Submitted by Tiffany & Co.
NEW YORK, November 17, 2022 /CSRwire/ - Today, Tiffany & Co. announces its plans to accelerate its commitment to combat climate change with a pledge to achieve net-zero greenhouse gas (GHG) emissions across its own operations (Scopes 1 and 2) and supply chain (Scope 3) by 2040 in accordance with the Science Based Targets Initiative’s (SBTi) Net-Zero Standard.
To meet this goal, Tiffany & Co. has set a 2030 near-term GHG reduction target in alignment with SBTi’s Net-Zero Standard. By 2030, Tiffany & Co. pledges to reduce Scopes 1 and 2 emissions by 70%; these are the emissions generated from Tiffany’s own operations, such as stores, distribution centers, manufacturing and offices. The House has also committed to reduce Scope 3 emissions by 40%; these are the emissions generated in Tiffany’s supply chain and represent the vast majority of the House’s footprint. This near-term target will be a significant milestone towards Tiffany & Co.’s net-zero goal, which will include a 90% reduction of Scopes 1, 2 and 3 emissions by 2040. The remaining 10% of emissions will be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions. Tiffany & Co.’s targets are all measured from a 2019 base year and were submitted to SBTi for review in September 2022.
Tiffany’s goal of reaching net-zero will require the engagement and decarbonization of its entire value chain. The House will focus on deep and rapid emission cuts to achieve its new ambitious target, from the sourcing of raw materials and engagement with suppliers, to the manufacturing and transportation of products, the operation of retail stores and offices and employee travel.
A selection of initiatives that support Tiffany & Co.’s net-zero commitment include:
In committing to net-zero by 2040, 10 years earlier than what is called for in the Paris Climate Agreement, Tiffany & Co. is responding to the urgent call from climate scientists to keep warming to no more than 1.5°C to avoid the worst impacts of climate change.
Tiffany & Co. believes that a net-zero emissions future is not only possible—it is an urgent priority. Beyond these ongoing efforts, the House will continue to advocate for responsible climate action throughout its supply chain and the broader jewelry industry.
About Tiffany & Co.
Tiffany & Co., founded in New York City in 1837 by Charles Lewis Tiffany, is a global luxury jeweler synonymous with elegance, innovative design, fine craftsmanship and creative excellence.
With more than 300 retail stores worldwide and a workforce of more than 14,000 employees, Tiffany & Co. and its subsidiaries design, manufacture and market jewelry, watches and luxury accessories. Over 3,000 skilled artisans cut Tiffany diamonds and craft jewelry in the House’s own workshops, realizing the brand’s commitment to superlative quality.
Tiffany & Co. has a long-standing commitment to conducting its business responsibly, sustaining the natural environment, prioritizing diversity, equity and inclusion, and positively impacting the communities in which it operates. To learn more about Tiffany & Co. and its commitment to sustainability, please visit tiffany.com.
200 Fifth Avenue
New York, NY 10010
Since 1837, Tiffany & Co. has been the world's premier jeweler and America's house of design.
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