Pandora’s net-zero climate goal validated by SBTi
Pandora’s target to become a net-zero business by 2040 has been validated by the leading corporate climate action organisation Science Based Targets initiative (SBTi).
The validation affirms the company’s ambition to decarbonise at the pace and scale required to align with the Paris Agreement’s goal of limiting global temperature rise to 1.5°C.
To reach net-zero, a company must cut emissions by at least 90% across its full value chain and use permanent carbon removal to balance out any residual emissions.
The verification follows SBTi’s validation in 2021 of Pandora’s target to halve greenhouse gas emissions across its own operations and entire value chain by 2030.
By 2023, Pandora had achieved a 27% reduction of its full value chain emissions compared with the 2019 baseline.
Among others, Pandora has achieved this by sourcing 100% renewable energy for its crafting facilities and shifting its precious metals supply to 100% recycled silver and gold.
To further drive down emissions, Pandora will continue working in close collaboration with suppliers, increase efficiencies and low carbon solutions within manufacturing and logistics, and pursue further circularity in materials.
According to Pandora, it is expected that emissions reductions towards 2030 will “not be linear”, as emissions will be affected by growth activities and improved access to data.
Mads Twomey-Madsen, senior vice president, Global Communications and Sustainability at Pandora, said: “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.”
Luiz Amaral, chief executive officer of the Science Based Targets, added: “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.”