Our ESG journey

The starting point was the launch of a benchmark analysis on a selected panel of companies, aimed at assessing our positioning in the socio-environmental field, compared to the main players in the sector and to the best practices in sustainability. From the list of indicators that emerged from this analysis, a plan of KPIs related to the Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda was defined. These KPIs represent the litmus test of how we intend to measure our efforts and progresses against the various sustainability goals that we have set for ourselves.

The Sustainability Report is used to share the progress of our sustainability performance with our stakeholders, with the aim of communicating our medium-to-long-term strategic guidelines, goals, initiatives and concrete results transparently, thereby highlighting how Pietro Fiorentini can create shared value with the communities in which it operates and the positive impacts generated for the environment through the link between the SDGs. It is a multi-channel tool, structured in such a way as to be used and updated to communicate the results of the initiatives launched by the Company.

In 2022, Pietro Fiorentini’s commitment to sustainability and transparency continued with the publication of 2021 Sustainability Report, drawn up on a voluntary basis to present the main ESG performances of the year. Its publication has been aligned with the publication of the Consolidated Financial Statement. The drafting of the document was based on the qualitative data and information collected for the companies subject to the report (Pietro Fiorentini, TIV Valves, Gazfio, Pietro Fiorentini USA and Fiorentini Hungary).

In January 2021, Pietro Fiorentini established an ESG function to assess the company’s approach to sustainability issues and guide its improvement path. In 2022, the company took a further step by establishing a new body: the Sustainability Committee, which is responsible for guiding the decision-making process of top management by taking ESG issues into primary consideration. The Committee acts as a link between the Board of Directors, with which it collaborates in defining strategies, and the functions dedicated to the implementation of the various projects.

In line with what was first carried out in 2021, we shared an evaluation questionnaire with our main stakeholders in which we asked them to indicate the levels of importance, from their point of view, of the material issues related to sustainability, and how much they should be a priority for Pietro Fiorentini. The results of the questionnaire allowed us to re-evaluate the material topics considered most important by our stakeholders. Pietro Fiorentini’s communication with its stakeholders did not end with this survey, but continues on an ongoing basis to monitor the results of the undertaken projects and to further refine the perception of their expectations.

In their latest update, the GRI standards identified four types of impacts: actual positive, potential positive, actual negative and potential negative. Through the involvement of the Sustainability Committee, of the management and of key function contact people, the impacts related to each material issue were identified for the four types mentioned above. The impacts, by means of a numerical evaluation, were sorted according to their level of relevance, thus determining the final list of material topics and their relative positive, negative, actual, and potential impacts.

Based on the results of the impact analysis and with the aim to further demonstrate our commitment to ESG issues, Pietro Fiorentini has decided to set new goals associated with the 13 material themes, even more challenging than those defined in 2022, with a time horizon from 2023 to 2025. Compared to the previous year, the scope of the Sustainability Report in terms of environmental and social data has been extended to include Sartori Ambiente Group companies, Terranova and FioGaz.

Acknowledging in advance the requirements of the CSRD (Corporate Sustainability Reporting Directive), the Group decided to conduct an initial exercise to apply the concept of double materiality, taking it a step further after the Impact Materiality analysis carried out in 2022.
The identification of risks and opportunities that significantly affect or may affect the company’s future cash flows made it possible to define the possible economic and financial impacts on the organization’s development, performance and positioning in the short, medium and long term.

The latest version of the Sustainability Report includes a gap analysis regarding CSRD requirements and a description of impacts, risks and opportunities identified according to the perspectives of Impact and Financial Materiality.
Compared to the previous year, the scope of the Report in terms of environmental and social data has been extended to include Biokomp, Hyter, Samgas Romania, Fiorentini UK, Cryo Inox and MicroPyros BioEnerTec, thus involving 14 Group companies.

In 2024 we have presented our new purpose, the foundation of our new sustainability strategy, which sets even more ambitious goals than our previous ones for the period 2024-2026. They reflect our commitment to improving our environmental, social and governance performance. By aiming higher, we demonstrate our determination to be a leader in sustainable practices.

Our sustainability journey has no stops, and the goals we have reached are just starting points upon which to build even more ambitious targets. Because here, in Pietro Fiorentini, our commitment to improve never stops.