Tiffany & Co. First Luxury Jeweler to See Net-zero Aims Formally Approved
Tiffany & Co. is advancing its net-zero aims with new fanfare.
On Tuesday, the group announced the Science Based Targets Initiative, or SBTi, formally approved its net-zero targets. In 2022, Tiffany & Co. first set the road map detailing net-zero emissions by 2040, or 10 years earlier than what’s outlined in the Paris Climate Agreement.
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Tiffany’s goal falls under the SBTi’s Net-Zero Standard, with interim targets set in the decade ahead of a 2019 baseline. The organization’s approved targets comprise a 70 percent emissions reduction in owned operations by 2030 (Scopes 1 and 2) with a commitment to also reduce Scope 3 emissions by 40 percent in that time frame. The company is on track to meet both targets, having achieved 33 percent greenhouse gas emission reductions in its direct and indirect supply chain in 2022.
By 2040, Tiffany & Co. pledges to reach a 90 percent reduction of Scope 1, 2 and 3 emissions. To achieve this, the group’s sustainability plan spans investments in everything from renewable energy to green building credentials, sustainable transportation innovation and supplier decarbonization programs. The remaining 10 percent of emissions are to be offset through Tiffany & Co.’s carbon removal investments, including investments in nature-based solutions, among them a forest conservation project in Kenya’s Chyulu Hills.
Other endeavors are in motion at the jeweler. Earlier this year, Tiffany & Co. reopened its Landmark flagship in New York City with a significant focus on sustainability. The Landmark is on track to receive both WELL Platinum certification, for indoor air quality and health, and Leadership in Energy and Environmental Design Gold certification, joining more than 35 sites in the brand’s portfolio that have been LEED-certified. Last year, Tiffany also launched its Atrium platform to amplify diversity, equity and inclusion initiatives. And on the giving front, the Tiffany & Co. Foundation recently reached a new $100 million grant-making milestone with land and ocean conservation earmarked as priority.
In addition to an investment in building credentials across its portfolio, starting in 2006, Tiffany & Co. installed on-site solar at five locations globally, including the Dominican Republic, Cambodia, Rhode Island and two facilities in New Jersey. The house plans to expand this solar investment in 2023, eyeing facilities in Botswana and Kentucky. Currently, Tiffany & Co. sources 91 percent of global electricity from renewable sources in more than 25 countries of operation.
As for what else is in store, the house is rolling out a decarbonization program for its suppliers with pilot programs to launch by year-end 2023, according to the company.
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