One of the sectors of the economy that contributes most to global air pollution is the textile industry. The fast-fashion craze also contributes to this issue, accounting for 20% of world water waste and 10% of global carbon emissions. The repercussions of global warming will worsen if this is allowed to continue. For the textile sector, which is suffering global volatility brought on by high inflation, falling demand, and massive inventory levels, the idea of sustainability itself can be divisive.
High levels of global warming will, however, also work against them and undermine this sector. Water and rich soil are essential for growing cotton, the primary ingredient used to make textile materials. The forthcoming heatwaves will affect many dry regions, which will make it impossible for cotton to be produced globally. One of the world’s biggest cotton producers, the United States, is beginning to worry about this problem. Furthermore, the oil crisis makes this issue even more complicated.
Due to numerous geopolitical issues, including the trade war between the United States and China, the post-Covid-19 situation, and the conflict between Russia and Ukraine, the textile industry is attempting to recover. Despite the government’s vigorous efforts to advance the green revolution, many consumers still prioritise buying assets like cars, homes, and other material possessions. The issue of excess inventory is brought on by the fact that textile production is still going strong and expanding, while consumer interest is consistently declining. This is compounded by the current rise in the phenomena of thrifting.
The textile sector has a lot of homework to do when focusing on environmental sustainability. Despite a minor uptick in the textile industry overall in the first half of 2023, there are still concerns about a worldwide recession as the Federal Reserve keeps raising interest rates. Thoughts about the problem of inventory building have started to be addressed. In Jakarta, Indonesia, Cotton Council International held Cotton Day 2023. One of the speakers was Bruce Atherley, Executive Director of CCI. He claimed that because textile industry players have started to be cautious and control the turnover of textile commodity inventories, there has been a decline in global cotton demand.
It may be anticipated that the cotton and textile industries will return to normal and positive demand as inventories are exhausted across the supply chain.
