Italian cabling giant sets up net-zero target

Italian cabling giant Prysmian has set up a target to achieve net-zero for its global operations between 2035 and 2040, as well as for its value chain emissions by 2050.

Prysmian announced the commitments as part of its new Climate Ambition and Social Ambition frameworks.

In terms of Climate Ambition, the plan is to reach net-zero direct (Scope 1) and power-related (Scope 2) emissions between 2035 and 2040, as well as the value chain emissions by 2050 (Scope 3).

With the goal of supporting the development of new submarine and underground power interconnections, chiefly links to and interconnections of offshore wind farms, Prysmian has planned investments of about €450 million by 2022, representing over 50% of total investments, which are also intended to further improve the sustainability of its organisation and supply chain.

The main areas of focus of the company’s new Social Ambition include commitments to improving diversity, equity and inclusion (DE&I), digital inclusion, empowerment of communities, and employee engagement and upskilling.

Prysmian is planning to have 30% of senior leadership roles held by women and more than 500 new female hires with STEM backgrounds by 2030.

The plan is also to have at least 30% of executives from under-represented nationalities/ethnicities and provide local mentoring programs for 500 students coming from minorities.

“Just as we want to play an active role in the energy transition, we want to actively promote the transition towards a more equal, diverse, inclusive and enriched working environment and to positively impact on the development of the communities and societies in which we operate,” said Prysmian’s chief sustainability officer Maria Cristina.

“Our investors are increasingly focused on the social aspect of ESG sustainability. Combined with the governance commitments we announced with formation of our new Board in March, the pledges we are announcing today are not only aligned with our own values but with international best practice and the requirements of ESG focused investors.”