The Science Based Targets initiative (SBTi) has validated Pandora’s target to become a net-zero business by 2040. This milestone underscores Pandora’s commitment to sustainability and aligns with global efforts to limit temperature rise as stipulated by the Paris Agreement.
Validation Details
The validation by SBTi confirms Pandora’s plan to decarbonise its full value chain, aiming for at least a 90% reduction in emissions, with the remaining emissions to be balanced out by permanent carbon removal. This follows SBTi’s earlier validation in 2021 of Pandora’s goal to halve greenhouse gas emissions by 2030.
“Climate change is a major source of global instability and there is an urgent need for action. By aligning our net-zero target with the SBTi, we confirm our commitment to reduce our carbon footprint significantly and help build a sustainable future. We encourage partners and peers to join us in making this reality,” said Mads Twomey-Madsen, Senior Vice President, Global Communications and Sustainability at Pandora.
Progress and Future Actions
By 2023, Pandora had achieved a 27% reduction in its full value chain emissions compared to the 2019 baseline. Key strategies include sourcing 100% renewable energy for crafting facilities and shifting to 100% recycled silver and gold.
Moving forward, Pandora plans to further reduce emissions by working closely with suppliers, enhancing efficiencies, implementing low carbon solutions in manufacturing and logistics, and pursuing greater circularity in materials. However, Pandora acknowledges that emissions reductions towards 2030 will not be linear due to growth activities and improved data access.
Industry Implications
Pandora’s validated net-zero target serves as an example for the jewellery industry and beyond, demonstrating that significant emission reductions are feasible and essential. Luiz Amaral, Chief Executive Officer of SBTi, emphasized the urgency of the climate crisis, stating, “Climate science tells us that we need rapid and deep emissions cuts if we are to achieve global net-zero and prevent the most damaging effects of climate change. Pandora’s net-zero targets match the urgency of the climate crisis and set a clear example that their peers must follow.”
