Green champion Adidas to more than double number of shoes made from recycled plastic in 2019
Global sporting footwear brand Adidas, famous for its football boots and sneakers, has made an announcement that’s great news for the environment – as well as for investors who think that going green is good for business, as well as the planet. Continuing its long partnership with Parley for the Oceans (an environmental organisation), Adidas has pledged to more than double the number of shoes it makes from recycled plastics this year. That’s another massive step forward from a company that was already leading the race towards sustainable manufacturing.
Adidas’s share price has climbed 10% so far this year
Source: Yahoo Finance
Adidas’s “Parley” range of shoes (so-called in a reference to aforementioned partner Parley for the Oceans) is made from recycled waste plastics reclaimed from the ocean. This formerly waste material comes directly from Parley from the Ocean, which collects it and transforms it into a plastic yarn. Manufacturers like Adidas can then use it to create new products. Last year, Adidas manufactured five million pairs of shoes in this range. This year, it will produce eleven million.
This partnership is not Adidas’s only environmental initiative. The company has also pledged to “get rid of virgin polyester by 2024” and is one of the 43 fashion companies to have signed the UN Fashion Industry Charter for Climate Action. This charter compels signatories to reduce greenhouse gas emissions by 30% to 2030, and to 0% by 2050.
In an interview with Forbes Magazine at the end of last year, Adidas’s executive board member responsible for global brands, Eric Liedtke, summed up what Adidas was hoping to achieve with its partnership with Parley. He said:
“Adidas teamed up with Parley to help spread awareness and transform ocean plastic pollution into high-performance sportswear, spinning the problem into a solution. The threat, into a thread. We have already taken the first steps to reduce and ultimately eliminate virgin and single-use plastic from our products. In doing so, we have shown that it is possible and that people care – but now we must accelerate and scale. As a creator brand, we believe that necessity drives innovation and that solving the toughest problems only makes us and our products better – all while doing less harm to the world.”
Not even one month into the year, it’s clear that Adidas has more than delivered on its promise to accelerate and scale the plan.
Dominion holds Adidas in its Global Trends Luxury Fund.
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