Born of the joint efforts of the Carbon Disclosure Project, the United Nations Global Compact, World Resource Institute and the World Wide Fund for Nature (WWF) — the Science Based Targets Initiative spotlights company-specific emissions reduction targets for over 789 companies, all of which are in line with the scale of reductions required to keep global warming below 2 degrees Celsius from pre-industrial levels.
Pandora primarily uses recycled metals and man-made stones today, chief executive officer Alexander Lacik said in a statement: “Responsible business practices such as recycling of materials and waste have always been part of Pandora’s way of operating, and we now commit to ambitious targets to reduce our carbon emissions and help drive sustainability in the jewelry industry.”
Pandora will commit to reducing its emissions in its “full value chain,” starting with shifting to 100-percent renewable energy from verified solar energy providers at its two crafting facilities in Thailand this year and stepping up to achieve carbon neutrality “in its own operations” by 2025.
But like most brands, the majority of Pandora’s impact occurs outside its owned operations. For Pandora, over 90 percent of its greenhouse gas emissions occur outside its owned operations with the procurement of raw materials (such as mining metals and stones) being the chief culprit.
However, in a statement, Mads Twomey-Madsen, vice president for sustainability at Pandora, outlined an ongoing dive into its supplier footprints. “To reduce emissions in our supply chain, we have committed to set a science-based target. In 2020, we will conduct new research to further our understanding of the carbon footprint across our different suppliers, and we will work with them to find the right scalable opportunities to reduce the carbon footprint,” said Twomey-Madsen.
As recently as a media breakfast on Tuesday, brands such as Guess, Inc. are championing the Science Based Targets Initiative, as it — simply put — quantifies “what our impact is,” in the words of Jaclyn Allen, director of corporate sustainability at Guess. It’s more attainable for that reason and warrants an immediate boost in investor confidence, regulatory resilience and profitability, according to surveyed executives.
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