Net zero target brought forward to 2035 (Scope 1 and 2)
46% reduction of greenhouse gas emissions confirmed (Scope 1 and 2 by 2030)
Prysmian Group, world leader in the energy and telecom cable systems industry, announces that its ambitious emissions reduction targets have received the approval of the Science Based Targets initiative (SBTi). The Group commits to reducing absolute Scope 1 and 2 GHG emissions by 46% by 2030, from the 2019 baseline. It also commits to reducing absolute Scope 3 GHG emissions from purchased goods and services and from the use of sold products by 21% within the same timeframe. The Net Zero emission target has been brought forward to 2035.
Prysmian has been deemed to comply with the SBTi Criteria and Recommendations. The SBTi’s Target Validation Team has classified the Company’s Scope 1 and 2 target ambition and has concluded that it is in line with the 1.5°C goal.
“We are proud of the SBTi’s approval, which further confirms our serious commitment and the proactive role we want to play in the decarbonisation process of our sector and in the value chain. Sustainability is in our DNA and is an integral part of our business across the Group’s entire organisation. We confirm our ambition to be one of the leading technology players in the transition to the use of renewable energy sources and to a decarbonised economy. Prysmian Group is also accelerating its path to the Net Zero Emission target, which has been brought forward to 2035 (Scope 1 and 2). The Group has pledged to invest up to €100 million in the next ten years to reduce Scope 1 and Scope 2 emissions at its 104 plants by 46% from the 2019 level, and to further improve the sustainability of its organisation and supply chain. We are proactively engaging with our customers and our suppliers to promote the decarbonisation of our supply chain also through innovative solutions,” concluded Cristina Bifulco, Chief Sustainability Officer and Group Investor Relations Director.
Prysmian’s Climate Change Ambition aims to make the Company one of the leading technological players in the transition to low-carbon energy. The Group has announced an ambitious new climate strategy adopting science-based targets, in line with the requirements of the Paris Agreement, and endorsing the “Business Ambition for 1.5°C“ campaign. Full details on the targets and the Sustainability Plan are available on the Group’s website at https://www.prysmiangroup.com/en/sustainability
The Science Based Targets initiative (SBTi) mobilises companies to set science-based targets and boost their competitive advantage in the transition to the zero-carbon economy. It is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF). The SBTi’s call-to-action is one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.