Sri Lanka’s MAS Holdings is rolling out a company-wide sustainability strategy known as the Plan for Change with an aim to improve its operations across three areas: product, lives, and planet with 12 goals to be achieved by 2025.
The MAS Plan for Change is a commitment to inspiring sustainable change within its operations, amongst its customers, communities, and for the planet as a whole.
MAS, which was recently named as one of the region’s most innovative companies by Clarivate for its wearable tech, recently signed up for the Science Based Targets initiative (SBTi) with commitments to reduce absolute Scope 1 and 2 greenhouse gas (GHG) emissions 25.2% by 2025 from a 2019 base year, and further commits that 85% of its suppliers by spend and 100% of joint ventures in Scope 3 investments, will have science-based targets by 2025.
MAS says The Plan for Change combines the work of all its individual sustainability programMEs and formalises the goals into one cohesive strategy to be carried out across the group.
While the Plan For Change is a new strategic approach to the company’s product, social and environmental goals, MAS has been dedicated to uplifting people and the planet since its inception. Progress towards sustainability is an ongoing journey for the company and is demonstrated by its long-standing membership in the UN Global Compact (since 2003), signing of the Women’s Empowerment Principles, and commitment to reaching many of the UN Sustainable Development Goals. MAS says it recognises addressing many of the challenges the world and its inhabitants face requires sustainable, systemic change and is committed to doing so through ambitious, collaborative initiatives.
“Whether it be climate disasters, overconsumption, inequality, wars, and pandemics, we have witnessed how prolonged, unchecked human activity has negatively impacted our industry and our world. That is why we have established this Plan as the blueprint to create positive change; and we are inspired by these ambitious goals that we have set for ourselves. Achieving them will require unprecedented levels of innovation, collaboration, and alignment among our businesses, partners, and supply chain. We are excited to embrace this challenge and hope to create impactful change. We know that the road is long and will challenge us, but just as our founders were, we are committed to staying the course of doing the right thing,” says Sid Amalean, head of sustainable business, MAS Holdings.
The Plan for Change
With a focus on innovation, sourcing sustainably, and pioneering circularity at scale, MAS aims to increase its sustainable product offerings to 50% of its revenue by 2025. Improving products to make them last longer, use fewer resources, and be recycled after use are at the core of the strategy to produce quality goods to combat disposability. Attention to sustainable sourcing will be achieved by partnering with MAS’ supply chain to select sustainable alternatives to raw materials.
Understanding that its employees and the local communities are its greatest assets, MAS aims to empower women, provide meaningful employment, world-class workplaces and enable positive impact to create thriving communities.
MAS aims to empower 100% of women on the factory floor and increase gender representation in management to 30% by 2025. The Plan For Change also strives to foster diversity and inclusion, ensure and elevate sustainable compensation, accelerate employee well-being and work-life balance, and provide world-class working conditions for all employees, as well as enable positive impact in all communities. For MAS, a positive work environment means an inclusive one.
Knowing it operates in an industry with a large negative impact, MAS has committed to reduce absolute Scope 1 and 2 GHG emissions 25.2% by 2025 from a 2019 base year. The goal is in line with the 1.5 degrees Celsius target outlined in the Paris Agreement and was recently accepted by the Science-Based Target initiative (SBTi). Additionally, MAS has committed to value enhance (upcycle) 100% of non-hazardous waste, be zero toxic in all products and processes, safeguard water, and restore biodiversity in 100-times the space it occupies.
MAS is determined to make sustainable and ethical strides by 2025 and the challenges of 2020 have not impeded MAS’ vision for a more sustainable and equitable future. By implementing this company-wide strategy, MAS Holdings aims to have a large-scale positive impact on products, lives, and the planet changed for good.
Towards the end of last year, MAS sold MAS Brands, which owns and operates retail lingerie business amanté, to Reliance Retail Ventures Limited for an undisclosed amount.