Titan Group has announced the launch of a Sustainability-Linked Financing Framework, aligning the group’s financial strategy with its GHG emission reduction targets validated by the Science Based Targets initiative (SBTi). The company hopes this framework will accelerate its sustainable growth.
Through this alignment, Titan hopes to show its enduring commitment to upholding responsible business practices and creating long-term value for its stakeholders. The framework allows for future issuance of sustainability-linked notes tied to Titan’s sustainability performance targets. Future notes will finance general corporate purposes, including sustainable projects and efforts towards Titan’s transition towards net-zero emissions.
Sustainalytics, an independent ESG research, ratings and data firm, has issued a report on the framework. According to the report, the framework aligns with the five core components of the Sustainability-Linked Bond Principles 2023. The selected KPI (GHG emissions intensity, measured in kg CO2 emitted per tonne of cementitious product) is considered very strong by the report. Titan’s sustainability performance targets are also deemed highly ambitious and consistent with the Paris Agreement.
Leonidas Canellopoulos, Titan’s chief sustainability and innovation officer, said, “Transforming the building materials industry towards a more sustainable, net-zero future requires significant investments, with sustainable finance playing a crucial role in this transformation. The framework will enable Titan to attract a broader range of investors, including those focused on sustainable investments and ESG portfolios. Our financial and sustainability strategies are now aligned under a solid framework, further strengthening our stakeholder’s confidence and trust.”
