Jeweler Tiffany & Co targets net-zero by 2040

Jewelry, watches and luxury accessories maker Tiffany & Co on Thursday committed to achieving net-zero greenhouse gas (GHG) emissions across both its own operations and the supply chain by 2040.

The New York City-based House said in a statement that it will be pursuing a near-term target of 70% lower emissions of Scopes 1 and 2, and 40% of Scope 3 by 2030, all measured from a 2019 base year. Its ultimate goal is to achieve a 90% reduction of Scopes 1, 2 and 3 emissions by 2040 and to neutralise the remaining 10% by investing in nature-based solutions.

The company plans to reach its objectives through several initiatives. When it comes to renewable energy consumption, it wants to be utilising 100% renewable electricity by 2030 and to invest in energy efficiency. Last year, 89% of its global electricity needs were covered with renewables, including with solar panels at company locations and renewable electricity credit purchases.

The plan also envisages the construction and retrofitting of more sustainable buildings, sourcing 100% of precious metals from known recycled sources, and investing in sustainable transportation.

Tiffany & Co noted that, in September 2022, it submitted its new targets for review by the Science Based Targets Initiative (SBTi).

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