Tiffany & Co. has become the first luxury jeweller to receive approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target as it looks to push forward its sustainability goals.
In 2022, Tiffany & Co., part of LVMH, announced a road map detailing net-zero greenhouse gas (GHG) emissions across its own operations (Scopes 1 and 2) and supply chain (Scope 3) by 2040, based on the latest climate science to meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement.
SBTi has verified Tiffany & Co.’s long-term target, in line with its SBTi’s Net-Zero Standard, and approved the jeweller's 2030 near-term greenhouse gas reduction target to reduce Scope 1 and 2 emissions by 70 percent against a 2019 baseline. The company said it has also committed to reducing Scope 3 emissions by 40 percent by 2030 against its 2019 baseline.
Tiffany & Co. also said it was on track to meet both targets, having achieved 33 percent reductions in both Scope 1 and 2 as well as Scope 3 in 2022.
By 2040, Tiffany & Co. pledges to reach a 90 percent reduction of Scope 1, 2 and 3 emissions. The remaining 10 percent of emissions are offset by high-quality carbon removals through its expanded investments in nature-based solutions.
Other sustainability endeavours include the installation of on-site solar at five locations globally, including the Dominican Republic, Cambodia, and Rhode Island, as well as two office and distribution facilities in New Jersey. The house also plans to expand this investment in 2023 with solar installations at its diamond polishing facility in Botswana and jewellery manufacturing site in Lexington, Kentucky. Currently, Tiffany & Co. sources 91 percent of global electricity from clean, renewable sources, including on-site solar and renewable electricity credits in more than 25 countries of operation.
In addition, the jewellery brand is in the process of rolling out a supplier engagement programme to partner with key suppliers on decarbonisation and plans to launch pilot engagements by the end of the year.