Athens, 1 December 2021
Hellenic Cables, the cables segment of Cenergy Holdings has submitted its commitment to the Science Based Targets Initiative (SBTi). The transition to a climate-neutral economy with net-zero greenhouse gas emissions by 2050 is a priority for societies and businesses worldwide. Hellenic Cables, one of the leading producers of offshore and onshore cables, aims to align with the target by contributing to a zero carbon era. The Company commits to develop science-based targets according to the Science Based Targets initiative (SBTi) Net-Zero Standard announced on 28 October 2021 which includes specific near term target (5-10yr) requirements combined with net-zero target requirements by no later than 2050.
Hellenic Cables aims to achieve an aggressive decarbonization path of its Scope 1 and 2 emissions by at least 4.2% per annum 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.
Mr. Alexis Alexiou, CEO of Cenergy Holdings and Hellenic Cables commented: “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. 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. By taking these steps, Hellenic Cables proves to its stakeholders that it is leading the way in climate change mitigation.”
The submission of the commitment is the first step. 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.
The Science Based Targets initiative (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 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). To learn more about SBTi read here.
Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables for various industries, including offshore wind and utilities, as well as undertaking turnkey power transmission and distribution projects. Through its fully owned subsidiary Fulgor, Hellenic Cables operates its submarine cables plant in Corinth, Greece, where the production and testing of some of the longest submarine cable lengths without factory joints on a worldwide basis is empowered by the Company’s state-of-the-art facilities and equipment. Since 2012, Hellenic Cables has implemented a EUR 250 million-investment plan for the production of high and extra high-voltage submarine cables at Corinth plant. Hellenic Cables represents the cable production segment of Cenergy Holdings SA. For further information, please visit Hellenic Cables website at www.hellenic-cables.com.
Cenergy Holdings is a Belgian holding company listed on both Euronext Brussels and Athens Stock Exchange, investing in leading industrial companies, focusing on the growing global demand of energy transfer, renewables and data transmission. The Cenergy Holdings portfolio consists of Corinth Pipeworks and Hellenic Cables, companies positioned at the forefront of their respective high growth sectors. Corinth Pipeworks is a world leader in steel pipe manufacturing for the oil and gas sector and major producer of steel hollow sections for the construction sector. Hellenic Cables is one of the largest cable producers in Europe, manufacturing power and telecom cables as well as submarine cables for the aforementioned sectors. For more information about our company, please visit our website at www.cenergyholdings.com.