illuminem summarizes for you the essential news of the day. Read the full piece on ESG Today or enjoy below:

🗞️ Driving the news: Global fashion retailer SHEIN announced a €200 million Circularity Fund to support European and UK startups focused on textile-to-textile circularity solutions

🔭 The context: The fashion industry, particularly fast fashion, faces increasing pressure to address its climate impact
• Only 22% of post-consumer textile waste is recycled, with the rest often landfilled or incinerated
• SHEIN’s fund aims to support innovation in recycled materials and sustainable practices

🌍 Why it matters for the planet: Textiles have a significant impact on climate change, water and land use, and greenhouse gas emissions
• Initiatives like this fund can drive the development of sustainable solutions in the fashion industry, reducing environmental harm

⏭️ What's next: The fund will invest in early-stage startups and form partnerships with mature companies in the textile-to-textile recycling sector
• SHEIN also invites other investors to co-invest, aiming to broaden the impact of the fund

💬 One quote: "As a global leader in our sector, SHEIN has both a responsibility and an opportunity to accelerate innovations that can address the environmental footprint of the fashion industry." - Donald Tang, SHEIN’s Executive Chairman

📈 One stat: Textiles have the fourth highest impact on climate change and the environment

Click for more news covering the latest on social responsibility