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TITAN CEMENT COMPANY S.A.
Sustainability is embedded firmly in TITAN’s strategy. TITAN abides by its environmental, social and governance policies; regularly reviews all issues that are material to the business and its stakeholders; and defines appropriate measurable actions and targets, on which it reports annually.
TITAN’s Environmental, Social and Governance (ESG) targets for 2025 and beyond were announced in 2021 and underscore its enduring commitment to sustainability and value creation for all. These targets focus on four pillars, defined as material by our stakeholders, all underpinned by good governance, transparency and business ethics.
Stakeholder engagement is an important element of our approach to sustainability. It builds trust, improves understanding of the impacts from our operations and addresses stakeholder concerns, while providing input to our materiality assessment process. Our key stakeholders are:
- Customers
- Local communities
- Business partners and suppliers
- Employees
- NGOs
- Civil Society and Youth
- Academia and Research
- Regulators, Authorities
- Associations
- Media
- Investment community (shareholders, analysts)
- ESG rating agencies
Some ESG targets are set for 2030, while others extend to 2050.
Throughout TITAN’s 120-year history we have sought to make a positive impact on people, society and the environment through our products and operations. We believe that long-term growth can only be achieved through a sustainable and inclusive business model.
Creating value for all
We use our unique strengths, resources and relationships to create value at every stage of our operations. We focus not just on what we do, but also on how we do it, ensuring that we make a meaningful and sustainable contribution to all our stakeholders.
Focusing on our material issues
We are engaging with our stakeholders across our locations to obtain a deeper understanding of their expectations and needs. Mapping what is most material to them and to the business through a double materiality process helps us develop sustainable business strategies and create value that lasts.
TITAN’s approach to sustainability is based on the principle of double materiality assessment, an integrated, on-going process of mapping and assessing the impact of our operations on society and the environment, as well as the financial impacts of socio-environmental risks on the Group. Impacts may become material for financial reporting purposes over time, leading to what is known as dynamic materiality assessment process.
Aligning our material issues with the UN SDGs
We support the UN Sustainable Development Goals (SDGs), the global sustainability priorities and aspirations for 2030, driving global efforts and relevant collaborations in support of this common cause. Linking our materiality issues to the most relevant of the UN SDGs helps us manage them in line with international best practices.
SDGs linked to our material issues:
Most relevant to its activities: SDG3 - Good Health and Well-being, SDG12 - Responsible Consumption and Production, SDG13 - Climate Action
SDG17 - Partnership for the Goals
Complementary to its key priorities: SDG4 - Quality Education, SDG5 - Gender Equality, SDG6 - Clean Water and Sanitation, SDG7 - Affordable and Clean Energy, SDG8 - Decent Work and Economic Growth, SDG9 - Industry, Innovation, and Infrastructure, SDG11 - Sustainable Cities and Communities, SDG15 - Life on Land
ESG targets for 2025 and beyond
TITAN’s targets focus on four pillars:
De-carbonization and digitalization, aiming to transform our business, focusing on resilience, innovation, and on building solutions to serve our customers more efficiently as we move towards a carbon-neutral, digital world
Growth-enabling work environment, aiming to cultivate an inclusive culture with equal opportunities for all our people to grow professionally within a safe and healthy work environment
Positive local impact, aiming to enable our business operations and our people worldwide to contribute to the prosperity of our local communities with respect to their social and environmental concerns
Responsible sourcing, aiming to empower our business ecosystems to incorporate sustainability considerations in their business decisions and daily behaviors while using natural resources responsibly
TITAN’s ESG targets are aligned with the vision of the European Green Deal to achieve climate neutrality by 2050 and with the UN SDGs 2030. In continuation of our commitment to "Business Ambitions for 1.5°C" for the alignment of our climate mitigation targets with the most ambitious aim of the Paris Agreement and with what science dictates is necessary to reach net-zero global emissions by 2050, our Scope 1, 2 and 3 CO2 emissions targets have been validated by the Science Based Targets Initiative (SBTi).
The performance against our targets is verified by independent auditors and our progress is reported annually through the Integrated Report. TITAN reports on its sustainability performance annually, for more than 30 years, committed to transparency and to keeping stakeholders regularly and comprehensively informed and engaged. They are available on the TITAN Group's website:
* targets cover both produced and purchased cement and clinker
The commitments and collaborations of the TITAN Group for the promotion of sustainable development extend globally. We were among the first 500 signatories in 2002 and became a Participant of the United Nations Global Compact (UNGC) in 2017. Ιn 2022, we became an Early Adopter of the UNGC Enhanced Communication on Progress (CoP) Program, being among the 5% of the UNGC participants worldwide to join. This is part of our commitment to maximize the transparency of our disclosures for our stakeholders while implementing UNGC Ten Principles and contributing to SDGs. We support the achievement of the most relevant UN Sustainable Development Goals (SDGs) for our business by 2030 at Group level and through our local UNGC networks.
Further collaborations of the TITAN Group include the Global Cement and Concrete Association (GCCA) and Research Network INNOVANDI, the Energy Transition and Climate Change Working Group of the European Round Table for Industry (ERT), the European Cement Research Academy (ECRA) and the CSR Europe.
In 2023, we became a supporter of the CDP (Carbon Disclosure Project), the not-for-profit organization dedicated to addressing environmental challenges. By aligning with CDP, we are part of a collective effort to drive positive environmental change. By measuring, managing, and disclosing our environmental data through CDP, we are not only demonstrating a commitment to corporate responsibility but also gaining valuable tools and resources to navigate the transition to a low-carbon economy.
In all the areas where the Titan Group operates.
In 2023 we recorded substantial progress towards our ESG targets, demonstrating our strong commitment to sustainability and long-term value creation for our customers, local communities, employees and other stakeholders.
As part of this commitment, we actively pursue and highly appreciate feedback from independent ESG rating agencies. For a second consecutive year, TITAN received a top “A” score on climate action by the carbon disclosure non-profit organization CDP, in recognition of its leadership in corporate transparency and performance on climate change. Furthermore, TITAN achieved an “A-” score for water security and it is one of only three companies in its sector to attain top scores in both categories. Also, for a third consecutive year, TITAN received an MSCI ESG Rating of “AA”, which acknowledged it a leader with one of the top scores in its peer group. Further rating agencies include Morningstar Sustainalytics (ESG Risk Rating of 26.9 in 2022), S&P Global Corporate Sustainability Assessment (63/100 in 2023), Moody’s Analytics (64/100 in 2023), and so on.
Indicative ESG KPIs for 2023 performance:
Decarbonization and digitalization
607.7 kg/t cementitious Scope 1 net GHG (CO2) (On track to achieve 550kg/t cementitious product by 2026)
€22.1m Investment in Research & Innovation (Achieved target of €20m for Annual investment in Research & Innovation)
Growth enabling work environment
0 fatalities (Achieved target of zero fatalities)
226 Well-being initiatives (Achieved target of having initiatives addressing all four dimensions of well-being for our employees)
20.8% Women in management (Achieved target to increase by 20% female participation in senior roles vs 2020 level)
Positive local impact
265 Initiatives (Achieved target of 100% of key operations covered with community engagement plans (CEP), aligned with material issues and UN SDGs 2030)
67.8% Local spend (Achieved target of 2/3 of total spend directed to local suppliers and communities)
Responsible sourcing
222.7 l/t cementitious Water consumption (Achieved target of water consumption of 280l/t cementitious product)
71.0% Water demand covered by recycled water (Achieved target of 70% of water demand covered by recycled water)
Good governance, transparency and business ethics
1/3 Female participation in BoD (Achieved target of 1/3 female participation in BoD)
All annual ESG performance statements are included in the Integrated Annual Reports on Titan Group's website.
TITAN is on a steady path to achieve or even surpass all the ESG targets it has set with specific steps in each focus area. TITAN reports on all issues that are material to its stakeholders and measures its performance against key sustainability performance indicators (KPIs), according to internationally recognized reporting standards. At the same time, the Group is encouraging, standardizing, and supporting its business units to publish annual sustainability reports (or integrated reports), increasing our transparency and engagement with our stakeholders at local level.