The Fashion Pact has launched a series of initiatives geared at curbing the sector's impact on biodiversity loss after securing a $2million grant from the Global Environmental Facility.

The sustainable fashion coalition said the funding would go towards developing and sharing best practices geared at cleaning up supply chains, improving agricultural practices, decreasing deforestation, and minimizing pollution and natural resource extraction.

The funding, which will be co-executed by the Fashion Pact's technical partner Conservation International, will go towards providing signatories with a "foundational understanding" of the environmental impacts of fashion supply chains, with a focus on the production and extraction of raw materials such as gold, cashmere, and leather.

It will also be spent on identifying existing projects and opportunities that could enable the fashion industry to lessen its immediate and long-term impacts on biodiversity, according to the update.

Funding will be channeled into creating specific analyses that form the basis of action plans for the industry geared at addressing issues related to the intersection of climate change and biodiversity loss, the Fashion Pact said.

The grant money will also be spent on providing the Fashion Pact with tools it needs to track, measure, and monitor progress towards its sustainability goals.