The Singapore Fashion Council (SFC) and the Centre for Impact Investing and Practices (CIIP) signed a memorandum of understanding (MOU) to advance sustainability within the fashion industry’s supply chain. The MOU will also have a particular focus on empowering micro-, small- and medium-sized enterprises (MSMEs).
Zhang Ting Ting, CEO of the SFC and Dawn Chan, CEO of the CIIP, signed the MOU at the impact investing roundtable held on May 7 during Ecosperity Week.
Under the MOU, SFC will lead the development and implementation of three key initiatives to support the sustainability transformation of the fashion and textiles sector. The CIIP will provide insights from its recently-published report on MSMEs and their ESG journeys, and ecosystem-building support.
The three initiatives include a sectoral plan that identifies key challenges and strategic priorities for the local and regional fashion industries. It also has a resource guidebook that offers practical roadmaps to help companies at different stages of their sustainability journeys. Finally, the initiative will come with a digital toolkit that provides MSMEs with access to environmental, social and governance (ESG) tools to facilitate decarbonisation and the adoption of broader sustainability practices.
“Asia has long been a global hub for the fashion and textiles industry, with its factories and supply chains powering brands worldwide. To drive meaningful change, it is critical to support MSMEs – the backbone of this sector – in embedding sustainability at every level to ensure business resilience and future growth,” says Chan.
“Through this partnership with the Singapore Fashion Council, we aim to turn insights into action to help businesses build more resilient, sustainable supply chains which are empowered to take advantage of future demand and opportunities,” she adds.
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"The future of fashion lies not just on the runway, but in the roots of our supply chains,” says SFC’s Zhang. “MSMEs are the heartbeat of Asia's fashion industry – collective action and practical support are key to meaningful progress in sustainability.”
The roundtable, which was jointly organised by Temasek and CIIP, saw leading impact investing experts, investors and companies come together to discuss industry trends, business solutions, and strategies to maximise outcomes for consumers and MSMEs.
