The fund signs initiative for a more sustainable apparel industry
5 April 2016
Norges Bank Investment Management has signed an initiative within the apparel manufacturing sector.
The Social and Labor Convergence Project is an initiative facilitated by the Sustainable Apparel Coalition. The aim is to improve social and labour conditions in the apparel industry. The initiative will work to develop a standard for how companies in the industry assess social and labour conditions in their supply chains. The initiative seeks to contribute to a more sustainable apparel sector through standardised processes, common tools and a possible certification of companies and their supply chains.
The apparel industry is important for the fund, which has investments in more than 300 companies in the industry across the world. These investments represent almost 3 percent of the fund’s total equity investments. Through joining the initiative, we wish to contribute to the development of better market practices and a more sustainable apparel industry.
Child labour is a challenge in the apparel sector, with children working at all stages of the global apparel supply chain. Our support for the initiative is therefore also an enhancement of our work on children’s rights, which is one of the fund’s focus areas.