Tiffany gold will be green. In a proactive sense, that is, more sustainable. The American Maison controlled by the French group Lvmh announces an ecological turning point, with the aim of “accelerate its commitment to the fight against climate change with the commitment to achieve zero net emissions of greenhouse gases (GHG) in all its operations (Scope 1 and 2) and supply chain (Scope 3) by 2040 in compliance with the Net-Zero Standard of the Science Based Targets Initiative (SBTi). It’s not an easy goal. On the other hand, with the arrival of the French group on the bridge, the company has taken on connotations that are increasingly sensitive to social issues. And consumers, especially the younger ones, have expressed their appreciation for environmental protection policies.
Tiffany & Co., with this in mind, has set a short-term GHG reduction goal for 2030 in line with SBTi’s Net-Zero Standard. By 2030, the New York City company is committed to reducing Scope 1 and 2 emissions by 70 percent: emissions generated by Tiffany operations, such as stores, distribution centers, manufacturing and offices. Not only that: the brand wants to reduce Scope 3 emissions by 40%, i.e. those generated in the supply chain, which represent the vast majority of the Maison’s ecological footprint. The commitment to zero the climate footprint by 2040 precedes the Paris Climate Agreement by ten years. Additionally, Tiffany is responding to climate scientists’ call to keep warming to no more than 1.5 degrees Celsius to prevent climate change from worsening.
But that’s not all: the next step is the net-zero goal, which will include a 90% reduction of Scope 1, 2 and 3 emissions by 2040. The remaining 10% of emissions will be neutralized by 2040, with removals of carbon thanks to Tiffany’s investments in nature-based solutions. Usually this translates, for example, into a policy of planting trees in some areas of the Earth. Tiffany also summarized her next moves, which we report below:
• Towards 100% sourcing of precious metals (gold, silver and platinum) from known recycled sources. Sourcing of recycled precious metals could reduce carbon emissions associated with metal sourcing by up to 90%, resulting in significant advances in Tiffany’s Scope 3 purchased goods and services category.
* This emissions reduction was calculated based on 2021 gold, silver and platinum procurement volumes and assumes 2022 procurement volumes will be consistent with 2021 volumes.
• Investing in sustainable transport, including a new partnership with Toshi, winner of the sixth Lvmh Innovation Award and last mile luxury delivery and services company. Founded in 2017, Toshi offers customer-scheduled 60-minute deliveries for luxury customers online and executes all deliveries with zero carbon emissions. Tiffany & Co. will launch with Toshi in New York and London in 2022, with plans to expand to other cities in 2023.
• Construction and renovation of more sustainable buildings across its retail, manufacturing, office and distribution sites. All major new construction, expansions, renovations and interior fittings are in the planning stage for Leadership in Energy and Environmental Design (LEED) Silver or higher certification.
• Use 100% renewable electricity by 2030 and invest in operational energy efficiency initiatives. In 2021, 89 percent of Tiffany’s global electricity consumption came from clean, renewable sources, including power generated by solar panels at Tiffany & Co. locations and purchased renewable electricity credits. Tiffany & Co. will continue to invest in energy efficiency improvements such as LED lighting, HVAC (heating, ventilation, air conditioning and cooling) upgrades, and improved building management systems.
• Expand investment in nature-based solutions, building on the House’s long heritage in protecting natural ecosystems. Tiffany & Co. will continue to prioritize projects that protect and restore natural ecosystems, reduce carbon emissions, and strengthen local communities.