Climate Change Ambition

Our goal is to become global leaders in sustainability. To do this, in 2021 we formalized the strategic approach that guides our activities on combating climate change, the Climate Change Ambition.

The ambition is to achieve carbon neutrality along our entire value chain by 2050, following a step-by-step path with a number of intermediate targets endorsed, along with long-term targets, by the Science Based Targets initiative (SBTi). The Climate Change Ambition aims to position the Group as a major technology player in the transition to low-carbon energy.

Target Science Based

In 2023, Prysmian obtained official validation by the Science-Based Targets initiative (SBTi) of its decarbonization targets:

  1. Overall Net-Zero Target - net zero GHG emissions along the entire value chain by 2050;
  2. Short-term goals - reduction of Scope 1 and 2 GHG emissions – in absolute terms – by 47% by 2030, compared to emissions recorded in the year 2019; reduction of Scope 3 GHG emissions – in absolute terms – by 28% over the same time horizon.
  3. Long-term targets (net zero) - reduction of the Scope 1 and 2 emissions – in absolute terms – by 90% by 2035; reduction of the Scope 3 emissions – in absolute terms – by 90% by 2050, compared to emissions recorded in the year 2019.

These goals include phasing out SF6 emissions and using 100% renewable energy for electricity consumption. To achieve them we will invest about Euro 100 million over 10 years in all Global Operations at our more than 100 sites.

The efforts made by the company have already shown promising results. Also in 2023, during Capital Markets Day Prysmian announced that it was ahead of its decarbonization targets, anticipating in 2027 a -45% reduction in Scope 1 and 2 emissions, and a -23% reduction in Scope 3 emissions.

Based on this commitment and in line with the SBTi-approved net-zero trajectory, we decided in January 2024 to set a goal of achieving a percentage reduction in Scope 1 and 2 emissions of between -55% and -60% in 2030, as compared to -47% approved by SBTi. This target represents the Group's further commitment to the process of decarbonizing its operations by implementing internal solutions and processes that further limit its impact on the environment.