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DNV: verified information and circularity for a new concept of trust

DNV is a partner of The European House-Ambrosetti for the first edition of the Venice Sustainable Fashion Forum 2022, the international summit dedicated to the sustainable transition of the fashion industry held in Venice on 27-28 October at the Cini...

DNV, one of the world’s leading independent assurance and risk management providers is among the partners of The European House-Ambrosetti for the first edition of the Venice Sustainable Fashion Forum 2022: the international summit where institutions, brands, stakeholders, industry and opinion leaders, and protagonists of the global fashion supply chain, together will reiterate the urgency of speeding up the sustainable transition of the Fashion & Luxury sector.

A discussion with an international scope that aims to collectively identify concrete actions to take. High-profile international speakers will deliberate over main industry challenges with the aim of identifying competitive leads to guide a sustainable evolution of the industry in the short and medium term.

The fashion sector contributes to approximately 10% of global Greenhouse gas emissions and if its current growth trajectory remains unchanged, in 2030 it will be 50% below the reduction objective set out in the Paris Climate Accords (The European House-Ambrosetti with data by McKinsey & Company, 2020). In order to satisfy the growing interest around the terms “sustainable” and “eco-friendly”, many companies have begun providing information, oftentimes misleading, around the sustainability of their products. According to Synthetics Anonymous, in Europe alone, 59% of brands’ sustainable claims are not verified.

If in the past industry leaders had few incentives to change, today the demand for circularity is arriving directly from consumers, who are ever more environmentally conscious and are pushing the sector to change. A circularity study conducted by DNV shows that nearly 4 out of 10 consumers want certifications and verifications around sustainability claims when they go to purchase a product.

The need for a different type of communication thus emerges, one that is more direct, especially when it comes to environmental and social sustainability, product origin and quality. Needs that today can be met thanks to the combined use of technologies like blockchain and IoT implemented to support traceability and guarantee the authenticity of such claims as “Made in Italy”. Whether it is to certify products, verify claims or work to decarbonize supply chains, DNV supports companies in managing risks and in pursuing long-term strategic objectives, improving their ESG performance and generating lasting, sustainable results.

DNV’s experts will offer valuable insight around innovations capable of grounding the sustainable transition of the entire supply chain including the most innovative and efficient assessment, planning, management and reporting models for verifying companies’ sustainable approaches. It will be an occasion to present tools, processes and products, such as PEF (the Product Environmental Footprint), EPD (the Environmental Product Declaration), and the Carbon Footprint, which are tools that, when used during assessment and verification activities, allow for the concrete demonstration of obtained results.

“The passage from a linear economic model to a circular one is key. In this transition an authoritative and recognized third-party leader in trust and sustainability like DNV can play a fundamental role”, commented Renato Grottola, Senior Vice President & Global Director Growth & Innovation of DNV Supply Chain Product Assurance.

“For more than a century and a half we have worked creating trust through the sharing of certified and authenticated information. A journey characterized by data and information transmitted directly to consumers in the form of a story. An articulated process that tells the story of an ecosystem that comes to life thanks to the application of digital solutions like blockchain, IoT, digital tokens, smart contracts and NFTs, which together give companies the opportunity to stand out for their innovative and pioneering approach to transparency in their sustainability practices. A true revolution that puts consumers at the centre.”

The Venice Sustainable Fashion Forum 2022 will be spread over two days: “Just Fashion Transition” is the title of the first day’s session on 27 October, organized by the Venetian Confederation for the Metropolitan Areas of Venice and Rovigo and The European House-Ambrosetti, with the advocacy of Assocalzaturifici. “The Values of Fashion” is the title of day 2, 28 October, organized by the National Chamber of Italian Fashion and the Sistema Moda Italia (Italian Fashion System).