Luxury jeweler Tiffany & Co. net zero program leads the industry on measurable climate action.
The iconic luxury jeweler Tiffany & Co. recently became the first in its industry to receive approval from the Science Based Targets initiative (SBTi) for its commitment to achieving Tiffany & Co. net zero greenhouse gas emissions by 2040. This bold climate goal, verified as aligned with limiting global warming to 1.5°C, demonstrates that even the most glamorous brands are hearing calls to address the climate crisis.
By setting science-based emissions targets and having them officially validated, Tiffany & Co. net zero aims to drive decarbonization across its value chain – from raw material extraction to product manufacturing and transportation. The move makes Tiffany a sustainability pioneer and role model within the rarified world of luxury retail.
Cutting Across the Full Value Chain
Unlike some corporate net zero pledges, Tiffany & Co. Net Zero approved targets cover full value chain emissions rather than just its direct operations. This means reducing carbon footprints from difficult areas like supply chains and distribution and improving the efficiency of its retail stores, offices, and manufacturing facilities.
The jeweler’s commitment also meets the SBTi’s robust criteria for net zero targets by mandating the mitigation of 90% of emissions through steep reductions. Only a maximum of 10% of residual emissions can be addressed through carbon offsets.
According to Tiffany & Co. CEO Anthony Ledru, the net zero milestone reflects the company “taking bold action to address climate change.” For Tiffany, this approval represents a significant step towards becoming a more sustainable and responsible business.
Specific Strategies for Decarbonization
To reach its ambitious 2040 goal, Tiffany & Co. is implementing several key strategies across its value chain:
Transitioning to 100% renewable electricity for all facilities by 2030.
Improving energy efficiency via LED lighting, building upgrades, and manufacturing enhancements.
Reducing emissions from materials through recycled and low-carbon alternatives.
Minimizing product packaging weight and volume to cut distribution impacts.
Making substantial investments in third-party verified carbon removal offsets.
Joining industry partnerships to source ethical, sustainable diamonds and metals.
By following through on these measures with rigor, Tiffany & Co. can credibly achieve carbon neutrality well ahead of the Paris Agreement’s 2050 timeline.
Setting New Standards for the Luxury Industry
As the first luxury jewelry company to earn SBTi approval, Tiffany & Co. has set a new bar for responsible climate action in the industry. Other elite brands can no longer hide behind assumptions that sustainability undercuts exclusivity.
Tiffany & Co. shows that prioritizing ethics and ecological stewardship makes business sense, given shifting consumer attitudes. Its brand may even gain further prestige by leading environmental initiatives.
Hopefully, Tiffany’s accomplishment inspires fellow luxury retailers – from fashion houses to carmakers to hospitality brands – to follow suit with equally rigorous decarbonization commitments. The opulent world of luxury goods cannot ignore responsibility for its outsized environmental footprints. But champions like Tiffany & Co. are lighting the path towards a sustainable future defined by new notions of prestige.
An Example for All Businesses
On a broader level, Tiffany & Co.’s approved science-based target reinforces that companies from all sectors need to take responsibility for Value chain emissions. As stakeholders demand accountability, organizations must move climate action beyond just direct operations to address their full life cycle impacts.
Tiffany shows that even companies with complex, global supply chains can map, measure, and mitigate cradle-to-grave emissions through strong commitments and partnerships. With sustainability increasingly crucial for competitiveness, all enterprises should examine how to set their own science-aligned climate goals.
As one of the most recognizable luxury brands internationally, Tiffany & Co.’s leadership on climate sends a powerful signal. The jeweler’s pursuit of sparkling sustainability makes it a shining example for companies in any industry to follow toward a net zero future.