Hayleys Fabric PLC, with its subsidiary South Asia Textiles Limited, became the first fabric manufacturer in Sri Lanka to secure validation from the Science Based Targets initiative (SBTi) for its net-zero greenhouse gas (GHG) emissions targets.
This milestone places the company at the forefront of sustainability efforts in the region and among a select group of global businesses aligning their operations with the Paris agreement’s 1.5°C pathway to combat climate change.
The SBTi, a globally recognised body, enables businesses and financial institutions to set rigorous, science-based emissions reduction targets. Validation from the SBTi is a rigorous process that ensures targets are not only ambitious but also robust, credible and scientific.
The initiative’s endorsement of Hayleys Fabric Group’s targets solidifies its position as a leader in sustainable manufacturing, setting a new benchmark for the Sri Lankan fabric industry.
Hayleys Fabric Group’s commitment to sustainability is reflected in its near-term and net-zero targets. By 2030, the company aims to reduce Scope 1 and 2 GHG emissions by 42% and Scope 3 emissions by 25%.
The company has pledged to achieve net-zero emissions by 2050, with reductions of 95% in Scope 1 and 2 emissions and 90% in Scope 3 emissions. These long-term commitments reflect the company’s focus on reducing emissions to the greatest extent possible and offsetting remaining emissions through credible carbon removal strategies.
Setting these targets required a detailed and comprehensive approach, reflecting the collective efforts of the company as well as its internal and external stakeholders. This collaboration is particularly relevant for Scope 3 emissions, which cover the entire value chain, from raw material sourcing to end-of-life disposal. Scope 3 emissions often represent the largest portion of a company’s carbon footprint, and gathering accurate data is often a complex task. Despite this complexity, the Hayleys Fabric Group has committed to this ambitious aspiration, reflecting its determination to drive decarbonisation efforts across its operations.
The CEO/Managing Director of Hayleys Fabric PLC said, “As Sri Lanka’s leading fabric manufacturer, we are proud to have our net-zero targets validated by the SBTi. This milestone is a testament to our unwavering commitment to sustainability and innovation. We have already begun embedding these targets and action plans into our business strategies, ensuring that we contribute to global climate goals while creating long-term value for our stakeholders.”
