The HELLENIC CABLES Group of Companies is one of the largest cable industries in Greece and owns five production plants, three in Greece and two abroad.
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ECONOMY
BUSINESS: 338 PRACTICES
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Initiative
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HELLENIC CABLES Member of CENERGY HOLDINGS
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Objective Action
Hellenic Cables has adopted a long-term business approach based on sustainable development (three ESG pillars – Environmental, Social, Governance). In this context, it proceeded to formulate and adopt a strategy for sustainable development ("ESG Strategy"), evaluating all relevant ESG risks as well as the opportunities presented in the new business environment that is being formed, in order to integrate them into its business strategy.
Target Audience
The Strategy is aligned with global trends, challenges and initiatives in the sector and sustainable development in general, as well as the demand and expectations of the market and Hellenic Cables stakeholders. Furthermore, considering that Hellenic Cables:
- It is the largest cable producer in Greece and South-Eastern Europe, active in the energy transmission and distribution markets in the sectors of renewable energy sources, telecommunications and data transfer, construction and industry, and stands out for its strong export orientation.
- It contributes to the energy transition for a climate-neutral economy, through the provision of appropriate product solutions (RES projects and electrical interconnection of islands).
- It contributes to improving the standard of living of societies through its products that carry electricity, support telecommunications, as well as various applications of modern information technologies.
the development of this action concerns and addresses all the Company's stakeholders as well as the wider business community.
Duration
Hellenic Cables' ESG Strategy for guiding and achieving sustainable development goals includes medium and long-term goals (it is timeless).
Description
The development of the ESG Strategy is consistent with the European Green Deal and its requirements, the European goals for climate neutrality by 2050, the strict regulatory framework under which the Company operates, as well as a variety of sustainability factors, such as the effects of climate change , water availability, responsible supply chain, health and safety, the development of business capabilities, as well as recent challenges in the energy sector that may affect Hellenic Cables.
Hellenic Cables' ESG Strategy is based on four pillars:
1 – Establishing and updating corporate policies: The ESG Strategy refers to the adoption of seven key policies that cover the entire range of sustainable development issues (environment, society and governance). Each policy is thoroughly tested by "investor rating" metrics, internal and external controls for adequate due diligence on important regulatory compliance issues, and appropriate governance measures to ensure transparency and accountability.
2 – Establishment of performance measurement indicators: In order to ensure a comprehensive and systematic ESG strategic approach, Hellenic Cables is in the process of developing strategic objectives and performance indicators (KPIs) on topics including:
- the gradual replacement of all electricity supply with Renewable Energy Sources (RES)
- committing to specific short- and long-term carbon reduction targets for all carbon-intensive activities
- the evaluation of the leading suppliers based on ESG criteria
- the development of a five-year action plan aimed at improving and further improving corporate health and safety
3 – Product certifications: The organization is particularly focused on increasing its product certifications, seeking to demonstrate in practice its contribution to sustainable development.
- Since copper is a key raw material for the production process of Hellenic Cables, the Company has joined as a partner in the responsible production assurance framework The Copper Mark, in order to evaluate environmental and social criteria during the production of copper. Certification for secondary producers is expected to begin in 2023.
- As a secondary aluminum producer, Hellenic Cables is also exploring participation in similarly established industry assurance frameworks (ASI – Aluminum Stewardship Initiative, end 2022).
- Additionally, Hellenic Cables is currently working on Life Cycle cable studies, focusing on issuing Environmental Product Declarations (EPD).
4 – Commitment to supply chain responsibility: For Hellenic Cables, responsibility in the supply chain and the promotion of sustainability among all its suppliers are of due importance. During 2021, it updated its Supplier code of conduct, promoting responsible practices in the supply chain as well, and additionally carried out an assessment of its key suppliers, based on ESG criteria.
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Impact on Society
The detailed results of the ESG Strategy are described in Hellenic Cables' annual Sustainability Report which has been published continuously since 2007.
Initiative Location
It concerns all cable production activities in Greece and Romania.
Working with Organization
In order to achieve the goals set in the ESG Strategy, partnerships will be developed with many different agencies.
Workers Participation
The successful development and implementation of the Company's ESG Strategy is based both on guidance from the organization's Management (top-down approach) and on the contribution of its employees (bottom-up approach). The directions of the strategy have been formed based on the aforementioned factors (internal and external), but the individual actions, indicators and action plans have been designed and will be finalized in direct collaboration with the production units and those responsible for the respective issues.
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Benefits for Οrganization
The ESG Strategy is aligned with global trends, challenges and initiatives in the industry and sustainable development in general, as well as the demand and expectations of the market and Hellenic Cables stakeholders.
With a sustainable way of growing as a key operating pillar, Hellenic Cables always seeks to grow and meet the needs of the present, without compromising the ability of future generations to meet their own needs.
Hellenic Cables seeks to be a leader in the industry, not only in terms of its products and services, but also in terms of the practices it applies and for the protection of the environment and the development of the local communities in which it operates.
Through this initiative, the organization adopts a more holistic, systematic and proactive approach to the integration of sustainability issues into corporate practices and actions, focusing not only on the responsible operation of the organization itself, but also its suppliers and business partners. of partners. In this way, it also achieves more efficient management of any risks associated with sustainable development issues, and immediately recognizes the opportunities that may present themselves.
Connection with Global Goals
More Initiatives from Organization
Commitment to decarbonise, according to the Science Based Targets (SBTi) Net-Zero standard
Commitment to supply chain responsibility
Continuous effort on Environmental Friendly Products
Environmental Management System certified in accordance with ISO 14001
Health and Safety matters to all of us!
Reduce, Reuse, Recycle
Submission System of new ideas and proposals by the employees
The Business Continuity Plan (BCP) as a key pillar of our Sustainable Development Strategy.