First we have the rope used to fasten the burn blanket into a cape. We also have the easily adjustable noose so a fire fighter can quickly undo the Burn Blanket and use it to cover a victim he is preparing to remove from the fire. We can also see the neck area and the size of the cape. The cape is Nomex and Kevlar like typical firefighter equipment. It may or may not have reflectors on it.
The Burn Blanket is made of Kevlar, Nomex, Tychem and anything else typically found in firefighters gear. It is worn as a cape when a firefighter enters a burning building. This provides a buffer from flames and heat. When the fire fighter finds a victim he removes the Burn Blanket, covers the victim with it, and removes them from the fire. This protects the victim. It also keeps the fire fighters hands free.