Tiffany & Co. is the first luxury jewellery brand to receive approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target.
An authority on corporate climate targets, SBTi launched the world’s first Corporate Net-zero Standard. This standard aims to ensure that applicable companies’ net-zero targets translate into action to avoid the worst impacts of climate change by no later than 2050.
This validation confirms that the targets Tiffany & Co. has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5° C in line with the Paris Agreement, reflective of the House’s leadership and commitment to combat climate change within the luxury jewellery space.
Tiffany & Co. has also received approval from SBTi on its 2030 near-term greenhouse gas reduction target. By 2030, Tiffany & Co. pledges to reduce Scope 1 and 2 emissions 70% against a 2019 baseline. Tiffany & Co. has also committed to reducing Scope 3 emissions 40% by 2030 against its 2019 baseline. The House is on track to meet both these targets, having achieved 33% reductions in both Scope 1 and 2 as well as Scope 3 in 2022. This near-term target will be a significant milestone towards Tiffany & Co.’s net-zero target, which will include a 90% reduction of Scope 1, 2 and 3 emissions by 2040. The remaining 10% of emissions is planned to be neutralised by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions.
Tiffany’s science-based net-zero target will require the engagement and decarbonisation of its entire value chain. The House plans to focus on deep and rapid emission cuts to achieve its new ambitious target, guided by climate science and industry best practices.
To learn more about Tiffany’s commitment to net-zero, click here.