Shares SBTi approved Net-Zero and Near-Term targets, advancing the MAS Plan for Change and furthering its goal of inspiring sustainable change within the apparel industry

Colombo, Sri Lanka – MAS Holdings, a global apparel & textile manufacturing conglomerate headquartered in Sri Lanka, has announced that it has committed to reducing its total global greenhouse gas emissions (GHG) to net zero by 2048. The company made this announcement after receiving official validation of its Net-Zero and Near-Term goals from the Science Based Targets initiative (SBTi), marking a milestone in delivering the MAS Plan for Change, the company’s groupwide sustainability strategy.

The SBTi validation confirms that MAS’ near-term and long-term targets align with the SBTi Corporate Net-Zero Standard, the most widely recognized and rigorous framework for corporate climate action and are consistent with limiting global temperature rise to 1.5°C above pre-industrial levels.

Addressing this development, Chief Executive Officer of MAS Holdings, Suren Fernando stated, “Today's climate disruptions remind us that our ability to thrive tomorrow depends on how boldly we act now. The approval of our Net-Zero and Near-Term goals by SBTi is pivotal to our climate journey and an affirmation of the real action we are taking to protect the planet while safeguarding our business and the livelihoods within our ecosystem. We are proud to be part of a global movement taking science-based action to build a resilient, net-zero future.”

MAS’ Science-Based Targets Overview

For MAS, adopting science-based targets extends our holistic approach to building a sustainable business. Taking steps to limit global temperature rise to 1.5°C is part of efforts to secure the future, the planet, as well as its people and communities, helping to change their lives for good.

The approved climate action targets, which include land-related emissions and removals from bioenergy feedstocks, in accordance with SBTi guidance, encompass the Company’s global apparel businesses.

► Overall Net-Zero Goal:
- Reach net-zero greenhouse gas emissions across the value chain by 2048.

► Near-Term Targets:
- Reduce absolute Scope 1 and Scope 2 greenhouse gas (GHG) emissions 80% by 2030 from a 2019 base year.
- Reduce absolute scope 3 GHG emissions from purchased goods & services, upstream transportation & distribution, business travel, employee commuting, downstream transportation & distribution, processing of sold products & investments 46.2% within the same timeframe.

► Long-Term Targets:
- Reduce absolute scope 1 and 2 GHG emissions 90% by 2040 from a 2019 base year.
- Reduce absolute scope 3 GHG emissions 90% by 2048 from a 2019 base year.

The MAS Plan for Change sets ambitious goals across three focus areas—Product, Lives, and Planet—to reimagine how products are designed, create a positive social impact, and reduce the company’s environmental footprint. Under these three pillars, MAS set out measurable commitments that serve as the roadmap in the company’s journey to revolutionise apparel and textile manufacturing, ensuring sustainability is woven into the fabric of our industry.

The SBTi is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, the We Mean Business Coalition, the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) that enables companies and financial institutions worldwide to play their part in combating the climate crisis. The group develops standards, tools, and guidance that allow companies to set greenhouse gas (GHG) emissions reduction targets in line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050, at latest.