The fashion industry is perhaps second only to the automotive industry in terms of its contributions to climate change, so this is a very significant step forward.

This afternoon at the Élysée Palace, French President Emmanuel Macron and Kering chairman and chief executive François-Henri Pinault unveiled a new plan to reduce the environmental impact of the global fashion industry.

Signed by 32 companies—including some of the biggest names in luxury, activewear, fast fashion, and retailing—the G7 Fashion Pact marks the first serious broad-based push by a coalition of private-sector companies to help reduce global warming, replenish the planet’s biodiversity, and curtail the dumping of plastics in the world’s oceans.

At its current growth rate, textile and apparel production emissions will rise more than 60% by 2030, according to UN Climate Change.

The fashion pact signatories have set a goal to enlist at least 20% of the global fashion industry in their effort, as measured by volume of production. “We have just 11 years left to halt irreversible climate change,” reads the G7 Fashion Pact, which outlines three key areas where the sector can reduce emissions and waste.

via Fashion Companies Reach Landmark Sustainability Accord Ahead of G7 Summit – Fortune