These key stakeholder groups are making increasingly influential demands for action on sustainability across all markets and industries, said Coats in its sustainability report titled ‘Pioneering a sustainable future’. The report has covered key sustainability performance data for the period January 1, 2018 to December 31, 2018.
"Sustainability is a core component of our value system. We are a company that not only performs well, but does good. Our 2022 ambition and priorities build on the good work already done and importantly further align us with consumers and customers by putting sustainability at the heart of our strategy and business. We have set ourselves challenging targets that can make a difference to society and the environment. Sustainability will enable Coats to grow, innovate and thrive as a business well into the future," Rajiv Sharma, group chief executive, Coats, said.
In order to achieve its targets for 2022, Coats is investing capital, time and resource in each of the five priority areas. Coats is investing in new machines with low liquor ratio. It is also exploring innovative developments in digital printing technology and the waterless dyeing opportunity that offers.
Coats aims to source renewable energy wherever that is feasible and is looking to expand its renewable energy generation which has grown from virtually zero to 28% in the last six years. To support working towards a cleaner world, Coats is implementing online, realtime monitoring of liquid waste effluent for sites discharging to the environment. It is investing in the construction of new or upgraded wastewater treatment plants at sites as well as recycling water where appropriate. It currently recycles 20 per cent of process water.
Coats is working proactively with customers and suppliers to help them improve the sustainability of their products. New products are being developed using recycled materials or that can be reused or recycled by others. Coats understands that a strong employee value proposition is a key differentiator in both attracting and retaining talent.
The report revealed that lifecycles of products are reducing while the demand for individual variants is increasing. As manufacturing enters Industry 4.0, the fourth significant revolution in the way products are made, companies need to, and are expected to, be responsible and sustainable in the way they do business. Through targeted use of time, people and investment in the five priority areas, Coats will drive towards even greater responsibility and sustainability in the way it does business. (RR)
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