Canopy calls for $13-15 bn investment in India's Next Gen fiber industry

A new report by environment non-profit Canopy has urged for an investment of $13-15 billion to support India's development of Next Gen fibres. It says, this investment could help India become a global leader in sustainable textile production, with the potential to produce over 10 million tonnes of Next Gen fibres annually.

The report, ‘Unlocking India's Next Gen Economy’, highlights how India can leverage its abundant agricultural residues and textile waste to create low-carbon paper, packaging, and viscose. Canopy estimates by transforming 100 million tonnes of agricultural residues and two million tonnes of polyester-cotton textile waste, India could play a crucial role in driving a more sustainable textile industry.

Nicole Rycroft, Canopy's founder and executive director, highlighted India's potential to transition to Next Gen fibers. She emphasized that India possesses all the essential components – abundant resources, technical expertise, and a culture of innovation. Rycroft expressed confidence that with targeted investment, industry collaboration, and government support, this vision could become a reality.

Canopy's global goal is to catalyze the production of 60 million tonnes of Next Gen pulp, paper, and textiles worldwide within the next decade. To achieve this, the organization estimates that $78 billion in capital is needed to support innovation, textile recycling facilities, and pulp and paper lines. In India, several brands, including Flipkart and Anita Dongre, have already expressed their support for Next Gen development and have joined Canopy's growing network of partners.