Venture capital firms are looking towards the textile industry as a new area of opportunity, as the industry needs more investment to mitigate the adverse ecological and social effects.
A number of studies are being carried out to assess the real potential of the textile industry worldwide and to invite venture capital firms to invest in sustainable production and contribute to controlling CO2 emissions, water consumption, chemical use, and poor living conditions. The textile sector is the bread earner of 60 to 75 million people worldwide and needs more investments to create more sustainable progress.
Millions of dollars are being invested by venture capital firms in both developed and underdeveloped countries at present.
The younger generations in the South Asian region who have taken over these businesses and who have received the best education from the local and foreign educational institutes have been able to positively affect their businesses by changing their mindset and bringing the latest business strategies.
Pakistan’s textile industry has also shown tremendous efforts in reducing its carbon footprint. Some of the leading textile mills such as Sarena Textiles and Crescent Bahuman Textiles have significantly reduced their emissions by using renewable energy sources and enhanced carbon sequestration via nature-based solutions such as plantations. Sarena Textiles has decreased 76% of coal usage and currently saves 29% energy from equipment and 33% water via innovative technologies (Sarena Textiles 2021).
Crescent Bahuman Textiles also aims to reduce GHG emissions via green initiatives by enhancing carbon sequestration, reducing water consumption by around 50%, and increasing rainwater harvesting (Crescent Bahuman 2022).
Recently, delegations from Korean International Cooperation Agency (KOICA) and The United Nations Conference on Trade and Development (UNCTAD) have visited APTMA to promote technical textiles in Pakistan.
