Tiffany & Co. announced a new net-zero commitment Thursday.
Though the jeweler had already pledged in 2015 to reach net-zero greenhouse gas emissions by 2050, its latest targets are more progressive. Announced Thursday, the goal is to get net-zero-ready by 2040, or 10 years earlier than what’s outlined in the Paris Climate Agreement. Tiffany’s goal is also made in accordance with the Science Based Targets Initiative’s Net-Zero Standard, with interim targets set in the decade ahead.
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More specifically, the near-term goals comprise a 70 percent emissions reduction target in owned operations by 2030 (Scopes 1 and 2) with a commitment to also reduce Scope 3 emissions by 40 percent in that time frame. This near-term target will be a significant milestone toward Tiffany’s net-zero goal.
Its sustainability plan spans everything from renewable energy in operations to retrofitting buildings with LEED certifications to sustainable transportation innovation alongside LVMH Moët Hennessy Louis Vuitton via an investment in a delivery startup called Toshi.
Per the company, the estimated remaining 10 percent of emissions produced (before the company can be considered “net-zero”) will be neutralized by high-quality carbon removals through Tiffany & Co.’s expanded investments in nature-based solutions, among them a forest conservation project in Kenya’s Chyulu Hills.