What if Europe were the world's climate policeman?
American oil companies, Chinese fast-fashion champion Shein, and fast-food giant KFC have one thing in common: they are all drawing inspiration from European Union sustainability standards. And not just when it comes to doing business on European soil, Bloomberg observes.
In June 2024, the fashion company Shein launched its second IPO. The first, on Wall Street, had failed, as US lawmakers investigated its ties to China. This time, Shein was aiming for a valuation of £50 billion (€58 billion) on the London Stock Exchange, but here too, the company faced some obstacles. Investors, politicians, and non-governmental organizations accused it of failing to comply with financial transparency rules and anti-greenwashing requirements, due to its alleged use of forced labor and its emission-intensive fast-fashion model.
Faced with criticism, Shein launched a charm offensive, drawing inspiration from European climate standards. For years, British and European officials have been working on a framework requiring companies to finance the processing of textile waste and report on environmental and human rights risks in their supply chains.
As it battled to get its IPO approved, Shein pledged to invest in technologies to recycle p
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