This chapter examines the main ESG risks and opportunities in the fashion industry, focusing on environmental pressure, social impacts and governance challenges such as compliance and greenwashing. It outlines the main environmental risks and social issues. The chapter then discusses how ESG frameworks can guide companies in improving transparency, mitigating risks, and strengthening stakeholder trust. A central component is the dual role of crowdfunding in the circular fashion industry: not only providing financial capital, but also strengthening legitimacy, enabling open communication of sustainability commitments and attracting community support. In this sense, crowdfunding becomes a tool for aligning ESG strategies with market expectations.