Coats, the global leader in thread manufacturing, has come up with its sustainability report, ‘Pioneering a Sustainable Future: Accelerating our Journey’.
The 56-page report details the progress that has been made against its sustainability strategy launched in 2019.
The report also highlights the relevance of Sustainable Development Goals (SDGs) to Coats, as well as its opportunities and responsibilities towards SDGs.
In 2021, Coats achieved 22 per cent reduction in water usage and 6.9 per cent reduction in kWh per kilogramme of production against a target of 7 per cent by the end of 2022. Also, its 82 per cent of effluent was compliant with ZDHC against a target of 100 per cent by the end of 2022.
The report also says that exceeding the target of 80 per cent, 83 per cent of employees worked in an accredited ‘Great Place To Work’.
Notably, in 2021, the thread giant also had 3 per cent reduction in waste.
Besides, the company’s 19 per cent sales of premium polyester threads were made of recycled materials.
In a statement, the company said that the 2021 Sustainability Report outlines its social impact ambitions including maintaining a workplace where every single employee is free from discrimination, feels respected and is treated fairly and equally and striving to achieve gender parity in all managerial roles, and higher than local labour market representation for all other under-represented communities at Coats’ locations.
“I am pleased with the substantial progress we have made in 2021 towards delivering our sustainability targets. Our commitment to sustainability does not end when we achieve our 2022 targets. As an industry, there is a long way to go and Coats has long-term ambitions to ensure it will be at the leading edge of pioneering a sustainable future,” said Rajiv Sharma, Group Chief Executive of the company.
The report also outlines how the company will reach its ambitious targets for 2030. It says, in this regard, 70 per cent of global energy consumption will come from renewables and all its products will be made completely independently of new oil-extraction materials.
The company recently received validation of its ambitious climate targets for 2030 by the Science Based Targets (SBT) initiative.
In addition, by 2050, Coats will be carbon neutral by accelerating its progress in water and energy reduction, shifting to more renewable energy and responsible effluent treatment as well as through its materials’ transition.
Besides, Coats has been taking interesting initiatives, covering a wide gamut. One such initiative is that of Coats India’s alliance with India’s number one apparel exporter Shahi Exports in providing skill development training to women in Madurai thereby helping them get employed. Suitable employment opportunities were also referred to these women post-training.
In Bangladesh also, it has initiated measures like Feeding programme for Kids-One-Taka-Meal – Partnered with Bidyanondo Foundation (an NGO).
Notably, in 2021, the Coats’ Group revenue was US $ 1,504 million with operating profit of US $ 193 million.
