Tiffany & Co on the path to net-zero carbon footprint by 2050
Tiffany & Co announced on Thursday that it will purchase renewable energy credits equivalent to 100% of its US electricity use in 2017, as part of its commitment to achieve net-zero greenhouse gas emissions globally by 2050.
The company will invest in Utah solar renewable energy credits, since this is where much of Tiffany’s gold and silver is mined.
Tiffany & Co will regionally source renewable energy credits to account for 100 percent of its electricity use by stores and facilities in more than 20 additional countries, including Canada, China and European countries.
This means that approximately 85 percent of Tiffany’s worldwide electricity use will have been sourced from renewable energy sources.
To offset the emissions from the remaining 15 percent, the company will invest in the Chyulu Hills Conservation Trust’s REDD+ Project, with carbon offsets to be retired in Tiffany’s name by the end of 2017.
The Chyulu Hills with their dense forests are located in Kenya, a country where Tiffany sources coloured gemstones and supports wildfire conservation efforts, supporting landscape scale conservation by endangered and iconic species protection initiatives.
It will also help with setting up sustainable natural resource management projects to create economic opportunities for the local communities.
The Chyulu Hills Conservation Trust is a partnership between community, government and non-profit organisations.
Supporters of the REDD+ project include actor Edward Norton, who is President of the U.S. Board of MWCT and U.N. Goodwill Ambassador for Biodiversity, along with Conservation International and The Leonardo DiCaprio Foundation.
Michael J. Kowalski, Chairman of the Board and interim Chief Executive Officer, Tiffany & Co. said: “Given the current Administration’s withdrawal from the Paris Climate accord, every company committed to responsible business is compelled to act.
“We are proud to do our part to help contain greenhouse gas emissions, and given the catastrophic consequence of global warming, we must do more”.
He added: “Tiffany is demonstrating the gold standard for corporate responsibility,” said Edward Norton. “By purchasing these carbon credits at their authentic cost, Tiffany is showing a sincere commitment to climate leadership that can’t be overstated”.
Other initiatives to meet the net-zero emissions target by 2050 is to improve energy efficiency and reduce absolute GHG emissions in operations by 15% until 2020, eliminate commodity-driven deforestation from its key supply chains by 2020, expand renewable energy at its on-site locations, and catalyse investments in efficiency and clean energy projects through its internal green fund.
After the US Administration announced its decision to withdraw the country from the Paris Agreement, Tiffany & Co signed a multi-sector letter with other businesses declaring that it is still committed to climate action.