Photo: Hellenic Cables (Illustration)

Greek cable manufacturer starts its net-zero journey

Greek cable manufacturer Hellenic Cables has submitted its commitment to the Science Based Target Initiative (SBTi) to achieve net-zero greenhouse gas emissions by 2050.

Hellenic Cables commits to developing science-based targets according to the SBTi Net-Zero Standard announced on 28 October which includes specific near-term target of five to ten-year requirements combined with net-zero target requirements by no later than 2050.

The Greek company aims to achieve an aggressive decarbonization path of its Scope 1 and 2 emissions by at least 4.2% per year and Scope 3 by a minimum of 2.5% on average annually in line with the Paris Climate Agreement to keep global warming to 1.5 °C above pre-industrial levels.

The submission of the commitment is the first step, and in the next step Hellenic Cables will further develop and specify a clearly-defined path to reduce emissions in line with the SBTi’s net-zero criteria which will be submitted for official validation.

“Climate change is the defining challenge of our time. The latest climate science sends a clear warning that we must dramatically curb temperature rise to avoid the catastrophic impacts of climate change,” said Alexis Alexiou, CEO of Cenergy Holdings and Hellenic Cables.

“Hellenic Cables as one of the leading cable providers commits to support efficiently the transitional journey of the industry to achieve a sustainable future. Hellenic Cables is committed to adopt a scientific method of quantifying and reducing GHG emissions, leading to a clear path towards decarbonization.”

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The SBTi helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy. The framework is said to be the world’s first and only science-based comprehensive assessment that aligns corporate net-zero targets with climate data.

Targets adopted by companies to reduce greenhouse gas emissions are considered to be “science-based” if they are in line with what the latest climate science says is necessary to meet the goals of the Paris Agreement – to limit global warming to well below 2 °C above pre-industrial levels and pursue efforts to limit warming to 1.5 °C.

The Science Based Targets initiative is a collaboration between Carbon Disclosure Project (CDP), the United Nations Global Compact, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF).