Climate Change Data

Tiffany & Co.

Climate Impact & Sustainability Data (2020, 2021)

Reporting Period: 2020

Environmental Metrics

Renewable Energy Share:85%

ESG Focus Areas

  • Product
  • People
  • Planet

Environmental Achievements

  • Reduced Scope 1 and 2 GHG emissions by 22% compared to 2018 levels
  • 85% of global electricity use came from clean, renewable sources
  • 7% decrease in electricity intensity per square footage in retail stores compared to 2018 levels
  • 10% of total floor area was LEED Silver certified or above

Social Achievements

  • Achieved an 85% company-wide Employee Engagement Index score (meeting the 2023 goal three years early)
  • 45% of global employees participated in unconscious bias training
  • 65% of Tiffany employees participated in growth and development opportunities
  • Integrated D&I commitments as part of the Performance Acceleration Process for Managers and above

Governance Achievements

  • Launched new processes to review and create engagement opportunities for high-potential talent
  • Developed a framework to systematically assess the sustainability impact of innovations

Climate Goals & Targets

Long-term Goals:
  • Achieve net-zero greenhouse gas (GHG) emissions and increase climate resilience by 2025
  • Be recognized as the most inclusive luxury brand by 2025
Medium-term Goals:
  • Reduce total global Scope 1 and Scope 2 GHG emissions by 70% compared to 2018 levels by 2025
  • Increase renewable energy generation and purchases to 100% by 2025
  • All key product, product packaging and store interior suppliers achieve high-performance ratings by 2025
  • Key product, product packaging and store interior vendors have a Tiffany-approved responsible sourcing program by 2022
  • At least 30% of floor area will be LEED Silver certified or above by 2025
  • Eliminate single-use plastic packaging and collateral containing plastics by 2025
  • 85% of critical roles have a succession plan in place by 2025
  • 85% of top talent have a succession plan in place by 2025
  • Create a culture of innovation by 2023
  • Maintain approximately equal gender representation amongst Vice Presidents and above by 2025
  • Ethnic diversity of overall management in the U.S. will reflect U.S. workforce by 2025
  • Ethnic diversity at each category of management in the U.S. will reflect U.S. workforce by 2030
Short-term Goals:
  • Reduce electricity intensity per square footage across retail stores by 10% compared to 2018 levels by 2025
  • Use at least 50% recycled content for client-facing pulp- and paper-based packaging and collateral by 2021
  • Use at least 80% recycled content for corrugated cardboard by 2025
  • Achieve a company-wide Inclusion Index score of 85% by 2024

Environmental Challenges

  • Reducing Scope 3 GHG emissions
  • Further increasing the percentage of recycled precious metals sourced
  • Achieving 100% traceability of all diamonds and precious metals
Mitigation Strategies
  • Implementing a strategy to reduce Scope 3 GHG emissions, including engagement with key business partners
  • Working to increase sourcing from responsible artisanal mines and recycled sources
  • Continuing to work with external manufacturing suppliers to advance traceability of precious metals

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct Guidance Document and training
  • New assessment tools for different types of suppliers
  • Sustainable Material Guidance

Climate-Related Risks & Opportunities

Physical Risks
  • Heat stress
  • Flooding
  • Hurricanes and cyclones
  • Water stress
  • Sea level rise

Reporting Standards

Frameworks Used: UN Global Goals

Certifications: LEED Silver, Gold, Platinum, ISO 14001 and 45001

Reporting Period: 2021

Environmental Metrics

Total Carbon Emissions:Not disclosed
Scope 1 Emissions:Not disclosed
Scope 2 Emissions:Not disclosed
Scope 3 Emissions:Not disclosed
Renewable Energy Share:89%
Total Energy Consumption:Not disclosed
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed

ESG Focus Areas

  • Precious Metals Traceability
  • Diamond Traceability
  • Gender Representation
  • Inclusivity
  • Renewable Energy
  • Waste Reduction
  • Philanthropy

Environmental Achievements

  • Achieved over 99% traceability of gold, silver, and platinum to known mines or recycled sources.
  • 89% of global electricity use from clean, renewable sources in 2021.
  • Transitioning plastic bubble wrap to sustainable alternatives.

Social Achievements

  • Majority of workforce and managers are women.
  • Gender parity among Vice Presidents and above.
  • Launched the About Love Scholarship Program, pledging $2 million for HBCU students.

Governance Achievements

  • Not disclosed

Climate Goals & Targets

Long-term Goals:
  • Not disclosed
Medium-term Goals:
  • Eliminate all single-use plastic by 2025
  • Source 100% of gold, silver, and platinum from recycled sources
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Not disclosed
Mitigation Strategies
  • Not disclosed

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Not disclosed
Transition Risks
  • Not disclosed
Opportunities
  • Not disclosed

Reporting Standards

Frameworks Used: GRI, UNGC

Certifications: LEED (Silver, Gold, Platinum for over 25 locations)

Third-party Assurance: KPMG LLP

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Not disclosed

Awards & Recognition

  • Not disclosed