, safety, child labour, forced labour, and harassment and abuse at their production facilities.
The garment industry’s progress towards achieving its climate goals has been “extremely disappointing,” according to Stand.earth. In its most recent evaluation, the environmental advocacy group handed D or F marks to 28 of the 43 garment dealers it evaluated in the sector.
PVH scored a D overall, however Stand.earth gave the business a B- for its promises and transparency with relation to its goals. However, the company received D-level grades for advocacy, low-carbon material use, and shipping, and a F for renewable energy.
By 2030, the corporation wants to reduce emissions from its supply chain by 30%. According to PVH’s most recent sustainability report, the company’s overall emissions in 2021 were 96.4% of the brand’s Scope 3 emissions, which are primarily generated by its supply chain.
