Researchers call on brands to invest in adaptation measures instead of mitigation
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Extreme heat and flooding could erase $65bn in apparel export earnings from four Asian countries by 2030 as it jeopardises the health of the workers, new research has revealed.
The slow growth from extreme climate conditions will also result in one million fewer jobs being created, found the study by Cornell University and Schroders.
The research mapped out the climate vulnerability of 32 apparel production hubs of six global brands in Bangladesh, Cambodia, Pakistan and Vietnam. It found flooding and heat pose material risks to entire fashion industry, leading to a 22 per cent decline in export earnings.
These projections are expected to rise significantly by 2050, representing about 69 per cent in foregone export earnings and 8.64 million fewer jobs, warned the researchers.
But brands, investors or regulators are not prioritising in planning for these risks in the countries that collectively represent 18 per cent of global apparel export due to the industry’s focus on mitigation rather than adaptation measures, said the study.