CITI to Promote ESG Awareness
The Confederation of Indian Textile Industry (CITI) is prioritising the organisation of a series of workshops to raise awareness about sustainability, particularly focusing on the ESG aspect.
As part of this initiative, CITI conducted a webinar to promote awareness of sustainability metrics, specifically ESG, in the textile sector.
ESG refers to a framework that evaluates an organisation's business practices and performance in terms of various sustainability and ethical issues, including environmental, social, and governance factors.
According to Chandrima Chatterjee, the Secretary General of CITI, textile companies can significantly reduce their environmental impact by adopting ESG principles, which involve minimising resource consumption, using sustainable materials, and reducing waste. Furthermore, by embracing ESG, companies can also address labour issues and human rights concerns effectively.
Meanwhile, Namrata Rana, the Director of Strategy and Brand at Futurescape, emphasised that Indian companies should align their objectives with the Prime Minister's statement to increase the share of renewable energy in total energy to 50% by 2030 and achieve Net Zero Emissions by 2070, which he announced at the COP26-UN Climate Change Conference in Glasgow. Rana noted that to realise this vision, 58% of the top companies in 2022 reported aspiring to be either carbon neutral or achieve net zero.
Rana also revealed that in 2022, 80% of India's top 100 companies had shared their decarbonisation plans and outlined ways in which Indian companies can adapt to climate change.
In addition, Prof. Utkarsh Majmudar, a member of the Board of Directors at IIM Raipur, elaborated on the seven modules of Climate Fit, which provide a step-by-step guide to help companies reduce emissions across their businesses. These modules include Climate Strategy and Governance, Climate Action for Operations, Reducing Emissions in the Supply Chain, Design for Net Zero, Financing the Net Zero Transition, Engaging People and Communities, and Net Zero Storytelling.
Source: Apparel Resources
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