The Science Based Targets initiative (SBTi) has given Tiffany & Co. approval for their net-zero emissions aim, making it the first premium jeweller to do so. This verification demonstrates that Tiffany & Co.‘s goals to achieve net-zero emissions by 2040 are grounded in the most recent climate science and satisfy the urgent requirement to adhere to the Paris Agreement’s limit of 1.5°C for global warming.
A worldwide non-profit group called the SBTi works with businesses to establish goals for carbon reduction that are supported by science. Companies must show that their goals are in line with the most recent climate science and are ambitious enough to contribute to keeping global warming below 1.5°C in order to gain the SBTi’s approval.
The net-zero goal of Tiffany & Co. takes into account emissions from both its own activities (Scopes 1 and 2) and supply chain (Scope 3). The business aims to cut its greenhouse gas emissions by 90% along its whole value chain by 2040. High-quality carbon reductions will compensate for the remaining 10% of emissions.
Tiffany & Co. has already achieved a sizable portion of its net-zero goal. Through its whole value chain, the company reduced greenhouse gas emissions by 33% in 2022. Tiffany & Co. intends to continue lowering its emissions through a number of initiatives, such as investing in renewable energy sources, enhancing energy efficiency in its buildings, decreasing waste, switching to more environmentally friendly materials, and collaborating with suppliers to lower their emissions.