Reporting robust decarbonisation results, Greece-based TITAN Group has strengthened its commitment to net zero and updated its science-based CO2 targets to levels aligned with limiting the global temperature increase to 1.5°C. The new targets have been submitted to the Science Based Targets initiative (SBTi) for validation.
Since 1990, TITAN has reduced its CO2 footprint by 20%. In the third quarter of 2022, the Group reduced its net CO2 emissions by 5.5%, or double the pace achieved in the equivalent period last year. With over 90 decarbonisation initiatives in the pipeline across its markets and a program of product launches that offer its customers lower carbon solutions to build more sustainably, TITAN is well on track to deliver on its goals. Moreover, the efforts of the Group on the wider ESG targets have been recently recognised by MSCI, which rated TITAN with 'AA' for a second consecutive year.
With its new science-based targets, TITAN seeks to address not only direct (Scope 1) emissions and indirect emissions from the generation of purchased electricity (Scope 2) but also other indirect emissions of the supply chain (Scope 3). By 2050, the Group seeks to achieve net zero greenhouse gas emissions across the value chain.
Marcel Cobuz, Chairman of the TITAN Group Executive Committee, said: "The initiatives in our decarbonisation roadmap offer significant business-growth opportunities. Our technology and sales teams across all our markets are focused on decarbonising faster our operations and offering our customers increasingly more sustainable and circular solutions."
Leonidas Canellopoulos, Chief Sustainability Officer of TITAN Group, added: "We have made substantial progress in lowering our CO2 emissions, and now we are raising our climate ambition even further. We aspire to contribute to the global effort to limit warming to 1.5oC, and we have updated our CO2 reduction targets and submitted them for validation to the SBTi."
TITAN has a long tradition of science-based climate action, derived from its strong values and commitment to offering innovative construction solutions and making a difference for a more sustainable world. In July 2021, TITAN was one of the first building materials companies worldwide to have its CO₂ reduction targets validated by the Science Based Targets initiative (SBTi), consistent with the well-below 2°C ambition. With its peers in the Global Cement and Concrete Association, TITAN was an active contributor to the development of SBTI's new 1.5oC science-based framework to decarbonise the cement industry.
