News

PRESS RELEASE

 

Brussels, 2 December 2021

 

Hellenic Cables commits to the Science Based Targets initiative in accordance with the new SBTi Net-Zero Standard

 

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 SBTi Net-Zero Standard announced on October 28, 2021 which includes specific near-term (5-10yr) target 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% p.a. and Scope 3 by a minimum of 2.5% p.a. on average, 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 a determinant challenge of our time.  The latest climate science sends a clear warning we must dramatically curb temperature rise to avoid its catastrophic impacts.  Hellenic Cables, as one of the leading cable providers, commits to efficiently support the transitional journey of the industry to achieve a sustainable future. We are committed to adopting a scientific method of quantifying and reducing greenhouse gas (GHG) emissions, steering a clear path towards decarbonization.  By taking such steps, Hellenic Cables proves to its stakeholders it is leading the way in climate change mitigation.”

The submission of the commitment is only the first step.  Next, Hellenic Cables will further develop and specify a clearly-defined path to reduce emissions in line with SBTi’s net-zero criteria and submit it for official validation.

The 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 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 i.e., limit global warming to well below 2°C above pre-industrial levels and pursue efforts to limit warming to 1.5°C.  The SBTi is a collaboration between Carbon Disclosure Protocol (CDP), the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).  To learn more about SBTi read here.

About Cenergy Holdings

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.