Worldwide nonprofit Canopy has shown a huge chance for India to lead the world’s alternative fiber market and is advocating for a $13–15 billion investment to turn textile and agricultural waste into low-carbon, sustainable materials. This action seeks to establish India as a leader in the industry by reducing emissions and generating green jobs.As stated in Canopy’s most recent report, “Unlocking India’s Next Gen Economy: The Untapped Investment Frontiers in Material Substitution in India’s Textile and Pulp and Paper Industries,” India has the capacity to produce environmentally friendly materials such as paper, packaging, and viscose from over 100 million metric tons of agricultural residues and two million metric tons of polyester-cotton textile waste.
The study, which was introduced at the India Impact Investors Council (IIIC)-hosted Prabhav 2024 investment summit, demonstrates how these next-generation fibers can take the place of items derived from forests, promoting the nation’s circular economy and cutting carbon emissions.Canopy’s founder and executive director, Nicole Rycroft, pointed out that India has all the right ingredients: a culture of creativity, a wealth of feedstock, and technical know-how. But realizing this vision calls on government assistance, industry cooperation, and focused funding.
According to Canopy, $78 billion in global investments will be required to propel the production of 60 million metric tons of next-generation fibers worldwide over the course of the next ten years. India would need to invest $13–15 billion of this to build the required processing capacity. In addition to lowering greenhouse gas emissions, this investment might give farmers new sources of income and generate green jobs.Canopy estimates that for every tonne of primary forest use replaced by these fibers, there will be a decrease of four tons of greenhouse gas emissions, suggesting that the switch to low-impact fibers might greatly reduce environmental concerns. It might also address problems with environmental deterioration and supply chain volatility.
