Tiffany & Co has accelerated 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, 10 years earlier than what is called for in the Paris Climate Agreement.
The luxury jewellery house has made the pledge in accordance with Science Based Targets Initiative’s (SBTi) Net-Zero Standard.
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%; these are the emissions generated from Tiffany’s own operations, such as stores, distribution centres, manufacturing and offices.
The LVMH-owned house has also committed to reduce Scope 3 emissions by 40%; these are the emissions generated in Tiffany’s supply chain and represent the “vast majority” of its footprint.
Tiffany said the near-term target would be a significant milestone towards its net-zero goal, which will include a 90% reduction of Scopes 1, 2 and 3 emissions by 2040. The remaining 10% of emissions will be “neutralised by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions.” All targets are measured from a 2019 base year and were submitted to SBTi for review in September 2022.
The company said its goal of reaching net zero would require “the engagement and decarbonisation of its entire value chain”. As a result it said it would 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.
Some of the steps it has taken so far include:
Moving toward sourcing 100% of precious metals (gold, silver and platinum) from known recycled sources. Sourcing recycled precious metals could reduce carbon emissions associated with metals procurement by up to 90%, driving significant progress in Tiffany’s Scope 3 purchased goods and services category.
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.
Constructing and retrofitting more sustainable buildings 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.
Utilising 100% renewable electricity by 2030 and investing in operational energy efficiency initiatives. In 2021, 89% of Tiffany’s global electricity use came from clean, renewable sources including energy generated by solar panels at Tiffany & Co. locations and purchased renewable electricity credits.
• Expanding investment in nature-based solutions and continuing to prioritise projects that “protect and restore natural ecosystems, reduce carbon emissions and empower local communities”.