The world's largest cable maker said the project, announced during its Sustainability Day, aims to set science-based carbon reduction targets, in line with the Paris Agreement commitment to limit global warming.
Prysmian - which supplies cables for industries ranging from high voltage power transmission to offshore wind-farms, telecoms and cars - said it would further improve the sustainability of its organization and its supply chain and accelerate the development of advanced cable technologies, assets and services.
The amount to be spent is just over half of the capital expenditure Prysmian has planned to 2022.
The company in May pledged to raise the share of revenues from low carbon products to 50% by 2022 and reduce energy consumption by 3% in the same period, as part of plans to cut its carbon footprint.
However, a target set in May to cut carbon emissions by 2-3% by 2022 is expected to be revised to project a more aggressive cut.
($1 = 0.8406 euros)
(Reporting by Cristina Carlevaro and Giulio Piovaccari, editing by Giulia Segreti and Louise Heavens)