Vardhman Textiles Ltd., a leading Indian textile manufacturer, and EY Parthenon (EYP), a global leader in strategy consulting services, announced a joint initiative named “GreenWeave.” Through this collaboration, EYP will serve as Vardhman’s trusted strategy advisor, guiding us on value creation through our Environmental, Social, and Governance (ESG) and Net Zero commitments.
Project GreenWeave signifies Vardhman’s commitment in ensuring 100% compliance with ESG best practices and achieving ambitious Net Zero goals. The kickstart of the program primarily focuses on improvement in ESG aspects and strengthening Vardhman’s ESG disclosures aligning with evolving global regulations and standards. Greenweave also covers a comprehensive decarbonization strategy, aligned with the Science Based Targets initiative (SBTi) and Manufacturer Climate Action Program (MCAP), which are the key requirements of global clients. These initiatives target not only emission reduction but also cost saving opportunities for Vardhman Textiles while contributing to a clean environment agenda.
Suchita Oswal Jain, Vice Chairman & Joint Managing Director of Vardhman textiles said, “The GreenWeave project underscores our unwavering commitment to sustainable practices. Our company has taken several initiatives to reduce GHG emissions viz. expansion plans of solar power from current 15.2 MW to 65 MW in the coming years, water conservation, energy mix diversification and plastic waste management are some key initiatives we have taken to address environmental issues. We are steadfast towards Net Zero ambition. Our strong commitment towards sustainability and the proven track record of EY Parthenon’s capability 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, EY-Parthenon India, “EY Parthenon is honored to partner with Vardhman Textiles on GreenWeave. Our team is dedicated to working collaboratively 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. Our focus is intended to identify value creation in the areas of process optimization, circularity, clean energy substitution, alternative feedstocks, energy efficiency and use of EY proprietary tool ESG Compass for all ESG related data reporting and compliance. The project GreenWeave embodies our commitment to supporting businesses in their sustainability endeavors”.
