Tiffany & Co. is accelerating its plans to combat climate change with a commitment to achieving net zero greenhouse gas (GHG) emissions by 2040 for its own operations (Scope 1 and 2) and supply chain (Scope 3).
The luxury jewelry house, part of LVMH, has pledged its plans in line with the Net-Zero standard of the Science Based Targets Initiative (SBTi), describing climate crises as an “urgent priority”.
To achieve this goal, Tiffany & Co. set a short-term reduction target for 2030 in accordance with SBTi’s Net-Zero Standard. By 2030, Tiffany & Co. reduce scope 1 and 2 emissions by 70 percent. These are the emissions generated by Tiffany’s own operations, such as stores, distribution centers, manufacturing, and offices.
In addition, the American jewelry 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. that the near-term goal would be a major milestone toward the net-zero target, which would include a 90 percent reduction in scopes 1, 2, and 3 emissions by 2040. The remaining 10 percent of emissions will be “neutralized” through high-quality carbon removals through Tiffany & Co.’s extensive investment in nature-based solutions.”
Tiffany & Co. added that all targets are measured from a base year of 2019 and submitted to SBTi for review in September 2022.
Tiffany & Co. aims for net zero greenhouse gas emissions by 2040
To reach net zero, the company said it would need “the engagement and decarbonization of its entire value chain.” As a result, it will focus on “deep and rapid emissions reductions” in raw material procurement, partnering with suppliers, manufacturing and transporting products, operating stores and offices, and employee travel.
This latest sustainability pledge from Tiffany & C0. tracks the move to 100 percent precious metals (gold, silver, and platinum) from known recycled sources. It states that sourcing recycled precious metals could reduce the carbon emissions associated with metal sourcing by as much as 90 percent, which would represent significant progress in the purchased goods and services category of Tiffany’s Scope 3.
The jewelry brand is also investing in sustainable transportation, including a new partnership with Toshi, the winner of the 6th LVMH Innovation Award and luxury last mile service and delivery company. Founded in 2017, Toshi offers 60-minute customer scheduled deliveries for online luxury customers and operates all deliveries with zero net carbon emissions. Tiffany & Co. will launch in 2022 with Toshi in New York and London, with plans to expand to other cities in 2023.
In addition, Tiffany & Co. also started using 100 percent renewable electricity by 2030 and invested in operational energy efficiency initiatives. By 2021, 89 percent of global electricity consumption will come from clean, renewable sources, including energy generated by solar panels at Tiffany & Co. sites. and purchased renewable electricity credits.
This investment in sustainable infrastructure is also reflected in the construction and adaptation plans for the shops, production, offices and distribution sites. All major new construction, expansions, renovations and interior furnishings are designed for Leadership in Energy and Environmental Design (LEED) Silver certification or higher.
Tiffany & Co. also added that they are expanding investments in nature-based solutions and will continue to prioritize projects that “protect and restore natural ecosystems, reduce carbon emissions and strengthen local communities.”
The jewelery house added: “We believe a zero-emissions future is not only possible, it is an urgent priority. In addition to these ongoing efforts, the House will continue to advocate for responsible climate action throughout the supply chain and the wider jewelery industry.”