Tiffany & Co is the first luxury jeweller to receive approval from the SBTi (Science-Based Targets initiative) on its net zero emissions targets, which include reducing Scope 3 emissions by 40% by 2030.
The retailer is also on target to meet its pledges to reduce Scope 1 and 2 emissions by 70% by 2030, compared to its 2019 baseline.
Gaining STBi approval confirms that Tiffany’s climate goals align with the Paris Agreement to reduce emissions, tackle global warming and restrict it to less than 1.5°C above pre-industrial levels, helping to prevent the worst impacts of climate change.
In 2022 the retailer reduced its emissions across Scopes 1, 2 and 3 by 33%. It plans to achieve a 90% reduction across all emission types by 2040, with another 10% reduced by carbon removals.
Tiffany currently sources 91% of its global electricity from renewable sources, including on-site solar and renewable electricity credits in more than 25 countries. It also has on-site renewable electricity credits in more than 25 countries.
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The company’s landmark New York store is also on track to receive both WELL platinum certification and Leadership in Energy and Environmental Design Gold Certification, joining over 35 stores, offices and manufacturing sites in the brand’s portfolio.
A supplier engagement programme will also see Tiffany & Co partnering with key suppliers on decarbonisation.
The news comes after the brand received backlash for an advert which featured Beyoncé and Jay Z posing with its jewellery in front of a Jean-Michel Basquiat painting. Critics said they were linked with conflict and the artist would not have approved.
At the time Tiffany issued a statement saying that the brand was committed to responsible sourcing.
For a company to join the SBTi its targets have to be assessed as clearly defined and science-based, with both short and long-term targets fully validated. A 2023 update means that participating businesses will also have to submit their targets for review within 24 months.
