Commercial, Energy Efficiency, GHG Emissions - November 22, 2022
Tiffany & Co. Sets SBTi Net Zero Target
Global luxury jeweler Tiffany & Co. pledged to achieve net-zero GHG emissions across Scopes 1, 2 and 3 by 2040 in accordance with the Science Based Targets Initiative’s (SBTi) Net-Zero Standard. Plans also call for a 2030 near-term target to reduce Scopes 1 and 2 emissions by 70% and Scope 3 by 40%.
The company’s 2040 net-zero goal includes a 90% reduction of all Scope emissions. The remaining 10% will be neutralized by high-quality carbon removals through its expanded investments in nature-based solutions, according to a statement from the company.
Among the initiatives Tiffany & Co. will undertake to support this goal are utilizing 100% renewable electricity by 2030 and investing in operational energy efficiency. In 2021, 89% of Tiffany’s global electricity use came from clean, renewable sources including energy generated by solar panels at Tiffany & Co. locations, and purchased renewable electricity credits. Tiffany & Co. will continue to invest in energy efficiency improvements such as LED lighting, HVAC (heating, ventilation, air conditioning, and cooling) upgrades as well as enhancing building management systems.
The company is also investing in sustainable transportation, including a new partnership with Toshi, a luxury last-mile service and delivery company.
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