Italy-headquartered cabling giant Prysmian Group has divulged its new near-term and net-zero greenhouse gas (GHG) emission reduction targets, which will enable it to reach its sustainability goals.
Prysmian explains that it is committed to reducing total Scope 1 and 2 GHG emissions by 47 per cent by 2030 compared to the 2019 baseline. In addition, it intends to cut its Scope 3 GHG emissions by 28 per cent by 2030 compared to the same baseline.
According to the Italian player, these new targets are more “challenging” than the previous ones, which were a reduction of 46 per cent (Scope 1 and 2) and 21 per cent (Scope 3), demonstrating the firm’s “constant commitment to mitigating climate change.”
Regarding its net-zero targets, Prysmian has pledged to achieve this by reducing all the GHG emissions throughout the value chain by 2050, cutting Scope 1 and 2 GHG emissions by 90 per cent by 2035, compared to the 2019 baseline while also maintaining a total emissions reduction of at least 90 per cent up to 2050.
These new near-term and net-zero emission reduction targets received a seal of approval from the Science Based Target initiative (SBTi), which mobilises companies to set science-based targets and boost their competitive advantage in the transition to a zero-carbon economy.
Maria Cristina Bifulco , Prysmian Group Chief Sustainability Officer and Group IR VP, commented: “ For Prysmian, sustainability is a process that began years ago and was already formalised in 2021 with the definition of the Climate Change Ambition and our participation in the Science Based Target Initiative.
“Approval of the new targets not only drives us towards increasingly ambitious and rigorous goals but is also further confirmation of our firm commitment and the role we intend to play as a technological enabler of the energy transition, supporting the entire sector and our supply chain with innovative products and services.”
SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI), and the Worldwide Fund for Nature (WWF). The initiative defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.
Prysmian has been busy with work last year, which left an impact on its financial performance, enabling the Italian player to double its profits and cash generation . Recently, a keel-laying ceremony was held for the company’s new 171-meter cable-laying vessel, which is slated to start commercial operations by April 2025.
The company was also picked as the preferred bidder for a high voltage direct current (HVDC) cable connection in the UK, which is expected to support the offshore wind generation target of enabling 50 GW by 2030 and play an important role in helping the country achieve its net-zero goals.
Shortly after this, Prysmian was selected as the preferred bidder for another cable connection in the UK and disclosed its intention to invest around €120 million in its plant in Pikkala, Finland, to further increase the production capacity of 525 kV HVDC submarine cable systems.