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Tiffany & Co. Recognized by SBTi for Net Zero Emission Target

Iran Kenna

Jun 30, 2023

Tiffany & Co. Becomes the first jewelry brand to be recognized by SBTi for its net zero emissions goal.

American luxury jewelry brand Tiffany & Co. (Tiffany) announced that it has become the first luxury jewelry brand whose "net zero emission target has been recognized by SBTi (Science Based Targets Initiative)".

SBTi is jointly sponsored by the CDP, the United Nations Global Compact (UNGC), the World Resources Institute (WRI), and the World Wildlife Fund (WWF) to jointly address global climate change. Its science-based carbon emission targets can help companies and organizations understand the necessary emission reductions required by their businesses to meet the limits set by the Paris Agreement and limit warming to 1.5 degrees Celsius, so as to achieve the goal of carbon neutrality for enterprises and organizations.

Tiffany said that the long-term goal of "realizing net zero greenhouse gas emissions by 2040" set by the company, which was recognized this time, is in line with the latest climate science and in line with the "Paris Agreement" to control the temperature increase within 1.5 °C for urgent needs. According to Tiffany's long-term goal, by 2040, the company will reduce emissions in its own operations (scopes 1 and 2) and supply chain (scope 3) by 90%, and at the same time, the remaining 10% of carbon emissions will be increased by the company. Offset investments in nature-based solutions and carbon removal projects to achieve net-zero greenhouse gas (GHG) emissions.

In addition, Tiffany's near-term goal of reducing greenhouse gas emissions by 2030 has also been approved by SBTi. Tiffany has committed to reducing Scope 1 and 2 emissions by 70% from a 2019 baseline and Scope 3 emissions by 40% from a 2019 baseline by 2030.

Tiffany said that in this process, the company will coordinate the active cooperation and decarbonization of the entire value chain and promote the realization of this science-based net zero with in-depth and rapid emission reduction actions under the guidance of climate science and industry best practices.

It is reported that Tiffany’s roadmap for short-term and long-term goals will be completed in 2022. The company’s various departments cooperate internally across functions. The roadmap includes a number of emission reduction measures across the company, involving raw material procurement, supplier cooperation, product manufacturing, distribution and transportation, and the construction and operation of boutiques. At present, the efforts made by Tiffany have achieved initial results. By 2022, Scope 1, Scope 2, and Scope 3 emissions will have all achieved a 33% reduction.

In April 2023, Tiffany's Landmark store on Fifth Avenue in New York will be reopened after renovations. To ensure the sustainable operation of its flagship store, Tiffany invests heavily in environmental protection, health, and welfare programs.

According to Tiffany's disclosure, the brand's New York landmark store (pictured above) is expected to obtain WELL (healthy building) platinum certification and LEED (Leadership in Energy and Environmental Design) green building gold certification. At present, more than 35 boutiques, offices, and manufacturing workshops under the brand have obtained LEED certification.

Since 2006, Tiffany has also installed solar facilities (on-site solar) in five locations in the Dominican Republic, Cambodia, Rhode Island, and an office and a distribution point in New Jersey, and plans to expand this investment in 2023 by installing solar installations at a diamond polishing plant in Botswana and a jewelry manufacturing facility in Lexington, Kentucky.

At present, 91% of Tiffany's global electricity consumption comes from clean renewable energy, including solar energy produced by Tiffany in more than 25 locations of operation and renewable electricity purchased.

Currently, Tiffany is planning to launch a supplier engagement project to work with important suppliers to reduce emissions and plans to launch a pilot cooperation before the end of this year.

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