Energy Efficiency, GHG Emissions, Industrial - July 12, 2023
Tiffany & Co. Receives SBTi Approval for Net-Zero Target
Tiffany & Co. announced it is the first luxury jeweler to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target. The SBTi verified Tiffany & Co.’s long-term target to achieve net-zero GHG emissions across its own operations and supply chain by 2040 in accordance with the SBTi Net-Zero Standard.
Additionally, Tiffany & Co. received approval from the SBTi on its 2030 near-term GHG reduction target. By 2030, Tiffany & Co. pledges to reduce Scope 1 and 2 emissions by 70%. The company also committed to reducing Scope 3 emissions by 40% by 2030 against its 2019 baseline.
The company has made significant progress in achieving these targets, having achieved 33% reductions in both Scope 1 and 2 as well as Scope 3 in 2022. This near-term target will be a significant milestone toward its net-zero target, which will include a 90% reduction of Scope 1, 2, and 3 emissions by 2040. It will neutralize the remaining 10% of emissions through high-quality carbon removals and investments in nature-based solutions.
To reach its science-based net-zero target, the Tiffany store will receive WELL Platinum certification and Leadership in Energy and Environmental Design (LEED) Gold certification, joining over 35 retail stores, offices, and manufacturing sites in the brand’s portfolio that have been LEED-certified.
Starting in 2006, Tiffany & Co. installed on-site solar at five locations in the Dominican Republic; Cambodia; Rhode Island; and two office and distribution facilities in New Jersey. It aims to expand this investment in 2023 with solar installations at its diamond polishing facility in Botswana and jewelry manufacturing site in Lexington, Kentucky.
Currently, Tiffany & Co. sources 91% of global electricity from clean, renewable sources, such as on-site solar and Renewable Electricity Credits (RECs), in more than 25 countries.
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