Italy's Prysmian says 48% of 2020 sales from low carbon products versus 50% target by 2022

FILE PHOTO: Reels of optical fiber cables are seen in a storage area in Perugia, Italy, June 23, 2017. Picture taken June 23, 2017. REUTERS/Alessandro Bianchi/File Photo

MILAN (Reuters) - Italian cable maker Prysmian said on Thursday the share of its revenues from low carbon products stood at 48% last year, close to the 50% target it had set by 2022.

Prysmian last month said it planned to lift its capital expenditure by 100 million euros ($119 million) globally over the next decade in an effort to cut its carbon footprint faster and be net carbon-neutral by 2040.

The group’s energy consumption fell approximately 6% last year compared to 2019, it said in a statement, versus a target for a 3% reduction by 2022.

Last year’s drop in energy consumption, however, was partly due to a sales reduction that followed the global COVID-19 crisis.

Prysmian sales fell 13% last year to just above 10 billion euros.

($1 = 0.8411 euros)

Reporting by Giulio Piovaccari; editing by Agnieszka Flak