Hellenic Cables’ net-zero targets approved
The Science Based Targets initiative (SBTi) has approved Hellenic Cables’ near-term and long-term greenhouse gas emissions reduction targets.
Hellenic Cables commits to reducing absolute scope 1 and 2 GHG emissions by 50% by 2030 from a 2020 base year, as well as the absolute scope 3 GHG emissions from purchased goods and services, employee commuting, and use of sold products by 25% within the same timeframe.
The company also commits to increasing the annual sourcing of renewable electricity from 24% in 2020 to 80% by 2025 and 100% by 2030, respectively.
According to the Greek cable manufacturer, the SBTi Target Validation Team has validated that both targets are in conformance with the latest Net Zero Criteria and Recommendations.
In addition, Hellenic Cables’ scope 1 and 2 ambition has been found to be in line with the 1.5oC trajectory.
“Climate change adaptation and mitigation has been officially integrated to our business strategy and the SBTi approval is our cast-iron guarantee. To that end, a set of both near and long-term actions has been developed across all the companies of cables segment,” said Alexis Alexiou, CEO of Cenergy Holdings and Hellenic Cables.
“Specifically, regarding scope 3 emissions, we will require to overcome various adversities. The role of raw materials is crucial and we are targeting emissions reductions within our value chain, hence, delivering innovative and lower-embedded carbon solutions.”
Hellenic Cables also commits to reaching net-zero GHG emissions across the value chain by 2050 from a 2020 base year.
The long-term target has been assessed and approved against the Net-Zero Standard, released in late 2021 from SBTi.
The transformation roadmap to 2050 includes a deep decarbonization path, reducing scopes 1, 2 and 3 by 90% and the neutralization of any residual emissions across business operations.
The Greek company has also established a partnership with primary aluminium supplier ALCOA in a move to reduce the amount of embedded carbon content in its final products with emphasis in metal components and is also participating in the Copper Mark assurance framework for the responsible production of copper.
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