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Tiffany & Co. commits to Science-Based Climate Targets

By Danielle Wightman-Stone

Nov 21, 2022

Business

Image: Tiffany & Co.

Tiffany & Co. is accelerating its plans to combat climate change with a pledge to achieve net-zero greenhouse gas (GHG) emissions across its own operations (Scopes 1 and 2) and supply chain (Scope 3) by 2040.

The luxury jewellery house, part of LVMH, has pledged its plans in accordance with Science Based Targets Initiative’s (SBTi) Net-Zero Standard, as it describes the climate crises as an “urgent priority”.

To meet this goal, Tiffany & Co. has set a 2030 near-term GHG reduction target in alignment with SBTi’s Net-Zero Standard. By 2030, Tiffany & Co. will reduce Scopes 1 and 2 emissions by 70 percent. These are the emissions generated from Tiffany’s own operations, such as stores, distribution centres, manufacturing and offices.

In addition, the American jewellery brand has committed to reducing Scope 3 emissions by 40 percent. These are the emissions generated in Tiffany’s supply chain and represent the "vast majority" of its footprint.

In a statement, Tiffany & Co. said the near-term target would be a significant milestone towards its net-zero goal, which will include a 90 percent reduction of Scopes 1, 2 and 3 emissions by 2040. The remaining 10 percent of emissions will be "neutralised by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions."

Tiffany & Co. added that all targets are measured from a 2019 base year 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 decarbonisation of its entire value chain". As a result, it will focus on "deep and rapid emissions cuts” across the sourcing of raw materials, engagement with suppliers, manufacturing and transportation of products, the operation of retail stores and offices and employee travel.

This latest sustainability pledge from Tiffany & C0. follows its move towards 100 percent of precious metals (gold, silver and platinum) from known recycled sources. It states that sourcing recycled precious metals could reduce carbon emissions associated with metals procurement by up to 90 percent, driving significant progress in Tiffany’s Scope 3 purchased goods and services category.

The jewellery brand is also investing in sustainable transportation, including a new partnership with the 6th LVMH Innovation Award winner and luxury last mile service and delivery company, Toshi. Founded in 2017, Toshi offers 60-minute, client-scheduled deliveries for online luxury clients 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.

In addition, Tiffany & Co. has also started utilising 100 percent renewable electricity by 2030 and investing in operational energy efficiency initiatives. In 2021, 89 percent of its global electricity use came from clean, renewable sources including energy generated by solar panels at Tiffany & Co. locations and purchased renewable electricity credits.

This investment in sustainable infrastructure is also being seen with its constructing and retrofitting plans across its retail, manufacturing, offices and distribution sites. All key new construction, expansion, renovations and interior fit-outs are being designed for Leadership in Energy and Environmental Design (LEED) Silver certification or above.

Tiffany & Co. also added that they are expanding investment in nature-based solutions and will continue to prioritise projects that "protect and restore natural ecosystems, reduce carbon emissions and empower local communities".

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

Science-Based Climate Targets
SUSTAINABILITY
Tiffany&Co.