Commercial, Energy Efficiency, GHG Emissions, Commercial, Finance, Sourcing Renewables  -  September 29, 2017

Tiffany & Co. will offset all US electricity use with RECs

On the path to a net zero greenhouse gas emissions goal, Tiffany & Co. said Sept. 27 that it is purchasing renewable energy credits equivalent to 100% of its U.S. electricity use in 2017.

The investment in solar renewable energy credits was made in Utah, where much of Tiffany's gold and silver is mined, the luxury retailer said in a news release. 

Tiffany is aiming to achieve net zero emissions globally by 2050. In line with that target, the company said it will also use regionally sourced renewable energy credits to account for 100% of the respective electricity use from its stores and facilities across more than 20 countries including Canada and China.  Combined, the efforts will offset about 85% of Tiffany’s worldwide electricity use in 2017.

"Given the current administration's withdrawal from the Paris Climate accord, every company committed to responsible business is compelled to act," Chairman and interim CEO Michael Kowalski said in a statement. "We are proud to do our part to help contain greenhouse gas emissions, and given the catastrophic consequences of global warming, we must do more." 

The company said the announcement builds on previous energy and climate actions, including a focus on energy efficiency and reducing GHG emissions from its operations by 15% between 2013 to 2020. Between 2015 and 2016, the company says its Scope 1 and 2 emissions decreased by 5% even as its global footprint grew by nearly 2%.