Tiffany And Co

Tiffany & Co. Carbon Emissions and Climate Commitments

Tiffany & Co., operating within the Retail trade services industry in the US, has set ambitious climate targets. The company is committed to a net-zero greenhouse gas (GHG) emissions goal by 2040, based on a 2019 baseline.

Emissions Data:

• 2022: Tiffany & Co. reported total global emissions of approximately 426.5 million kg CO2e. This figure includes Scope 1 emissions of approximately 2.9 million kg CO2e, Scope 2 (market-based) emissions of approximately 5.5 million kg CO2e, and Scope 3 emissions totalling approximately 418.9 million kg CO2e.
• 2021: Global emissions were approximately 36.5 million kg CO2e, comprising Scope 1 emissions of approximately 2.7 million kg CO2e and Scope 2 (location-based) emissions of approximately 33.8 million kg CO2e. Scope 3 data was not disclosed for this year.
• 2020: Global Scope 1 and 2 emissions were approximately 36.0 million kg CO2e, with Scope 1 at around 2.6 million kg CO2e and Scope 2 (location-based) at approximately 33.4 million kg CO2e. Scope 3 data was not disclosed.

Climate Commitments and Reduction Targets:

Tiffany & Co. has established the following targets, aligned with a 1.5°C pathway:

• Near-Term Targets (by 2030, against a 2019 baseline):
  • Reduce Scope 1 and 2 GHG emissions by 70%.
  • Reduce Scope 3 GHG emissions by 40%.
• Long-Term Targets (by 2040, against a 2019 baseline):
  • Achieve net-zero GHG emissions across the value chain.
  • Reduce absolute Scope 1, 2, and 3 GHG emissions by 90%.

The company has stated it is on track to meet its near-term targets, having achieved approximately 33% reductions in both Scope 1 and 2, as well as Scope 3 emissions in 2022.

Data Cascading:

Tiffany & Co. operates as a current subsidiary and inherits climate data from its corporate family, including a commitment to the 'RE100' initiative. Specifically, the company's net-zero target is cascaded from LVMH Moët Hennessy - Louis Vuitton, Société Européenne.