From investing to fashion, companies in many industries have embraced environmental, social, and governance (ESG) standards. In doing so, these companies have increasingly prioritized sustainability and positive community impact, in addition to generating profits.

Recently, some companies have been working with competitors to achieve ESG-related goals. For example, three prominent investment firms—BlackRock, Vanguard and State Street—joined the Net Zero Asset Managers initiative, which aims for a net-zero greenhouse gas emissions goal by 2050 (though Vanguard recently left). The Council of Fashion Designers of America has adopted a similar pledge. Additionally, fashion industry leaders have proposed that the industry adopt changes to reduce unsold inventory, by limiting sale periods, changing season lengths and overhauling the fashion calendar.