Vardhman Textiles And EY Parthenon Launch GreenWeave Initiative
Vardhman Textiles Ltd., a leading Indian textile manufacturer, has announced a joint initiative with EY Parthenon (EYP), a global leader in strategy consulting services, named “GreenWeave.” Through this collaboration, EYP will serve as Vardhman’s trusted strategy advisor, guiding them in value creation through Environmental, Social, and Governance (ESG) and Net Zero commitments.
Project GreenWeave represents Vardhman’s dedication to achieving 100% compliance with ESG best practices and reaching ambitious Net Zero targets. The initiative’s initial phase focuses on improving ESG aspects and enhancing Vardhman’s ESG disclosures to align with evolving global regulations and standards. GreenWeave also includes a comprehensive decarbonization strategy aligned with the Science Based Targets initiative (SBTi) and the Manufacturer Climate Action Program (MCAP), which are crucial requirements for global clients. These efforts aim not only at reducing emissions but also at creating cost-saving opportunities for Vardhman Textiles while contributing to a cleaner environment.
Suchita Oswal Jain, Vice Chairman & Joint Managing Director of Vardhman Textiles, said, “The GreenWeave project highlights our unwavering commitment to sustainable practices. Our company has undertaken several initiatives to reduce GHG emissions, such as expanding solar power capacity from the current 15.2 MW to 65 MW in the coming years, water conservation, energy mix diversification, and plastic waste management. We are steadfast in our Net Zero ambition.”
She further added, “Our strong commitment to sustainability, combined with EY Parthenon’s proven expertise, will be invaluable in guiding us on this transformative journey. We are confident that this collaboration will empower us to achieve our ambitious sustainability goals while creating long-term value for our stakeholders.”
Kapil Bansal, Partner and Leader of Industrial Decarbonization at EY-Parthenon India, added, “EY Parthenon is honored to partner with Vardhman Textiles on GreenWeave. Our team is committed to working closely with Vardhman to navigate the complexities of sustainability and achieve their ambitious Net Zero goals. There is a clear need to assess the environmental impact across the entire textile value chain for Vardhman.”
He added “Our focus will be on identifying value creation opportunities in areas such as process optimization, circularity, clean energy substitution, alternative feedstocks, energy efficiency, and the use of our proprietary tool, ESG Compass, for all ESG-related data reporting and compliance. Project GreenWeave embodies our commitment to supporting businesses in their sustainability endeavors.”
