by Keshav Prasad
According to the World Bank, the textile industry accounts for 10% of the annual global carbon emissions and 20% of industrial water pollution ranking as the second-largest polluter of clean water globally.Recent international laws demand the textile industry to strictly adhere to ESG principles, like the Carbon Border Adjustment Mechanism (CBAM) implemented by the European Union in Jan 2024.
The tide is turning in the textile industry with Consumers demanding eco-conscious practices, and regulations are becoming stricter. Further, Sustainability is no longer a niche concern but a driving force. Embracing ESG principles empowers textile companies to drive sustainability, enhance brand reputation, attract responsible investors, and meet the evolving expectations of conscious consumers.
Following are the major ESG initiatives which textile companies can implement to shape a responsible and environmentally conscious future, leading the way towards a more sustainable world.
1. Sustainable sourcing of materials
2. Social compliance with fair labor practices
3. Eco-Friendly production
4. Supply chain transparency
5. Waste management and recycling
6. Consumer awareness and engagement
7. Regulatory compliance and reporting
8. Innovation and technological advancements
As India’s second-largest employer, the textile sector has a remarkable opportunity to lead the way in sustainable, ethical, fair, and responsible business practices, setting a positive/impactful example for other sectors.
Embracing ESG initiatives could assist the industries in reducing their energy cost by implementing energy efficiency & renewable energy options. Through initiatives of efficient use of water and waste management methods, textile industries can achieve self-sufficiency and operational leadership.
Avtar ESG empowers this transformation by offering a comprehensive toolbox. This toolbox equips textile companies, including MSMEs (Micro, Small and Medium Enterprises), with two key resources:
- Diagnostics: A comprehensive evaluation tool compares current operations against ESG standards, pinpointing areas for improvement.
- Implementation Support: Workshops and training programs offered by Avtar guide company owners and managers in understanding and integrating ESG principles into their business plans.
Keshav Prasad is Chief Strategist, ESG Consulting at Avtar ESG Services.
Connect with us
We’re here to answer your questions and help you on your ESG journey. Write to bhanukumar@avtarcc.com to learn more or visit https://www.avtaresg.com/
