📈 Teejay Accelerates Decarbonization via US$ 5.2Mn Energy Transition

Sri Lankan fabric manufacturer Teejay is investing US$ 5.22 million in solar and biomass projects to counter regional competition, talent loss, and volatile imported fuel costs, fast-tracking its sustainability goals. • Energy Investments & Operational Impact Rooftop Solar: Investing US$ 2.57 Mn in a 7.2 MW rooftop solar installation. Despite a low 17% solar yield due to local weather stretching payback to 10–11 years, the project acts as fuel price insurance. It will boost the site’s renewable energy share by 17% and cut emissions by 13%. Grid connection is expected by September 2026. Biomass Transition: Investing US$ 2.65 Mn to shift from coal to certified biomass under its Abhivarah 2030 strategy. This will cut facility-level greenhouse gas emissions by 49%, increase renewable energy use by 42%, and reduce fuel costs by 25–30% by replacing imported coal with locally sourced fuel. • Sustainability & Climate Targets Emissions Reduction: Together, these initiatives are expected to meet Teejay's Science Based Targets initiative (SBTi) goal of a 42% cut in Scope 1 and 2 emissions (against a 2022 baseline) by September 2026—years ahead of the 2030 schedule. Current progress stands at 4.5%. Compliance & reporting: Data is verified against ISO 14064, alongside the company’s first IFRS S1 and S2 disclosures. Future Focus: While direct operations are being decarbonized, the company is now targeting Scope 3 value-chain emissions through enhanced supplier engagement and circularity initiatives.