As Interloop Limited plans to invest over US$100 million to expand its circular knitting capacity it has received approval from the Science Based Targets initiative (SBTi) for setting its greenhouse gas emissions reduction targets.
This milestone is a major move for Interloop on its mission to lighten its environmental impact as the company moves toward decarbonization. It is also the first large-scale enterprise and textile manufacturing company in Pakistan to have SBTi-approved targets.
The company has committed to reducing absolute scope 1 and 2 GHG emissions by 51 percent by 2032 from a 2022 base year. It has also committed to reducing absolute scope 3 GHG emissions by 30 percent within the same timeframe.
Navid Fazil, chief executive officer at Interloop stated that the company has significantly ramped up its investment in clean energy and continuous process improvement to reach its targets. With rigorous emissions tracking and transparent reporting, Interloop is determined to confront challenges head-on and make substantial progress along the way.
Interloop is in the process of constructing a new, vertically integrated, hi-tech apparel manufacturing plant in Faisalabad. The new facility is expected to have a production capacity of 50 tons of knitted fabric per day, producing over 3 million garments per month. The company is also planning to set up a new hosiery facility, Hosiery Plant VI, which should be operational by the 2023-24 fiscal year.
Interloop runs its own in-house spinning, yarn dyeing, knitting, and finishing facilities, operating more than 4,000 Lonati knitting machines and 46,704 ring-spinning spindles and employing around 16,000 people. The company also operates a production facility in Bangladesh.
Ranked as Pakistan’s seventh largest exporter it generates approximately 90 percent of its revenue through exports supplying yarns, hosiery, and apparel to some of the world’s leading brands including Nike, Puma, Reebok, H&M, and Levi’s.
It currently produces around 795 million pairs of socks with this figure expected to grow significantly once the new mill is completed.
Interloop the textile sector Pakistani company on an expansion path with SBTi approval
