Prysmian – Prysmian Group: the Science Based Target initiative approves the new near-term and net-zero GHG emission reduction targets
- SCOPE 1 AND 2 EMISSIONS AT -47% (UPGRADE FROM TO THE PREVIOUS 2021 TARGET OF -46%) AND SCOPE 3 EMISSIONS AT -28% (UPGRADE FROM TO THE PREVIOUS 2021 TARGET OF 21%) BY 2030
- -90% (SCOPE 1 AND 2) BY 2035 AND -90% (SCOPE 3) BY 2050 THROUGHOUT THE VALUE CHAIN
On the occasion of its Sustainability Week 2023, Prysmian Group, world leader in the energy and telecom cable systems industry, announced the approval by the Science Based Target initiative (SBTi) of its new and ambitious emission reduction targets. The new elements include a review of the near-term objectives and approval of the net-zero ones.
Near Term targets
Prysmian Group is committed to reducing total Scope 1 and 2 GHG emissions by 47% by 2030 compared to the 2019 baseline.
The Company also intends to cut its Scope 3 GHG emissions by 28% by 2030, again compared to the 2019 baseline. The new targets are more challenging than the previous ones, which were a reduction of 46% (Scope 1&2) and 21% (Scope 3), demonstrating Prysmian’s constant commitment to mitigating climate change.
Net-zero targets
Prysmian Group is committed to achieving the net-zero target by reducing all the GHG emissions throughout the value chain by 2050, cutting Scope 1 and 2 GHG emissions by 90% by 2035, compared to the 2019 baseline. In addition, the Group is committed to maintaining a total emissions reduction of at least 90% up to 2050.
The Science Based Targets initiative (SBTi) mobilises companies to set science-based targets and boost their competitive advantage in the transition to a 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 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.
“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 to 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 technological enabler of the energy transition, supporting the entire sector and our supply chain with innovative products and services”, commented Maria Cristina Bifulco, Prysmian Group Chief Sustainability Officer and Group IR VP.
As part of the Sustainability Week, an event will be held today at Prysmian’s Milan HQ from 10am, during which the Company’s management will discuss the new ambitious emission reduction targets and present the new sustainability targets for the 2023-2025 three-year period. The event will be attended by numerous international guests.
Source
Prysmian Group
EMR Analysis
More information on Prysmian: See the full profile on EMR Executive Services
More information on Valerio Battista (Group Chief Executive Officer, Prysmian Group until the 2024 Annual General Meeting (April)): See the full profile on EMR Executive Services
More information on Massimo Battaini (Group Chief Operating Officer and Executive Director, Prysmian Group + Proposed Candidate as CEO at the 2024 Annual General Meeting (April)): See the full profile on EMR Executive Services
More information on Maria Cristina Bifulco (Group Chief Sustainability Officer & Group Investor Relations Director, Prysmian Group): See the full profile on EMR Executive Services
More information on The Science Based Targets initiative (SBTi): https://sciencebasedtargets.org/ + The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050.
The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi 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.
- Defines and promotes best practices in emissions reductions and net-zero targets in line with climate science.
- Provides target setting methods and guidance to companies to set science-based targets in line with the latest climate science.
- Includes a team of experts to provide companies with independent assessment and validation of targets.
- Serves as the lead partner of the Business Ambition for 1.5°C campaign, an urgent call to action from a global coalition of UN agencies, business and industry leaders that mobilizes companies to set net-zero science-based targets in line with a 1.5 degrees C future.
More information on IEA (International Energy Agency): https://www.iea.org + The IEA is at the heart of global dialogue on energy, providing authoritative analysis, data, policy recommendations, and real-world solutions to help countries provide secure and sustainable energy for all.
The IEA was created in 1974 to help co-ordinate a collective response to major disruptions in the supply of oil. While oil security this remains a key aspect of our work, the IEA has evolved and expanded significantly since its foundation.
Taking an all-fuels, all-technology approach, the IEA recommends policies that enhance the reliability, affordability and sustainability of energy. It examines the full spectrum issues including renewables, oil, gas and coal supply and demand, energy efficiency, clean energy technologies, electricity systems and markets, access to energy, demand-side management, and much more.
Since 2015, the IEA has opened its doors to major emerging countries to expand its global impact, and deepen cooperation in energy security, data and statistics, energy policy analysis, energy efficiency, and the growing use of clean energy technologies.
More information on Net Zero: https://www.iea.org/reports/net-zero-by-2050 + The number of countries announcing pledges to achieve net zero emissions over the coming decades continues to grow. But the pledges by governments to date – even if fully achieved – fall well short of what is required to bring global energy-related carbon dioxide emissions to net zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5 °C. This special report is the world’s first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth. It sets out a cost-effective and economically productive pathway, resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels. The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioral changes in reaching net zero.
More information on Dr. Fatih Birol (Executive Director, International Energy Agency): https://www.iea.org/contributors/dr-fatih-birol
More information on CDP: http://www.cdp.net/ + CDP is a global non-profit that runs the world’s environmental disclosure system for companies, cities, states and regions. Founded in 2000 and working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions. Fully TCFD aligned, CDP holds the largest environmental database in the world, and CDP scores are widely used to drive investment and procurement decisions towards a zero carbon, sustainable and resilient economy. CDP is a founding member of the Science Based Targets initiative, We Mean Business Coalition, The Investor Agenda and the Net Zero Asset Managers initiative.
More information on Paul Simpson (CEO, CDP): https://www.cdp.net/en/articles/media/paul-simpson-to-step-down-as-ceo-of-cdp-after-two-decades-of-leadership
More information on the United Nations: https://www.un.org/ + Peace, dignity and equality on a healthy planet.
The United Nations is an international organization founded in 1945. Currently made up of 193 Member States, the UN and its work are guided by the purposes and principles contained in its founding Charter.
The UN has evolved over the years to keep pace with a rapidly changing world.
But one thing has stayed the same: it remains the one place on Earth where all the world’s nations can gather together, discuss common problems, and find shared solutions that benefit all of humanity.
The main parts of the UN structure are the General Assembly, the
Security Council, the Economic and Social Council, the Trusteeship Council, the International Court of Justice, and the UN Secretariat. All were established in 1945 when the UN was founded.
More information on António Guterres (Secretary-General, United Nations): https://www.un.org/sg/en/content/sg/biography
More information on the United Nations Sustainable Development Goals (SDG):
- United Nations Global Compact (UNGC): https://www.unglobalcompact.org + The world’s largest corporate sustainability initiative: a call to companies to align strategies in operations with universal principles on human rights, labour, environment and anti corruption, and take actions that advance societal goals.
- At the UN Global Compact, we aim to mobilize a global movement of sustainable companies and stakeholders to create the world we want. That’s our vision.
- To make this happen, the UN Global Compact supports companies to:
- Do business responsibly by aligning their strategies and operations with Ten Principles on human rights, labour, environment and anti-corruption; and
- Take strategic actions to advance broader societal goals, such as the UN Sustainable Development Goals, with an emphasis on collaboration and innovation.
- To make this happen, the UN Global Compact supports companies to:
- United Nations Global Compact 10 Principles:
- Human Rights
- Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
- Principle 2: make sure that they are not complicit in human rights abuses.
- Labour
- Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
- Principle 4: the elimination of all forms of forced and compulsory labour;
- Principle 5: the effective abolition of child labour; and
- Principle 6: the elimination of discrimination in respect of employment and occupation.
- Environment
- Principle 7: Businesses should support a precautionary approach to environmental challenges;
- Principle 8: undertake initiatives to promote greater environmental responsibility; and
- Principle 9: encourage the development and diffusion of environmentally friendly technologies.
- Anti-Corruption
- Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.
- Human Rights
- The 17 SDGS (Sustainable Development Goals) by 2030:
- Detailed explanation of each of the 17 SDGS: https://www.unglobalcompact.org/sdgs/17-global-goals
![](https://emr-ag-online.s3.amazonaws.com/1626440723985.png)
More information on Sanda Ojiambo (UN Assistant Secretary-General and CEO of the UN Global Compact, United Nations): https://www.un.org/sg/en/content/profiles/sanda-ojiambo + https://unglobalcompact.org/about/governance/asg-ceo + https://www.linkedin.com/in/sandaojiambo/
More information on The World Resources Institute (WRI): https://www.wri.org/ + WRI is a global research organization that works with governments, businesses, multilateral institutions and civil society groups to develop practical solutions that improve people’s lives and ensure nature can thrive. We organize our work around seven global challenges: Food, Forests, Water, Energy, Climate, the Ocean and Cities. We analyze these issues through the lenses of our four Centers of Excellence: Business, Economics, Finance and Equity.
More information on Ani Dasgupta (President & CEO, World Resources Institute): https://www.linkedin.com/in/aniruddha-dasgupta
More information on World Wildlife Fund (WWF): https://www.worldwildlife.org/ +As the world’s leading conservation organization, World Wildlife Fund works in nearly 100 countries to tackle the most pressing issues at the intersection of nature, people, and climate. We collaborate with local communities to conserve the natural resources we all depend on and build a future in which people and nature thrive. Together with partners at all levels, we transform markets and policies toward sustainability, tackle the threats driving the climate crisis, and protect and restore wildlife and their habitats.
More information on Carter Roberts (President & CEO, WWF): https://www.worldwildlife.org/leaders/carter-roberts + https://www.linkedin.com/in/carter-roberts-09879331/
EMR Additional Notes:
- Carbon Dioxide (CO2):
- Primary greenhouse gas emitted through human activities. Carbon dioxide enters the atmosphere through burning fossil fuels (coal, natural gas, and oil), solid waste, trees and other biological materials, and also as a result of certain chemical reactions (e.g., manufacture of cement). Carbon dioxide is removed from the atmosphere (or “sequestered”) when it is absorbed by plants as part of the biological carbon cycle.
- Decarbonization:
- Reduction of carbon dioxide emissions through the use of low carbon power sources, achieving a lower output of greenhouse gasses into the atmosphere.
- Global Warming: Global warming is the long-term heating of Earth’s climate system observed since the pre-industrial period (between 1850 and 1900) due to human activities, primarily fossil fuel burning, which increases heat-trapping greenhouse gas levels in Earth’s atmosphere.
- Global Warming potential (GWP):
- The heat absorbed by any greenhouse gas in the atmosphere, as a multiple of the heat that would be absorbed by the same mass of carbon dioxide(CO2). GWP is 1 for CO2. For other gases it depends on the gas and the time frame.
- Carbon dioxide equivalent (CO2e or CO2eq or CO2-e) is calculated from GWP. For any gas, it is the mass of CO2 which would warm the earth as much as the mass of that gas. Thus it provides a common scale for measuring the climate effects of different gases. It is calculated as GWP times mass of the other gas. For example, if a gas has GWP of 100, two tonnes of the gas have CO2e of 200 tonnes.
- GWP was developed to allow comparisons of the global warming impacts of different gases.
- Greenhouse Gas (GHG):
- A greenhouse gas is any gaseous compound in the atmosphere that is capable of absorbing infrared radiation, thereby trapping and holding heat in the atmosphere. By increasing the heat in the atmosphere, greenhouse gases are responsible for the greenhouse effect, which ultimately leads to global warming.
- The main gases responsible for the greenhouse effect include carbon dioxide, methane, nitrous oxide, and water vapor (which all occur naturally), and fluorinated gases (which are synthetic).
![](https://emr-ag-online.s3.eu-central-1.amazonaws.com/1640248177846.jpeg)
- Hydrofluorocarbons (HFC):
- Hydrofluorocarbons (HFCs) are a group of industrial chemicals primarily used for cooling and refrigeration. HFCs were developed to replace stratospheric ozone-depleting substances that are currently being phased out under the Montreal Protocol on Substances that Deplete the Ozone Layer.
- Many HFCs are very powerful greenhouse gases and a substantial number are short-lived climate pollutants with a lifetime of between 15 and 29 years in the atmosphere.
- The Paris Agreement (COP 21):
- The Paris Agreement is a legally binding international treaty on climate change under UNFCC. It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016.
- Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
- To achieve this long-term temperature goal, countries aim to reach global peaking of greenhouse gas emissions as soon as possible to achieve a climate neutral world by mid-century.
- The Paris Agreement is a landmark in the multilateral climate change process because, for the first time, a binding agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects.
- The Paris Agreement is a legally binding international treaty on climate change under UNFCC. It was adopted by 196 Parties at COP 21 in Paris, on 12 December 2015 and entered into force on 4 November 2016.