What: The luxury jeweller is the first in the industry to receive approval from the Science Based Targets initiative (SBTi) for its net-zero emissions target.

Why it is important: Tiffany & Co.’s goals are in line with the latest climate science and the need to limit global warming to 1.5°C.

SBTi has verified Tiffany’s long-term target of achieving net-zero greenhouse gas emissions across its operations (Scope 1 and 2) and supply chain (Scope 3) by 2040. The jeweller has also received approval for its 2030 near-term greenhouse gas reduction target.

Tiffany & Co. aims to reduce Scope 1 and 2 emissions by 70% and reduce Scope 3 emissions by 40% against a 2019 baseline.

The company has already made progress towards its goals, reducing emissions by 30% in 2022.

To reach a 90% reduction, the retailer plans to engage and decarbonise its entire value chain, focusing on deep and rapid emission cuts guided by climate science and industry best practices.

Additionally, the new NYC flagship store is on track to receive WELL Platinum certification and LEED Gold certification.

At five locations, Tiffany has on-site solar installations, and the company plans to expand its investment this year by installing solar panels at its diamond polishing facility and jewellery manufacturing site.

The jeweller currently sources 91% of its global electricity from clean, renewable sources, including on-site solar and renewable electricity credits, in over 25 countries.

Tiffany & Co. becomes first luxury jeweler to receive net-zero target approval