Greek cable manufacturer Hellenic Cables has submitted its near and long-term net-zero targets to the Science Based Targets initiative (SBTi), aiming to halve its scope 1 and 2 emissions by 2030 and cut scope 3 emissions by 25% within the same timeframe.
Hellenic Cables has committed to a 50% reduction of direct and indirect emissions (scope 1 and 2) for 2030 from a 2020 base year and net-zero emissions (scopes 1, 2 and 3) for 2050.
By 2030, the Greek company plans to reduce its value chain emissions (scope 3), including raw materials and commuting emissions, by 25%.
The initiative also commits to increasing the annual sourcing of renewable electricity to 80% and 100%, by 2025 and 2030, respectively.
Over and above near-term progress, Hellenic Cables projects to reach net-zero greenhouse emissions across its entire value chain before 2050, from a 2020 base year. Targets submitted will undergo an independent validation process by SBTi technical experts before they are formally validated.
“Hellenic Cables is aiming to play a vital role in driving down greenhouse gas emissions, building a resilient, net-zero economy that our planet needs. We are joining the pledge to limit global temperature rise to 1.5°C and prevent the worst impacts of climate change,” said Alexis Alexiou , CEO of Cenergy Holdings and Hellenic Cables.
“Our vision is to follow a clearly defined path towards decarbonization and our net-zero strategy will be the tool to achieve it. We prioritize the urgency of deep and immediate mitigation actions, halving emissions before 2030 and achieving net-zero before 2050. We have already started to pull available levers; we engage with our supply chain and all relevant stakeholders, as well in the energy transformation journey, encouraging them to align with climate science.”
The key aspects of Hellenic Cables’ climate strategy are targeted at prioritizing and implementing energy efficiency projects, the electrification of both corporate fleet (EVs and PHEVs) and forklifts-machinery used for in-house transportations in its manufacturing facilities.
The company will additionally invest in renewable energy power purchase agreements, aiming to cover its total electricity needs by 2030.
Hellenic Cables is focusing on decarbonization activities of sourced raw materials, with emphasis on metals (cable conductors) and polymers, which are considered to have a significant carbon contribution to scope 3 emissions.
The SBTi helps companies establish science-based targets to reduce greenhouse gas emissions and transform business operations to fit the future low-carbon economy. SBTi’s framework is 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 (GHG) 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 preindustrial levels and pursue efforts to limit warming to 1.5°C.