Tiffany & Co. is committed to science-based climate goals

Tiffany & Co. is committed to science-based climate goals

Tiffany & Co. is accelerating its plans to fight climate change by committing to achieve net zero greenhouse gas (GHG) emissions in its own operations (Scopes 1 and 2) and supply chain (Scope 3 ) by 2040.

The luxury jewelry house, which is part of LVMH, has committed its plans to the Science Based Targets Initiative (SBTi) Net-Zero standard, as it describes the climate crisis as an “urgent priority”.

To achieve this goal, Tiffany & Co. has set a short-term GHG reduction target for 2030 in accordance with SBTi’s Net-Zero Standard. By 2030, Tiffany & Co. will reduce Scope 1 and 2 emissions by 70%. These are emissions generated by Tiffany’s own operations, such as stores, distribution centers, manufacturing and offices.

Additionally, the American jewelry brand has pledged to reduce Scope 3 emissions by 40%. These are the emissions generated in Tiffany’s supply chain and make up the “vast majority” of its footprint.

In a statement, Tiffany & Co. said the near-term goal would be a significant step towards its net zero goal, which will include a 90% reduction in Scope 1, 2 and 3 emissions by 2040. The remaining 10% of emissions will be “neutralized through high-quality carbon removals through Tiffany & Co.’s increased investments in nature-based solutions.”

Tiffany & Co. added that all targets are measured from a 2019 baseline and were submitted to SBTi for review in September 2022.

Tiffany & Co. targets net zero greenhouse gas emissions by 2040

To reach net zero, the company said it would require “the engagement and decarbonization of its entire value chain.” As a result, it will focus on “deep and rapid emissions reductions” in raw material sourcing, supplier engagement, product manufacturing and transportation, retail store and office operations and employee travel.

This latest sustainability commitment from Tiffany & C0. follows its evolution towards 100% precious metals (gold, silver and platinum) coming from known recycled sources. It states that sourcing recycled precious metals could reduce carbon emissions associated with metal sourcing by up to 90%, leading to significant progress in the purchased goods and services category of Scope 3 of Tiffany.

The jewelry brand is also investing in sustainable transport, notably in a new partnership with Toshi, winner of the 6th LVMH innovation prize and a luxury last-mile service and delivery company. Founded in 2017, Toshi offers 60-minute scheduled deliveries for luxury customers online and executes all deliveries with net zero carbon emissions. Tiffany & Co. will launch with Toshi in New York and London in 2022, with plans to expand to other cities in 2023.

Additionally, Tiffany & Co. has also begun using 100% renewable electricity by 2030 and investing in operational energy efficiency initiatives. In 2021, 89% of its global electricity consumption came from clean and renewable sources, including energy generated by solar panels at Tiffany & Co. sites and the purchase of renewable electricity credits.

This investment in sustainable infrastructure is also reflected in its plans to build and modernize its retail, manufacturing, office and distribution sites. All new construction, additions, renovations and key interior fit-outs are designed to achieve LEED Silver certification or better.

Tiffany & Co. also added that it was increasing its investments in nature-based solutions and would continue to prioritize projects that “protect and restore natural ecosystems, reduce carbon emissions and empower local communities.”

The jewelry house added: “We believe that a zero-net emissions future is not only possible, it is an urgent priority. Beyond these ongoing efforts, the Maison will continue to advocate for responsible climate action throughout its supply chain and the jewelry industry at large.

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