The US fashion group PVH Corp., which owns brands such as Calvin Klein and Tommy Hilfiger, and the US company HSBC Bank USA have launched a joint program to finance sustainable supply chains. According to a press release, this program includes both ecological and social goals.
New research from HSBC and Boston Consulting Group (BCG) shows that $100 trillion in investments will be needed in global supply chains by 2050 to reach net-zero emissions targets. Small and medium-sized enterprises (SMEs) account for half of this investment.
The partnership with commercial bank HSBC aims to provide PVH’s suppliers with access to key finance based on a range of science-based environmental and social objectives, including a healthy and safe work environment, fair wages and benefits, and employment issues such as forced labour, child labor and harassment and abuse.
With the program, PVH also wants to underline the company’s long-standing commitment to sustainable business activities through continuous improvement and the protection of the environment and human rights in the supply chain. “The availability of accessible financing is critical to ensuring our suppliers are able to reinvest in their businesses and people and contribute to our shared goal of creating an innovative and responsible global supply chain,” said Sarah Clarke, Chief Supply PVH Chain Officer.