GlobalData offers a comprehensive analysis of Pandora, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Pandora‘s ESG performance. GlobalData’s company profile on Pandora offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Pandora, a Danish jewelry company, has set a goal to achieve net zero emissions by 2040 by further reducing its climate footprint and removing or offsetting any remaining emissions. Pandora's latest filings mentioned the keywords 'Emissions' and 'Recycled' most number of times in relation to 'Net Zero'.
The company plans to cut greenhouse gas emissions by 50% across its own operations and entire value chain of suppliers and business partners by 2030 (Scopes 1, 2 and 3) from a 2019 baseline. It plans to achieve this by becoming carbon neutral in its own operations by reducing emissions by at least 90% (Scopes 1 and 2 market-based), and with a 42% reduction in value chain emissions (Scope 3). Pandora has reported its greenhouse gas emissions for scopes 1, 2, and 3, as well as its recycled silver and gold total for the period from January 1 to December 31, 2022.
Pandora has taken steps to reduce its emissions, including increasing the share of recycled silver and gold purchased to 61% in 2022, up from 54% in 2021. The company has also invested in recycling initiatives and improved its monitoring and managing of water consumption. The company's total emissions increased by 1% from 277,450 mtCO2e in 2021 to 280,370 mtCO2e in 2022. Although, it achieved a 27% reduction in emissions (market based scope 1& 2) from own operations, primarily by purchasing Renewable Energy Certificates to cover the majority of its stores and offices in Europe and all electricity consumption at crafting facilities in Thailand. In 2022, the company reported its Scope 1 emissions at 1,118 mtCO₂e, Scope 2 (market based) emissions at 15,028 mtCO₂e, Scope 2 (location based) emissions at 48,590 mtCO₂e, and Scope 3 emissions at 264,224 mtCO₂e. Pandora has engaged suppliers to obtain actual data and primary emission factors to increase the accuracy of its reported emissions. The company has corrected its emissions factors to represent the monetary value and energy intensity of 2022, considering the general inflation and improvement of energy intensity between 2011 and 2022.
Pandora's significant accounting estimates for calculating greenhouse gas emissions are based on generic secondary emission factors and estimated data. The company's scope 1 emissions include on-site fuels used to craft jewelry, refrigerants to cool the crafting facilities, and fuel used in employee trams. Scope 2 emissions include the purchase of electricity and district heating for offices, distribution centers, crafting facilities, and Pandora-owned stores. Scope 3 emissions are reported based on the Greenhouse Gas Protocol, which divides the Scope 3 inventory into 15 subcategories of which the nine listed below are relevant to Pandora.
In conclusion, Pandora has set a goal to achieve net-zero emissions and the company has taken steps to reduce its emissions, including increasing the share of recycled silver and gold purchased and investing in recycling initiatives. The company is also committed to transitioning energy consumption in offices, retail stores and distribution centres to renewable sources.