Luxury jeweler Tiffany & Co. announced on Tuesday that it is the first in its industry to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target.
The approval confirms that Tiffany & Co.’s emissions reduction goals align with the latest climate science and are in line with the urgent need to limit global warming to 1.5°C as outlined in the Paris Agreement.
The SBTi has verified Tiffany & Co.’s long-term target of achieving net-zero greenhouse gas emissions across its operations (Scope 1 and 2) and supply chain (Scope 3) by 2040. Moreover, Tiffany & Co. has also received approval for its 2030 near-term greenhouse gas reduction target.
By 2030, Tiffany & Co. aims to reduce Scope 1 and 2 emissions 70% against a 2019 baseline, along with a 40% reduction in Scope 3 emissions against the same baseline. The company has already made significant progress towards these targets, achieving a 33% reduction in both Scope 1 and 2 emissions, as well as Scope 3 emissions in 2022.
To reach a 90% reduction of Scope 1, 2 and 3 emissions by 2040, Tiffany & Co. plans to engage and decarbonize its entire value chain, focusing on deep and rapid emission cuts guided by climate science and industry best practices. The company has also developed a comprehensive roadmap, engaging all functions internally, to meet its ambitious goals.
Other endeavors include Tiffany & Co.’s flagship store in New York City, which reopened in April, with a significant investment in environmental, health, and well-being initiatives. The store is on track to receive WELL Platinum certification and Leadership in Energy and Environmental Design (LEED) Gold certification.
Furthermore, Tiffany & Co. has been investing in solar energy since 2006, with on-site solar installations at five locations worldwide. The company plans to expand this investment in 2023 by installing solar panels at its diamond polishing facility in Botswana and jewelry manufacturing site in Lexington, Kentucky.
Currently, Tiffany & Co. sources 91% of its global electricity from clean, renewable sources, including on-site solar and renewable electricity credits in over 25 countries.
Looking ahead, Tiffany & Co. is also in the process of rolling out a supplier engagement program to partner with key suppliers on decarbonization and plans to launch pilot engagements by the end of the year.
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