Hayleys Fabric obtains verification of net-zero targets by SBTi

• Sri Lanka’s pioneering fabric manufacturer takes bold steps towards a sustainable future

In a landmark achievement for Sri Lanka’s textile industry, Hayleys Fabric PLC, together with its subsidiary South Asia Textiles Ltd., 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%. 

Looking further ahead, 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 requires 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 covers 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. 

Hayleys Fabric PLC CEO/Managing Director Rohan Goonetilleke emphasised the importance of this achievement in driving meaningful change:

“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.”

This leadership is a reflection of Hayleys Fabric Group’s broader ethos of innovation and responsibility. By investing in renewable energy, enhancing operational efficiency, and adopting sustainable practices, the company is setting a strong example for the Sri Lankan manufacturing sector.

This validation makes Hayleys Fabric Group the first fabric manufacturer and only the third company overall in Sri Lanka to achieve SBTi validation. 

By achieving this milestone, Hayleys Fabric Group is helping to position Sri Lanka as a responsible and forward-thinking player on the global stage. Its success highlights the potential for developing countries to drive climate action while addressing local economic and environmental challenges.

The benefits of committing to science-based targets extend beyond the company itself. By reducing GHG emissions, Hayleys Fabric Group is contributing to global efforts to mitigate the impacts of climate change, including extreme weather events and environmental degradation. The company’s initiatives also promote renewable energy, digitalisation, efficiency improvement and waste minimisation. 

As a leader in Sri Lanka’s textile sector, Hayleys Fabric Group is also fostering innovation and knowledge-sharing, creating scalable solutions that benefit industries and society at large. Its commitment to sustainability reinforces its reputation as a forward-thinking company, ready to adapt and thrive in an increasingly climate-conscious world.

Hayleys Fabric Group’s achievement represents a new chapter in the Sri Lankan textile industry’s sustainability journey. By aligning its operations with the Science Based Targets initiative, the company has demonstrated that business growth can be decoupled from adverse environmental impacts. 

As Sri Lanka’s textile industry evolves, Hayleys Fabric Group remains steadfast in its mission to drive transformative change. Its investments in renewable energy, innovative technologies, and sustainable practices are not only reducing its carbon footprint but also inspiring others to follow suit.