Tiffany & Co.
At a Glance
Industry
Retail and Apparel
Project Types
Financial Evaluation and Planning, Goals/Targets, Sustainability and Energy Management Strategy
Year
2023
Location
New York, NY
Summary
In support of Tiffany & Co.’s net-zero target, Rachel Herring developed a blue carbon investment strategy and roadmap that integrates carbon reduction, biodiversity, community collaboration and equitable benefits.
Goals
The Tiffany & Co. Sustainability team enlisted Rachel Herring to support their nature-based solutions strategy, specifically developing a strategy for investment in blue carbon projects that provide carbon reduction, biodiversity, and community benefits and align with Tiffany & Co’s philanthropic values and climate targets.
Solutions
Working with Tiffany & Co.’s Global Sustainability Team, Rachel approached this project through a three-part process:
- Conducted a landscape analysis of implementation partners and corporate investment in blue carbon
- Identified criteria for “high-quality” blue carbon projects using feedback from implementation partners, Indigenous peoples, and local communities. Additionally, Rachel mapped out the lifecycle of a blue carbon project and identified optimal points for corporate investment while balancing risk and impact.
- Created a blue carbon investment strategy for Tiffany & Co. to incorporate into the company’s climate strategy that aligns with the company’s philanthropic activities, LVMH LIFE360 targets, and the Science Based Target initiative. Rachel built a timebound roadmap and developed KPI’s that Tiffany & Co. can track to maximize environmental and social impacts.
Potential Impact
Blue carbon is an exciting opportunity to establish equitable project development principles while restoring and conserving our most vital coastal ecosystems. Rachel’s recommendation will help Tiffany & Co. achieve its SBTi-approved net-zero climate targets by 2040, while also ensuring the design and implementation of equitable and high-quality projects.
Her investment strategy provides a framework for Tiffany & Co. to invest in blue carbon projects that integrate carbon reduction, biodiversity conservation, and collaboration with local communities.