"Whereas: The Intergovernmental Panel on Climate Change (IPCC) advises that
greenhouse gas (GHG) emissions must be halved by 2030 and reach net zero by 2050 to
limit global warming to 1.5 °C. Each 1°C temperature rise reduces global GDP up to 12% and entails increasingly severe physical, transition, and systemic risks for companies and
investors alike.1
The Science Based Targets initiative (SBTi) advises the apparel and footwear industry to
reduce emissions at least 4.2% per year to limit warming to 1.5°C.2
Yet, an analysis of the largest retailers reporting to CDP found that 63% will need to accelerate emissions
reductions to reach their 2030 goals.3 Without action, the industry’s GHG emissions are
expected to increase nearly 30% by 2030.4
In its 10-K, Columbia Sportswear Company (Columbia) acknowledges that “climate
change and natural disasters... could disrupt our operations, the operations of our vendors
and other suppliers or result in economic instability.” CEO Tim Boyle recently asserted
that “warm weather has curbed early season demand for Fall 2024 cold weather product”
and negatively impacted 2023 sales.5
Further, Climate change is poised to produce more
intense and frequent weather events in Columbia’s critical manufacturing countries,
including Vietnam, Bangladesh, and China.6
By 2030, extreme weather could jeopardize
nearly $65 billion worth of exports in the footwear and apparel industry7"