Sustainable jewelry, but also environmentally friendly jewelry companies: Tiffany & Co. has announced that it has become the first in the luxury segment to receive approval from the Science Based Targets Initiative (SBTI) for its net zero emissions goal. It is an initiative that is a collaboration between the CDP (Carbon Disclosure Project), the United Nations Global Compact, the World Resources Institute and the World Wide Fund for Nature. Since 2015, more than a thousand companies have joined the initiative to set a science-based climate target.
Now among these there is also Tiffany, which has set itself the goal of achieving net zero emissions by 2040. Reducing emissions is, as even the stones know by now, the need to keep heating at 1.5 degrees Celsius, in line with the Paris Agreement. Sbti verified Tiffany & Co.’s long-term goal of achieving net zero greenhouse gas emissions in its operations and supply chain by 2040 in accordance with the Science Based Targets Net-Zero Standard of the ‘initiative.
Tiffany & Co. has also received approval for its near-term 2030 greenhouse gas reduction goal: the company is committed to reducing emissions by 70% from a 2019 baseline. galaxy Lvmh is committed to reducing emissions from sources not owned or controlled by 40% by 2030 compared to 2019. The Maison is on track to achieve both of these goals, having achieved 33% reductions in the first two goals. A milestone that, according to the company, in the near term will represent a significant milestone towards net zero, which will include a 90% reduction in emissions by 2040. The zero emissions goal will require the commitment and decarbonisation of the entire value chain.
The stages of sustainability
In 2022, Tiffany & Co. collaborated internally across functions to build a roadmap to achieve this goal, including a variety of levers that span the entire company, from raw material sourcing and supplier engagement to manufacturing, distributing and transporting products, and building and operating retail stores.
In April 2023, the Tiffany & Co. New York City landmark reopened with a significant investment in leading environmental, health and wellness initiatives designed to operate sustainably for years to come. The store is on track to receive both Well Platinum and Leed Gold certification (building sustainability certifications), joining more than 35 retail stores, offices and manufacturing sites in the brand’s portfolio that have achieved LEED certification.
Since 2006, the company always recalls, Tiffany & Co. has installed photovoltaic systems on site in five locations around the world: Dominican Republic, Cambodia, Rhode Island and two office and distribution facilities in New Jersey. The House plans to expand this investment in 2023 with solar installations at its diamond polishing facility in Botswana and jewelry manufacturing site in Lexington, Kentucky. Tiffany currently derives 91 percent of global electricity from clean, renewable sources, including solar and on-site renewable electricity credits in more than 25 countries where it operates. Finally, it is in the process of launching a supplier engagement program to work with key suppliers on decarbonization and expects to launch pilot engagements later this year.