With its net-zero targets formally approved by the Science Based Targets Initiative, luxury jewelry house Tiffany & Co. is making big strides toward its sustainability commitments.
Tiffany & Co. first announced its net-zero plan in 2022, aiming to achieve its target a decade before the timeline outlined by the Paris Climate Agreement.
The targets set by Tiffany & Co. align with the standards set out by the SBTi’s Net-Zero Standard. As part of this standard, interim targets have been established based on a 2019 baseline, outlining a pathway to a sustainable future.
“Tiffany believes that a net-zero emissions future is not only possible — it is an urgent priority,” the label said in a statement last year. “Beyond these ongoing efforts, the House will continue to advocate for responsible climate action throughout its supply chain and the broader jewellery industry.”
The SBTi ratified objectives include an ambitious 70 percent reduction in emissions from Tiffany & Co.’s owned operations (Scopes 1 and 2) by 2030. In addition, the luxury jeweler is committed to reducing Scope 3 emissions by 40 percent within the same timeframe. Tiffany & Co. appears to be on target, having already achieved a 33 percent reduction in greenhouse gas emissions in its direct and indirect supply chain in 2022.
The jeweler’s commitment to sustainability extends beyond 2030; by 2040, Tiffany & Co. plans to slash its Scope 1, 2, and 3 emissions by 90 percent. The company has outlined a comprehensive sustainability strategy to accomplish this, which includes investments in renewable energy, green building credentials, sustainable transportation innovation, and supplier decarbonization programs.
To offset the remaining 10 percent of emissions, the luxury jewelry house. is investing in carbon removal projects, including nature-based solutions such as a forest conservation endeavor in Kenya.
Earlier this year, Tiffany & Co. reopened its landmark flagship store in New York City with an emphasis on sustainability. The store is expected to earn WELL Platinum certification for indoor air quality and health, and LEED (Leadership in Energy and Environmental Design) Gold certification.
More than 35 Tiffany & Co. locations have earned LEED certification. The luxury jewelry house has investments in on-site solar installations at five locations worldwide, including the Dominican Republic, Cambodia, Rhode Island, and two sites in New Jersey; more than 90 percent of its electricity comes from renewable sources.
Tiffany & Co. is also looking to its suppliers to make sustainability a priority. The jeweler announced its plans to implement a decarbonization program for its suppliers, with pilot programs slated for launch by the end of the year. These efforts showcase Tiffany & Co.’s commitment to help lead the industry toward sustainability and climate action.
The jeweler is moving toward sourcing 100 percent of its precious metals, including gold, silver, and platinum, from known recycled sources. Sourcing recycled precious metals could reduce carbon emissions associated with metals by up to 90 percent.
The Tiffany & Co. Foundation recently celebrated a landmark $100 million grant-making achievement, with land and ocean conservation identified as priority areas. That builds on the jeweler’s recent efforts to support its mining communities, including turning abandoned mines into farmland.
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