Confederation of Indian Textile Industry (CITI) has thrust on organising a series of awareness workshops for sustainability specially the ESG aspect.
In this series, it organised an awareness webinar on Climate Fit – an introduction to sustainability metrics-ESG for the textile sector.
Environmental, social and governance (ESG) is a framework used to assess an organisation’s business practices and performance on various sustainability and ethical issues.
Chandrima Chatterjee, Secretary General, CITI stated that by adopting ESG principles, textile companies can not only substantially reduce the environmental impact by reducing waste, minimizing resource consumption, and using sustainable materials but also effectively take care of labour issues and human rights.
Namrata Rana, Director (Strategy and Brand) at Futurescape highlighted that Indian companies should align their goals with the Prime Minister’s statement that by 2030 India will increase the share of renewable energy in total energy to 50 per cent and Net Zero Emission by 2070 which was announced at the COP26 – UN Climate Change Conference in Glasgow. To achieve the PM’s vision, she stated that 58 per cent of top companies in 2022 reported to aspire to be either carbon neutral or achieve net zero.
She further revealed that 80 per cent of India’s top 100 companies had shared their decarbonisation plans in 2022 and elaborated on the ways how Indian companies can adapt to climate change.
Prof. Utkarsh Majmudar, Member, Board of Directors, IIM Raipur elaborated on the 7 Modules of Climate Fit which entailed step-by-step guide to help companies reduce emissions across their businesses which were 1) Climate Strategy & Governance, 2) Climate Action for Operations, 3) Reducing Emissions in Supply Chain, 4) Design for Net Zero, 5) Financing Net Zero Transition, 6) Engaging People and Communities, and 7) Net Zero Storytelling.
