Jewelry manufacturer and retailer Pandora announced today the launch of an extensive decarbonization plan across its operations and value chain, with commitments to cut greenhouse gas (GHG) emissions in half by 2030 and to reach net zero emissions by 2040.
The new goals follow the announcement by Pandora early last year of a commitment to become carbon neutral in its own operations by 2025, and to publish a plan to reduce its value chain emissions with the Science Based Targets initiative (SBTi), one of the key organizations focused on aligning corporate Environmental criteria consider how a company performs as a steward of nature. sustainability action with the global goals of limiting climate change.
Pandora stated that its new 2030 target has been approved by SBTi and that it aligns with the Paris Agreement and what climate science says is necessary to limit global warming to 1.5⁰ C.
Alberto Carrillo Pineda, Managing Director, Science-Based Targets at SBTi partner CDP, said:
“We congratulate Pandora on setting science-based targets consistent with limiting warming to 1.5°C, the most ambitious goal of the Paris Agreement. By setting ambitious science-based targets grounded in climate science, Pandora is taking action to prevent the most damaging effects of climate change.”
To halve its emissions by 2030, the company stated that it will implement a number of energy-saving measures in its operations and expand its use of renewable energy. In addition, Pandora is planning to purchase green power for its more than 1,300 stores and distribution centers to make the firm carbon neutral by 2025, slashing Scope 1 and 2 emissions by 90%.
In its value chain, which makes up more than 80% of the company’s GHG footprint, Pandora aims to reduce emissions from raw materials, packaging, transportation, franchise stores, and other sources outside of its own operations by 42% by 2030.
Alexander Lacik, CEO at Pandora, said:
“The climate crisis is the most urgent issue of our time, and companies must do what they can to find the necessary solutions. Our commitment will prepare Pandora for the low-carbon economy of the future and hopefully contribute to positive change in the jewellery industry. We have a clear line of sight to how we will achieve most of our emission reductions, but we also realize that we do not yet have all the answers. We will call on our suppliers and business partners to help us make this reality.”
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