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.”
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).