SUSTAINABLE FASHION INDUSTRY IN THE EU: THE ROLE OF ECO-INNOVATION

Abstract

The article defines the role of ecological innovations in establishing sustainable fashion industry in the European Union (EU). The environmental costs of the industry such as the depletion of natural resources, the destruction of ecosystems, increase in the amount of greenhouse gases emissions in the atmosphere, the contamination of soils and water bodies and, finally, subsequent loss of biodiversity are covered. The EU’s approach to addressing these issues is identified. The main documents of the EU authorities, containing guidelines for the formation of a sustainable textile and clothing industry and a sustainable business in general, are analyzed. Among these documents are the EU Action Plan for the Transition to a Closed-loop Economy, the EU Clothing Action Plan, the EU Eco-Innovation Plan. The main institutions and mechanisms by which environmental innovation is supported and disseminated are identified. These include, in particular, the European Union Eco-Management and Audit Scheme (EMAS), the Verification of Environmental Protection Technologies (ETV), the EU Horizon 2020 fund, the LIFE fund, etc. The article gives examples of relevant innovations in such areas as saving water resources, developing materials with a small ecological footprint, and creating new technologies for processing clothes. It was found that fashion companies themselves are interested in these developments, however, government support measures play an equally important role. As a result, it was concluded that the future transition of the fashion industry to a cyclical type of economy and the investment of funds in research and development in this area both by the business itself and the state is inevitable.