The International Chamber of Commerce (ICC) has launched a call to banks, corporates and tech companies to take part in piloting a framework to grade the sustainability profile of individual trade transactions. In the project’s first phase, the piloting of the new Sustainable Trade Framework will focus on the textile industry. For the “wave one” framework, only textile-specific standards have therefore been approved by ICC for measuring the relevant components of any given transaction. ICC is now inviting applications from banks, corporates and technology providers to pilot the application of the framework over an initial three-month period. The results of these pilots will feed into its future elaboration and extension to other sectors and industries. Through this project, the ICC aims to achieve a system capable of rewarding sustainable practices while eliminating the risks of greenwashing. The businesses piloting the framework will be announced at a high-level event at this year’s United Nations Climate Summit (COP27) in November. Founded in the aftermath of the First World War and headquartered in Paris, the ICC works to promote international trade and investment as vehicles for inclusive growth and prosperity.

Topics