GlobalData offers a comprehensive analysis of Prysmian, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Prysmian‘s ESG performance. GlobalData’s company profile on Prysmian offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Prysmian, a leading cable manufacturer, has set ambitious net-zero targets to reduce its carbon emissions. The goals approved this year by the Science Based Targets Initiative aim to achieve Net Zero for operational emissions by 2035 and, for indirect emissions, by 2050. Scope 1 and 2 emissions, which include direct emissions from operations and indirect emissions from purchased electricity, will be decarbonized by 2035.
The company achieved a noteworthy milestone by reducing its greenhouse gas emissions to 665,104 tCO2 eq (Scope 1 and 2 Market Based), marking a commendable 24% reduction compared to the baseline in 2019. The company aims to achieve a 48% reduction in global CO2 emissions by 2030, relative to the levels recorded in 2019. Furthermore, the company is committed to reaching its Zero Emissions objective for Scope 1 and 2 by the year 2035. In 2022, the company reported a total of 297,725 tCO2 equivalent in Scope 1 emissions, encompassing direct emissions from combustion, refrigerant gas leaks, and SF6 gas leaks. For Scope 2 emissions, the location-based measurement totaled 501,745 tCO2, while the market-based measurement reached 367,379 tCO2, resulting in a combined Scope 1 and 2 (Location-based) total of 799,470 tCO2. The market-based approach yielded a total of 665,104 tCO2 for Scope 1 and 2. Additionally, the company disclosed Scope 3 emissions at a substantial 269,684,778 tCO2, emphasizing the comprehensive overview of its carbon footprint and commitment to transparency in addressing emissions across all scopes.
Prysmian has already taken steps to reduce its emissions and engage its supply chain in climate action. The company has conducted supply chain inquiries and invited significant suppliers to participate in the CDP Water Security Questionnaire, gathering information on water management and associated risks. The number of supplier responses has increased, indicating a growing commitment to climate action along the supply chain. Prysmian has also identified 170 suppliers and invited them to report their emissions through the CDP Climate Change Questionnaire. This approach allows the company to mitigate risks and propose innovative solutions throughout its value chain.
Prysmian's climate change ambition aligns with the Science Based Targets initiative and the Paris Agreement. The company has set short-term and long-term emissions reduction targets and launched projects to neutralize residual emissions. By being net-zero throughout its entire value chain, Prysmian aims to be a leading technological player in the transition to low-carbon energy. As climate change becomes a key strategic element, Prysmian is committed to the Task Force on Climate-related Financial Disclosures (TCFD) and aims to be a catalyst for TCFD adoption throughout its value chain. The company conducts rigorous scenario analysis to assess the resilience of its business to climate change and continuously refines its assessment methodologies. Prysmian's TCFD program integrates climate-related risks and opportunities into its enterprise risk management, ensuring alignment with its business strategy.
Overall, Prysmian is taking significant steps to reduce its greenhouse gas emissions and achieve its net-zero targets. By engaging its supply chain, adopting renewable energy, and neutralizing residual emissions, the company is positioning itself as a leader in the transition to a low-carbon economy.