TCC advances scientific carbon reduction targets
According to the latest data from the European Union Climate Monitoring Agency, July 22nd marked the hottest day on record worldwide. With the frequency and severity of extreme weather events intensifying, the global effort to maintain the 1.5 °C warming limit set by the Paris Agreement is in jeopardy. TCC (TCC Group Holdings Co., Ltd.) is actively implementing climate action. In July of this year, TCC set its 2030 carbon reduction target based on the 1.5 °C pathway and committed to achieving net zero emissions by 2050, becoming a partner in the Science-Based Targets initiative (SBTi) for net zero. Reflecting on TCC’s commitment to SBT, in 2020, TCC became the first cement company in East Asia to pass the SBT Well-Below 2 °C pathway. Over the past four years, TCC has continuously tracked its carbon reduction performance against SBT targets, consistently meeting its annual reduction goals. In 2023, TCC’s Scope 1 carbon reduction performance was already on the track of 1.5 °C pathway. Thus, this year, TCC advanced its targets by setting the SBT 1.5 °C reduction pathway, including the 2030 Near-term Target and the 2050 Net-Zero Target commitment.
TCC plans to pass the SBT expert review in the fourth quarter of 2024. The 1.5 °C pathway carbon reduction target is based on 2016 as the emission base year and includes TCC’s cement plants across Taiwan and mainland China. By 2030, TCC aims to reduce total Scope 1 and Scope 2 emissions by 26.8%. On another front, TCC has been focusing on acquiring overseas companies with strong ESG capabilities as part of its international expansion: in early March this year, TCC completed the expanded investment in European low-carbon cement, incorporating Turkey’s OYAK and Portugal’s CIMPOR into TCC’s consolidated financial statements. Both OYAK and CIMPOR are committed to low-carbon development, with OYAK having completed its SBT 1.5 °C pathway and net zero commitment in 2022, and CIMPOR also having passed the 1.5 °C pathway and net zero target commitment. CIMPOR also has built the world’s first innovative cement plant in Cameroon without a cement kiln, producing low-carbon cement that reduces emissions by 40% compared to traditional portland cement.
The SBT targets also require companies to set emission reduction targets for their upstream and downstream value chains. Although Scope 3 emissions account for less than 15% of TCC‘s total carbon emissions, TCC is actively conducting an inventory and third-party verification for the 15 categories under Scope 3, aiming to leverage TCC’s influence to drive value chain decarbonization and move towards the net zero target together.
