The textile industry is on a war footing towards reducing resource use and pollution, enhancing worker protection and upholding the rights of customers to make conscious choices. Sustainable development of the textile industry should be in sync with the negative impact of certain practices upon the environment, with suitable mitigation plans for the same.
The future of sustainable textiles is completely dependent on the reduction of resource usage, pertaining to water, land, and oil, while recycling products for lowering waste. This calls for a valid need for ESG on the textile industry.
The term "ESG" stands for environmental, social, and governance commitments. It is fast becoming a key priority for most business stakeholders. ESG in the textile industry offers numerous benefits, although a lot is dependent upon enhancing sustainability practices, which not only enhance the bottom line, but also help the industry build wider societal impact. According to several studies, ESG goals are a vital aspect of corporate performance today.
The textile supply chain revolves around sourcing, manufacturing, processing, fabric care, and packaging, leading to the generation of several harmful effluents. Mitigation plans should account for the same. This Extended Producer Responsibility (EPR) scheme has also been unveiled for offering producers an important responsibility (both financial and physical) in order to collect post-consumer wastes, and ensure their disposal and adherence of operations to ESG standards.
Several leading industry players like the Welspun Group are already taking initiatives in this direction. The Group has several solutions towards meeting its ESG commitments and these include the following:
The Group is also looking at implementing bigger ESG-linked blueprints in the future, as it prepares for the next-generation of sustainable manufacturing, operations, and conservation in its core businesses.