Hellenic Cables is actively fostering the transition to a climate neutral economy, which is underway and accelerating globally. As a leading provider of reliable and sustainable cable solutions, Hellenic Cables is now entering the decarbonization era, by submitting its near and long-term targets to the Science Based Targets initiative. Acknowledging that the business operating environment is a wholly owned subsidiary of the natural capital and not the other way around, Hellenic Cables is aiming to positively contribute to limiting the global warming to 1.5oC, aligned with the Paris Climate Agreement.
Hellenic Cables, the cable segment of Cenergy Holdings, is setting solid ground to halve its scope 1 and 2 emissions (50% by 2030 from a 2020 base year) and reduce value chain emissions (scope 3, including raw materials and commuting emissions) by 25%, within the same timeframe. The Company also commits to increase 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.
“Our message is lean and simple; we are taking action”
“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. 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,” commented Mr. Alexis Alexiou, CEO of Cenergy Holdings and Hellenic Cables.
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 our manufacturing facilities. The Company will additionally invest in renewable energy power purchase agreements, aiming to cover its total electricity needs by 2030. Being an integral part of our business strategy, decarbonization across the value chain, shall be considered as a collective effort from all stakeholders. 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. Low-carbon alternatives, along with enhanced recycled content rates (integration of secondary materials to production), in accordance with circularity principles, are basic components of our value chain emissions mitigation actions.
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).