Crisil rates Welspun India ‘strong’ in Sustainability Yearbook
Welspun India Ltd., in the textile industry, has bagged the highest rating in all three ESG aspects by Crisil, which recently evaluated it as “strong” in its Sustainability Year Book 2022.
Based on a number of factors, the company outperformed other businesses in its industry, it said.
Only 63 out of 586 enterprises published data on Scope 3 emissions, and 25% of the firms reported Scope 1 & 2 emissions during the evaluation of environmental factor.
Welspun India said it had published all of quantitative data regarding emissions.
Under the guidance of Dipali Goenka, CEO and Managing Director, the company said it had been working towards a number of ESG initiatives that it had developed over the years to prevent negative impacts on the environment during production process.
Welspun India said it prioritised using sustainable fabrics (obtained from Better Cotton Initiative, Organic or Recycled cotton), for which it also runs a sustainable farming initiative, which generates both BCI and organic cotton.
From a sewage treatment facility that recycles over 7 billion litres of water annually, to requiring no freshwater, rainwater harvesting and saving energy, Welspun said its motto was to reduce carbon footprint.
The company said its staff wholeheartedly supported the sustainability efforts by coming up with creative ideas and campaigns.
The company aims to be carbon and water neutral by 2030, and obtain 100% of the cotton sustainably.
Under the Well-Krishi programme, the company is promoting self-reliant farming to empower over 16,400 farmers across more than 375 villages to sustainably produce more than 25,000 metric tons of cotton, it said.
The company said it had focused on educating and assisting farmers to use sustainable agricultural practices, making them aware of social issues, and even providing them with finances to carry out such practices.
Welspun India said it had spent over ₹13 crore on social projects in FY22.