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Pandora, a globally renowned jewelry company, has set net-zero targets and aims to achieve them by 2040. By 2030, its objective is to attain a 50% reduction in overall greenhouse gas emissions from the 2019 baseline, covering Scopes 1, 2, and 3. This reduction plan involves slashing emissions in their direct operations by a minimum of 90%, targeting carbon neutrality within Scopes 1 and 2 (market-based). Additionally, they are committed to reducing value chain emissions by 42% within Scope 3.
Pandora has taken steps to reduce emissions and has achieved certain milestones. The company has increased the share of recycled silver and gold purchased in 2022 compared to the previous year. They have also audited the chain of custody processes of suppliers delivering recycled silver and gold. In terms of responsible sourcing, the total direct supplier spend audited by a third party and the number of new suppliers screened using social criteria performance remained strong in 2022. The company has also made investments in recycling initiatives and improved water management, including recycling and reusing water. Additionally, Pandora has increased its total recycled percentage of waste and has improved its waste management practices. In 2022, the company reported the scope 1 emissions amounted to 1,118 tonnes of CO2e, scope 2 location-based emissions amounted to 48,590 tonnes of CO2e, scope 2 market-based emissions amounted to 15,028 tonnes of CO2e, and scope 3 emissions amounted to 264,224 tonnes of CO2e.
In terms of energy consumption, Pandora has increased the share of renewable energy and decreased CO2e emissions in the market-based Scope 2 emissions. The company has also engaged suppliers to obtain actual data and primary emission factors to improve the accuracy of reported emissions.
In conclusion, Pandora has set net-zero targets and is taking steps to reduce its emissions and achieve these targets by 2040. The company has made progress in increasing the share of recycled materials, improving waste management, and increasing the use of renewable energy, thereby progressing towards becoming low-carbon business.