Luxury fashion brands poised to join the NFT party and Net zero or bust – Beating the abatement cost curve for growth

The two features we at TextileFuture present to you today could not be more differing, but you should profit from both of it.

The first item is entitled Luxury fashion brands poised to join the NFT party and was first published in Vogue business.

The second freature bears the title “Net zero or bust -Beating the abatement cost curve for growth”, and is a typical McKinsey subject.

Both items offer different conclusions to different readers, but there are also the ones interested in both!

Here starts the first item:

Luxury fashion brands poised to join the NFT party

The road to non-fungible token (NFT) riches is paved with question marks for luxury fashion brands.

By guest author Anna Tong from Vogue Business

TERESA MANZO / The Fabricant. All captions courtesy by Vogue Business

Non-fungible tokens are all the rage, but for luxury fashion brands they pose questions — in abundance. Will the crypto-wealthy, who are mostly young and male, be interested in luxury fashion NFTs? What would they look like and would buyers get any utility from them? Would they be brand dilutive? And will the complexity of setting up cryptocurrency wallets be too much of a bother for luxury consumers?

While each new day brings another breathless story on a new non-fungible token (NFT) record sale, the luxury fashion world has remained relatively quiet. But that’s about to change. Fashion brands have been studying the wild, wacky world of blockchain and all its creative and business possibilities. Now they are poised to jump in.

Gucci recently confirmed to Vogue Business that it’s “only a matter of time” before a brand like Gucci will release an NFT. In addition, Vogue Business has confirmed with multiple industry sources that a number of luxury fashion houses are close to releasing NFTs. “The question is just who will pull the trigger first,” says Marjorie Hernandez, founder of Lukso, a blockchain platform that works with fashion brands. “Luxury brands were behind on the e-commerce trend, so there’s now more of a willingness to experiment with new technologies like blockchain.”

In recent months, says Hernandez, “every single fashion person I’ve ever talked to” has asked about what they can do in the NFT space. Anything digital, from art to music to fashion can be turned into a unique NFT with its ownership recorded on a digital ledger, or blockchain. Proponents say that NFTs are the next evolution of digital fashion skins, which have already been embraced by luxury fashion brands. They claim that NFTs’s scarcity and ability to accrue value can bring digital fashion closer to real fashion.

The race to create the Net-a-Porter of NFTs

NFT use cases are currently in their infancy, especially for fashion. “Right now, fashion being sold via NFT is fashion as art, and not necessarily fashion as a utility,” says Cathy Hackl, CEO of the Futures Intelligence Group, a company that advises brands about how to approach new technologies and virtual goods. “We’re eventually going to get to the point where there’s more utility, but we’re not there yet.”

That means that brands can currently sell NFTs that are, say, GIFs of clothing pieces, but buyers can’t actually do much with them besides admire the GIFs. And the current fashion NFT user experience lacks the polish expected by luxury fashion buyers. The fashion NFTs on a virtual game called Decentraland are a world away from luxury. Players inhabit avatars and can buy fashion NFTs on the Decentraland wearables market. A recent scroll through the marketplace reveals an odd mix of sneakers, hoodies and Santa Claus gag costumes, branded with Atari or the names of popular cryptocurrency exchanges like Kraken and Binance. The outfits are cartoonish and pixelated, while the game itself is a jarring user experience. What’s more, the hassle of setting up a browser-based Ethereum wallet is unlikely to appeal to luxury fashion brand shoppers.

However, all that is poised to change in the coming months as companies compete to make an NFT fashion experience that’s premium, clean and beautiful. Think Net-a-Porter rather than Amazon.

Sydney-based Neuno is one such startup, currently working with five luxury fashion houses on launching NFTs, CEO Natalie Johnson tells Vogue Business exclusively. “We want to be the universal 3D wardrobe that plugs into everything,” she says, explaining in detail how it might work. “For example, imagine if somebody bought the iconic J Lo Versace dress on our site. We are working with a social media platform that specialises in filters so the owner will be able to post a photo of themselves ‘wearing’ the dress, and we’re also working with one of Asia’s biggest games, so they’ll also be able to dress their gaming avatar in the dress. The buyer only needs to buy the NFT once and they’ll be able to use it in multiple different ways.”

Johnson says that unlike current NFT marketplaces, where anybody can upload and sell an NFT, Neuno only works directly with brands. That way, it aims to ensure a premium user experience, reassuring buyers about authenticity. Customers will be able to buy NFTs with their credit cards, which removes the barrier to entry of needing to own cryptocurrency.

Fashion NFTs as digital collectibles

While the big luxury brands are taking their time to get it right, many smaller brands and retailers have already jumped into the NFT game in various creative ways and are selling fashion NFTs on marketplaces like OpenSea, Nifty Gateway and KnownOrigin.

The most straightforward example of a fashion NFT is where the NFT is the digital “twin” of a real-life garment. Clothia, an online retailer in the accessible luxury space, is currently auctioning NFT dresses. The winning bidders will receive the corresponding real-life dresses, and both the NFTs and the physical garments are one-of-a-kind, says Clothia CEO Elena Silenok.

Silenok says brands can think beyond digitising existing goods and consider NFTs as a new revenue stream. “NFTs could be similar to how fashion brands see bridge or diffusion lines,” she says. “Just like how a Chanel lipstick is more accessible to customers than a Chanel handbag, luxury brands can use NFTs to give more customers access to their brands.” An example of this would be Gucci’s USD 12 digital sneakers.

Amber Jae Slooten, co-founder of The Fabricant, a digital fashion house, says the really fun part of NFTs is in going beyond the physical. “I wouldn’t want to encourage brands to simply copy their physical items,” she says. “I would encourage them to go beyond their physical reality. For instance, we designed one shoe that was a flaming shoe. You can create all kinds of digital couture looks that could never exist in real life.”

The Fabricant recently ran a 3D fashion design competition in collaboration with Adidas and Karlie Kloss’s nonprofit, Kode With Klossy. The top 20 submissions were then auctioned as NFTs. They were also on display in a gallery in Decentraland, where visitors inhabiting avatars could view the artwork and virtually bid on the designs. The winning design netted 1.4 ETH, about USD 2400 at current exchange rates. Proceeds from the auction went directly to the featured artists, while voluntary contributions supported new events and programming for Kode With Klossy’s alumni community of more than 5000 scholars.

Yet another option for brands is to use NFTs as an opportunity to experiment beyond fashion. Re-inc, a direct-to-consumer brand founded by four American female soccer stars including Megan Rapinoe, made its name selling streetwear. But now it’s launching a set of NFTs that are GIFs of digital playing cards featuring each of the soccer stars. Jenny Wang, a fifth co-founder of Re-inc, says the brand will be buying carbon offsets with some of the profits, responding to criticism that NFTs are bad for the environment. The environmental concerns are expected to dissipate in the coming months: Ethereum is in the process of transitioning to a new “proof of stake” consensus protocol that will dramatically lower carbon emissions.

Cathy Hackl of the Futures Intelligence Group believes we’re just at the tip of the iceberg when it comes to virtual fashion and its possibilities. “As we move into a more immersive web, every fashion brand will need to have a virtual strategy,” she says. “Selling virtual dresses and assets will be a significant revenue stream for brands. For my children, the way their avatar looks in games is equally as important as how they look when they go to school. My daughter said to me the other day about her avatar, ‘Yeah mom, I paid a lot for that face.’”

www.voguebusiness.com

Here starts the second feature:

Operations and Sustainability Practices

Net zero or bust: Beating the abatement cost curve for growth

Companies can both decarbonize and boost long-term growth. But it means pushing beyond abatement curves’ focus on cost and

instead empowering people—while making a few big, strategic bets.

This article was written collaboratively by global leaders in the McKinsey Sustainability and Manufacturing & Supply Chain Practices, including Pauline Blum, Stefan Helmcke, Ruth Heuss, Thomas Hundertmark, Sebastien Marlier, Dickon Pinner, and Ken Somers from McKinsey.

Pauline Blum is an associate partner in McKinsey’s Lyon office; Stefan Helmcke is a senior partner in the Vienna office; Ruth Heuss is a senior partner in the Berlin office; Thomas Hundertmark is a senior partner in the Houston office; Sebastien Marlier is a solution associate in the Brussels office, where Ken Somers is a partner; and Dickon Pinner is a senior partner in the San Francisco office.

Before the COVID-19 pandemic, environmental, social, and governance (ESG) issues had become priority concerns for governments, businesses, investors, and consumers. As the world looks forward to the postpandemic next normal, these themes are likely to return to the top of executives’ agendas. Among them, the need to eliminate emissions of greenhouse gases may be the most difficult to address.

Many companies have already committed themselves to deep, long-term reductions in greenhouse-gas emissions. Others will be forced to act by customers, investors, and governments. Almost 300 large companies have joined the highest tier of the Science Based Targets initiative, for example—that is, ramping up pressure on suppliers to cut their own emissions or risk losing business. Business leaders are already telling us that some of their biggest customers are warning that future contracts will be contingent on significant emissions reductions.

A growing share of investment capital is also being channeled into the fight against climate change. Between 2012 and 2018, investment in assets with explicit sustainability goals grew by 15 percent a year. By 2018, such investments accounted for 11 % of professionally managed assets globally. More broadly, investors are increasingly concerned about the potential impact of climate-related risks across their portfolios. In January 2021, BlackRock, the largest asset manager in the world, asked the CEOs of companies in which it holds shares to explain how they plan to achieve net-zero emissions by 2050.

And policy makers are piling on further pressure. The European Union, for example, appears ready to proceed with plans for a cross-border carbon tax, using the proceeds to fund sustainability initiatives within the bloc. Such policies mean companies are no longer shielded from environmental legislation by virtue of their location. Any organization participating in global supply chains will need to cut its emissions.

Together, these forces mean that decarbonisation is no longer an option. Across most of the world, companies with ambitions to stay in business over the long term are already on a 30- or 40-year journey to net-zero emissions.

Finding the upside in emissions reduction Like any change journey, the road to net zero involves several distinct steps. Companies must understand their current carbon footprints, identify strategies to reduce and ultimately eliminate carbon emissions, and implement the necessary changes.

These steps would be straightforward, were it not for one catch. Emission-reduction plans tend to be created using standard “abatement curves,” which take a top-down view and focus on large-scale technological shifts. These curves often predict that transition risks, such as falling demand or asset devaluation or regulatory shifts, will lead to cost increases great enough to put many organizations out of business long before they reach their net-zero goals.

In our view, organisations should not let the scale of the challenge derail their sustainability ambitions. Contrary to what cost curves suggest, big cuts in emissions can be achieved without large-scale value destruction. What’s more, the climate transition will create historic opportunities for

environmentally sustainable businesses to build new markets, reinvent old categories, and become magnets for top talent. Unilever, for example, says that in 2018, its Sustainable Living brands grew 69 % faster than the rest of its portfolio. And by 2030, the reuse and recycling of plastics could drive profit-pool growth of USD 60 billion for the chemicals industry, according to McKinsey analysis.

For the journey to become value creating rather than value destroying, however, companies will need to rethink the conventional approach to carbon reduction. Moving beyond the abatement curve involves a combination of top-down and bottom-up activities: empowering frontline personnel to drive emissions reductions while making significant long- term strategic bets on markets, technologies, and production footprint (Exhibit 1).

Determine the baseline

Even the first step in the carbon-reduction journey— determining baseline emissions—presents significant complexities. An organization can use internal data sources, such as energy bills and procurement records, to calculate its emissions in the Greenhouse Gas Protocol’s Scope 1 (direct emissions from its own activities) and Scope 2 (indirect emissions attributable to the organization’s energy use). Scope 3 emissions are more difficult to ascertain. The necessary data are not always available from suppliers and customers, forcing companies to rely on models or approximations to build an estimate of their full carbon footprint.

Even a less-than-perfect picture of emissions could still act as a useful catalyst for improvement. Understanding the largest sources of greenhouse- gas emissions across value chains can help companies identify quick wins and target energy- efficiency improvement efforts. Few organizations make that link, however. Emissions analyses remain locked in the boardroom, while any improvements made by the front line are simply a byproduct of efforts to reduce waste and drive up productivity using well-established lean approaches.

Build the abatement curve

To establish a potential pathway to net zero, companies must identify the changes that could eliminate emissions from their value chains, then rank them in ascending order of cost per ton of abated carbon. Today, it is common to map these changes in the form of abatement curves, which provide the boardroom with a top-down view of the potential capital investments (often large) in known technologies that could trim organisation’s emissions.

For business leaders, these abatement curves can be frightening, especially for industrial companies with energy-intensive processes. Exhibit 2 shows an illustrative carbon-abatement cost curve for the full value chain of a European automotive player.

The x-axis of the chart sets out, in ascending order of cost, the available options for reducing the organization’s carbon emissions. The y-axis shows today’s cost of each option per ton of carbon emissions reduced. At current costs, less than 25 percent of the path to zero emissions is positive net present value (NPV).

 For this company, the chart’s implications are stark. Eliminating the company’s upstream emissions would reduce its profits by around EUR 1 billion.

At many organisations, the implications of the carbon-abatement curve have been daunting enough to stall progress on the deep emissions reductions that will be necessary over the coming decades. The imperative for today’s leaders is to find ways to break this deadlock.

Go beyond the cost curve

Beating the cost curve and building a successful long-term decarbonization strategy will depend on big moves in two areas (Exhibit 3). The first operationalizes emission-reduction efforts using known technologies and approaches, moving from

theoretical discussion in the boardroom to pragmatic action in the control room, on the shopfloor, and throughout the organization. The second entails big bets on options that don’t currently appear on the abatement curve, exploring new technical, strategic, and market opportunities to capture value while reducing environmental impact.

Operationalising emissions reduction

Translating emissions-reduction goals into a practical reality involves working on three fronts at once: redefining the decarbonization business case in finance, building an integrated sustainability production system into the organization, and assembling an infrastructure to support tactical innovation in operations.

Finance: Redefining the decarbonization business case

Increasingly, organizations looking to finance emissions-reduction initiatives can access the necessary capital at low cost. Governments and private investors are showing a greater willingness to offer long-term loans at favorable terms to fund such projects. Sustainability-linked bonds worth more than USD 200 billion were issued in 2020, for example, pushing the total market for such securities above USD 1 trillion for the first time. Some programmes even offer borrowing costs linked to the carbon-reduction impact of investments. In February 2021, drinks maker AB InBev agreed to a USD 10.1 billion credit facility that links interest margins to several sustainability goals, including group-wide carbon-emissions reductions. Using such structures, companies can often secure funds for investment at less than half of their existing cost of capital. That’s enough to shift the NPV of plenty of emissions-reduction projects from negative  to positive.

In the context of the transition to net zero, companies can also revisit their project-investment criteria. At many organizations, projects that improve efficiency or reduce emissions must today pass the same financial tests as any other capital investment. That usually entails a maximum payback period of two years. Extending the maximum payback period to five years, for example, allows organizations to take a longer-term perspective on investments that could make a meaningful difference in their climate-change impact.

Alternatively, companies can explore new funding and ownership models for low-emission assets. Original-equipment manufacturers or third-party operating companies may be willing to retain ownership of equipment such as biomass boilers, for example, while the end user pays by unit of energy consumed. In Romania, for example, specialty chemicals company Clariant is building a 50,000- ton capacity plant to produce ethanol from agricultural residues. Steam and electricity for the facility will be provided by a dedicated biomass cogeneration plant installed and operated by German energy company GETEC.

Another option for companies is to introduce an internal form of carbon tax by including the cost of the carbon emissions explicitly as a line item on the profit and loss accounts of their plants and business units. The funds collected through this mechanism can then be ring-fenced for use in emission- reduction projects. Dutch chemicals company Royal DSM, for example, introduced such as scheme in 2016, setting an internal carbon price of €50 per ton.

Many organisations have dozens of potential emission-reduction projects sitting on their shelves because their business cases failed to meet the requirements for investment, sometimes by narrow margins. The combination of cheaper, more accessible capital and a full life-cycle perspective can unlock multiple opportunities to simultaneously reduce emissions and improve financial performance.

Organisation: Building a sustainability- production system

Designing, running, and improving a low-carbon manufacturing network and supply chain is an intricate task. Organizations will need the skills, processes, and data to identify and implement efficiency improvements across their operations. Today, all three are in short supply.

The development of an end-to-end sustainability production system will require a systematic approach to the acquisition and development of capabilities across the workforce. Companies will also need appropriate supporting infrastructure across the wider organization. That might include investments in new analytical tools to help staff interpret sustainability-related data, and changes to KPIs, targets, and incentives to promote continuous improvements in energy and resource efficiency.

Several companies are already pursuing this approach. A large-scale, ten-year operational- energy-efficiency program at one major chemicals player focused on capability building among frontline process engineers. Hundreds of staff across the organisation developed the skills to understand the root causes of losses and process inefficiencies, aided by new analytical tools that helped them identify and evaluate the impact of detailed process changes.

The programme has reduced carbon emissions by 10 % while generating savings of about EUR 100 million per year. That impact was achieved not through big investments in new equipment but through dozens of smaller measures scattered across the business. One site alone implemented more than 30 separate projects. Notably, the company made no special financial provisions for efficiency improvements; projects had to demonstrate a three-year payback like any other investment.

The road to net zero involves several distinct steps. Companies must understand their current carbon footprints, identify strategies to reduce and ultimately eliminate carbon emissions, and implement the necessary changes.

The drive to reduce Scope 3 emissions generated in the upstream and downstream value chain, meanwhile, will require companies to extend their sustainability production systems to include functions such as procurement, product development, supplier development, sales, and logistics. Measuring, monitoring, and improving Scope 3 emissions in the upstream supply chain will demand extensive changes to current approaches to supplier selection and management, for example, along with new analytical skills in the responsible teams. Companies will want a comprehensive carbon accounting-and-control system that runs alongside its financial equivalent. Such systems are in their infancy today, but development is accelerating. In mid-2020, chemicals company BASF began to publish full details of the carbon footprints of the 45000 products in its portfolio.

The transition will also require effective cross- functional coordination. Carmakers are already exploring opportunities to replace high-quality, high-footprint virgin aluminum with lower-grade, low-footprint recycled aluminum. That calls for collaboration between product development, sourcing, and manufacturing teams. The ability to

demonstrate better environmental performance can boost sales too. Some materials companies are already using their sustainability credentials and long-term improvement plans as an argument for their products over rivals’.

Operations: A tactical-innovation engine

The third critical element required to operationalise a  company’s carbon-reduction strategy is tactical innovation. Many of the moves required to drive down overall emissions will involve the adoption of new technologies and approaches, the costs and benefits of which may be highly site-specific. Half of the carbon emitted in ammonia production is pure CO2, for example—and therefore could be ideal for carbon capture and storage (CCS). In Europe, ammonia plants located close to ports have opportunities to transport this gas in marine tankers for storage in depleted offshore oil and gas wells.

Our calculations suggest that this approach was cash-flow-positive even at the February 2021 carbon price of EUR 40 per ton.

Similarly, advanced heat recovery, zero-carbon electricity, hydrogen, biomass, and geothermal and nuclear heat are all potential substitutes for the fossil fuels used to produce process steam. The  best choice for a given site will depend on the local price, societal acceptance and availability of each fuel type.

Companies will need the ability to pilot and scale up new and unproven technologies within their existing production networks. That will involve partnerships with start-ups or research organizations to pursue breakthrough innovations—and it will also require adequately funded and supported in-house capabilities. Government support for such initiatives is increasingly available. The EU Innovation Fund, for example, plans to invest EUR 10 billion on low-carbon innovation over the next decade, with funding earmarked for small-scale projects alongside flagship innovation efforts. One candidate for such tactical innovation might be the development of high-temperature heat pumps to reduce energy consumption in the food industry’s sterilization and cooking processes.

Capex-replacement cycles present another opportunity for site-level innovations and technology investments. A steelmaker facing a EUR 500 million investment to replace a coke oven battery, for example, might consider a switch to more efficient alternative technologies, such as a jet-process basic oxygen furnace. It could also choose to invest in electric arc furnace technology, switching the feedstock to direct reduced iron produced using natural gas with CCS, or using hydrogen.

Once again, these are decisions that cannot be left to the boardroom alone. The best answers for any site will depend on specific factors, including its location, the availability of low-cost capital or government support, and the strength of the organisation’s long-term commitment to the technology or market segment.

Big bets and strategic moves

Proven and emerging technologies and operating approaches, if applied at scale, will be enough to take energy-intensive companies perhaps 40 % of the way along the emissions-abatement curve. The remainder of the journey will require big bets and big steps into the unknown.

As they consider those choices, businesses will need to decide the strategic posture they wish to adopt in the carbon transition. Some organizations will seek to play a leading role, pioneering the adoption of sustainable technologies and business models. Others will adopt a “last man standing” strategy, seeking to retain their existing approaches for as long as customers and regulators permit.

Between those extremes, companies may choose to pursue fast-follower or slow-follower strategies, holding off on major shifts until approaches have been proven elsewhere (Exhibit 4).

Based on their strategic postures, companies will want to reevaluate their existing portfolios, potentially disposing of assets or exiting certain businesses. In other areas, they will likely need to place their big bets across one or more of three key dimensions: geographies, products, and processes.

  • New geographies. Locating manufacturing facilities for less energy-intensive products closer to the point of end use can significantly reduce carbon emissions generated during transportation. For energy-intensive products, proximity to new feedstock sources or sources of low-carbon energy can be even more advantageous. Saudi Arabia, for example, has announced plans to build a new green hydrogen plant powered by 4 gigawatts of wind and solar energy. Much of the plant’s annual hydrogen output will be converted to 1.2 million tons of ammonia and exported worldwide as a low- carbon energy source and chemical feedstock. Australia, which has abundant ore resources and significant renewable-energy potential, could become an advantageous location for the production of iron using green hydrogen, for example. The move up the value chain, shifting from an exporter of ore and coking coal to a producer of iron, would generate new value for the region. And, by halving the mass of exported materials, it would have a positive knock-on effect on transport emissions.
  • New products. Organisations may choose to shift into lower-emissions product and market segments. Manufacturers of cement-based building components might migrate into engineered timber alternatives. Materials players could invest in novel chemical-based recycling technologies for plastics. Meat and dairy producers could enter new food categories derived from plants, cultured meat, or insect- based sources of protein. That shift is already underway, with major food companies making large investments in the sector. In 2016, dairy- products maker Danone made its largest acquisition in a decade with its USD 12.5 billion purchase of WhiteWave, owner of the Alpro brand of plant-based foods.
  • New processes. In many industries, the known technologies required to deliver net-zero operations are value destroying, if they exist at all. To remain viable, therefore, companies will want to radically reinvent their processes. Heavy industrial sectors face a multiyear effort.

Brazilian metals company Tecnored is developing a more energy-efficient process for production of pig iron that uses pellets of powdered ore combined with coal or biomass char as a reducing agent. It has been operating a development plant since 2011 and, having proved that its process is cost-competitive with conventional methods, is now working on a commercial unit with a planned annual capacity of 500000 tons. In the production of ethylene, Dow and Shell have announced research into electrically powered steam-cracking technology. Elsewhere, laboratory-scale demonstrations have shown that replacing the conventional.

  • high-temperature steam-cracking process with chemical looping–oxidative dehydrogenation could reduce carbon emissions by almost
  • 90 %, cut operating costs, and debottleneck existing assets.

To succeed in these moves, organizations will want to move more R&D expenditure into sustainability- related topics. They have room to do so. In 2020, global R&D expenditure on technologies to fight climate change was estimated at around USD 80 billion. That is less than 5 % of the world’s USD 1.7 trillion R&D budget.

The decarbonisation transformation

The transition to net-zero emissions will have a profound impact on almost every aspect of business. Success will require a transformational approach.

For industries that have relied on the same fundamental technologies for a century or more, the degree of change required in the next three decades may seem formidable, but it is not without precedent. Neither the internet nor the mobile phone had achieved large-scale adoption at the beginning of the 1990.

Such a transformation must begin with a decarbonisation vision, determining the role the organisation seeks to take through the carbon transition and beyond, and laying out the scale and scope of the operational changes and strategic big bets required to reach it. Achieving that change at the necessary pace to meet global climate goals will still require companies to juggle thousands of initiatives and develop entirely new technologies, all in an environment of significant uncertainty. That will require careful planning, with development of new decarbonisation “playbooks” that help business prioritize and sequence their carbon-reduction actions. Whatever their strategy, companies must also adapt targets, performance metrics, and decision-making processes across the organisation to ensure that staff at every level are motivated and supported to achieve emissions goals. Finally, to successfully operationalise their emissions reduction efforts, companies will need to develop new capabilities at a transformational scale. That capability-building effort needs to be broad, equipping the majority of staff with the skills they need to understand and act on sustainability-related data. It also needs to be deep; developing a task force of process optimization and sustainability specialists that can help site teams to drive rapid improvement, for example.

For any company with ambitions to remain viable beyond the middle of this century, the race to net- zero emissions is already under way. Yet, the formidable technical and economic barriers they face has left many organisations stuck in the starting blocks, paralysed by the abatement curve.

Surmounting those barriers will require a transformation mindset with two primary elements. Beyond the boardroom, companies will need to operationalize at scale, capturing short-term value- creation opportunities by equipping their frontline staff with new skills, new tools, new processes, and new infrastructure. Within the boardroom, meanwhile, leaders will need to rethink their strategic positioning, adapt their existing portfolios, identify the growth opportunities emerging from the disruption of decarbonisation, and place big bets on their long-term futures.

www.mckinsey.com

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Swiss Agreement with United Kingdom on mutual recognition of AEO status https://textile-future.com/archives/67077

Webinars

AATCC Labs (April 21, 26 and May 7, 2021) https://textile-future.com/archives/67035

Groz-Beckert online Seminar on Felting Needles (April 28, 2021) https://textile-future.com/archives/67169

WTO – Virtual seminar to explore TRIPS and trade in knowledge https://textile-future.com/archives/67180

Oerlikon – 2nd block of webinars focusing on industrial textiles https://textile-future.com/archives/67208

WTO

Participants in talks on WTO services domestic regulation share implementation experiences https://textile-future.com/archives/67227