Tiffany & Co. said it has become the first luxury jeweller to receive approval from the Science Based Targets initiative (SBTi) on its net-zero emissions target. This validation confirms that the targets Tiffany & Co. has set to reach net-zero emissions by 2040 are based on the latest climate science and meet the urgent need to keep warming to 1.5°C in line with the Paris Agreement.
The SBTi is a global non-profit organisation that works with companies to set science-based emissions reduction targets. To receive approval from the SBTi, companies must demonstrate that their targets are in line with the latest climate science and are ambitious enough to help limit global warming to 1.5°C.
Tiffany & Co.’s net-zero target includes emissions from its own operations (Scope 1 and 2) and its supply chain (Scope 3). By 2040, the company plans to reduce its greenhouse gas emissions by 90% across its entire value chain. The remaining 10% of emissions will be offset by high-quality carbon removals.
Tiffany & Co. has already made significant progress towards its net-zero target. In 2022, the company achieved a 33% reduction in greenhouse gas emissions across its entire value chain. Tiffany & Co. plans to continue to reduce its emissions through a variety of measures, including investing in renewable energy sources; improving energy efficiency in its facilities; reducing waste; shifting to more sustainable materials; and working with suppliers to reduce their emissions.