Tiffany & Co. has achieved a significant milestone as the high-end jewellery brand obtained approval from the Science Based Targets initiative (SBTi) for its net-zero emissions objective. This validation affirms that Tiffany & Co.’s ambitions for reducing emissions are aligned with current climate science and are congruent with the critical objective of restricting global warming to 1.5°C, as stipulated in the Paris Agreement.
Tiffany & Co. has received verification from the SBTi for its long-term goal of achieving net-zero greenhouse gas emissions in its operations (Scope 1 and 2) and supply chain (Scope 3) by 2040. Additionally, the company has obtained approval for its near-term greenhouse gas reduction target for 2030.
By 2030, Tiffany & Co. aims to reduce Scope 1 and 2 emissions by 70 percent compared to a 2019 baseline and achieve a 40 percent reduction in Scope 3 emissions using the same baseline. The company has already made significant strides towards these targets, accomplishing a 33 percent reduction in Scope 1 and 2 emissions, as well as Scope 3 emissions in 2022.
To reach a remarkable 90 percent reduction in Scope 1, 2, and 3 emissions by 2040, Tiffany & Co. has devised a comprehensive roadmap that involves engaging and decarbonising its entire value chain. This approach focuses on implementing swift emission cuts guided by climate science and industry best practices. The company is actively involving all internal functions to ensure the successful realisation of its goals.
In addition to its emissions reduction efforts, Tiffany & Co. has made significant investments in environmental, health, and well-being initiatives at its flagship store in New York City, which reopened in April. The store is on track to receive prestigious certifications such as WELL Platinum and Leadership in Energy and Environmental Design (LEED) Gold.
Tiffany & Co. has been a proponent of solar energy since 2006 and currently has on-site solar installations at five locations worldwide. In 2023, the company plans to expand its solar energy investments by installing solar panels at its diamond polishing facility in Botswana and jewellery manufacturing site in Lexington, Kentucky. Tiffany & Co. sources 91 percent of its global electricity from clean, renewable sources, using on-site solar power and renewable electricity credits across more than 25 countries.
Tiffany & Co. actively develops a supplier engagement program to collaborate with key suppliers on decarbonisation efforts. The company plans to initiate pilot engagements by the end of the year as part of its commitment to sustainability and driving positive change throughout its supply chain.
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