As the climate crisis accelerates, so must bold action to combat it. We believe that our Company and the global economy will be stronger in a low-carbon future. This is why our goal is to reach net-zero emissions by operating our business in a responsible manner. We joined with other business leaders through The B Team, a nonprofit coalition of business leaders, who have established similar long-term goals and are supporting a transition to a thriving, net-zero economy.
Tiffany’s climate strategy is three-pronged: to reduce, avoid and offset our carbon emissions. We also use our voice to advocate for responsible climate action, elevate the urgency of climate action and promote environmental responsibility.
Our first priority is to reduce energy use and emissions by improving our operational efficiency. Our short-term goal is to reduce emissions by 15% from 2013 to 2020, regardless of how much our business grows. The next step will be to identify and encourage supply chain reductions.
Our second priority is to avoid emissions by using clean, renewable energy. Over 80%* of our global electricity use in Fiscal Year 2018 came from clean, renewable sources, including purchased renewable electricity and solar energy generated by Tiffany.
The final piece of our strategy is to offset the operational emissions we are unable to reduce or avoid. We do this by supporting carbon-saving projects outside our business, such as our 2017 and 2018 investment in a forest conservation and sustainable development initiative in Kenya’s Chyulu Hills.
*See the Report of Independent Accountants