Commercial, GHG Emissions - September 20, 2021
Pandora Releases Plan to Reach Net-Zero Emissions by 2040
Pandora announced Sept. 14 new targets to reduce its operational and supply chain greenhouse gas emissions by 50% between 2019 and 2040.
The jewelry company released a set of new financial targets for the company and the expansion of its business plan as the company continues to grow. As its manufacturing capacity expands by nearly 60% annually, Pandora plans to ensure its sustainability targets and decarbonization plan keep up with that growth.
To reduce emissions from its own operations, Pandora plans to implement energy-saving initiatives and expand its use of renewable energy. In 2020, the company achieved 100% renewable energy use at its crafting facilities and now plans to purchase clean energy for its stores and distribution centers.
Emissions from Pandora’s value chain, including from raw materials, packaging, transportation and franchise stores, account for more than 80% of its total carbon footprint. By collaborating with its suppliers, Pandora hopes to reduce these emissions by 42% by 2030.
With these updates, Pandora also committed to becoming net-zero by 2040, building on a previous announcement to be carbon neutral in its own operations by 2025. After reducing its own climate footprint, remaining unavoidable emissions will be addressed through carbon removal or offsets.
All of its emissions targets were approved by the Science Based Targets initiative.
“The climate crisis is the most urgent issue of our time, and companies must do what they can to find the necessary solutions,” CEO Alexander Lacik said in a statement. “Our commitment will prepare Pandora for the low-carbon economy of the future and hopefully contribute to positive change in the jewellery industry. We have a clear line of sight to how we will achieve most of our emission reductions, but we also realize that we do not yet have all the answers. We will call on our suppliers and business partners to help us make this reality.”
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