With assistance from HSBC, the report, which was released by Development Finance International (DFI) and the Apparel Impact Institute (Aii), concludes that:
- With more than $2.5 billion already available to decarbonize India’s textile and apparel sector, the nation is making progress in obtaining green finance.
- Manufacturing, particularly in the textile and clothing industry, can be crucial to achieving India’s climate goals with the correct funding, particularly the goal of reducing emissions by 45% by 2030 compared to 2005 levels.
- India, the fourth-largest exporter of textiles and clothing and the site of a rapidly expanding market for renewable energy and energy efficiency, has enormous potential to spearhead decarbonization initiatives in the industry.
India is a global leader in manufacturing, and its industrial sector contributes roughly 25% of the country’s carbon footprint. The textile and garment sector is one of the industries in India that emits the most carbon. This is an opportunity as well as a challenge.
In order to investigate ways to raise sustainable funding and aid in the decarbonization of India’s textile and apparel sector, the Apparel Impact Institute (Aii), Development Finance International (DFI), and HSBC have developed Landscape and Opportunities to Finance the Decarbonization of India’s Apparel Manufacturing Sector.
