Pandora gains SBTi verification for net-zero target

Pandora’s 2040 net-zero target has been verified by the Science-Based Targets initiative (SBTi), necessitating the jewellery business to aim for a 90% reduction in its value chain emissions.

Pandora gains SBTi verification for net-zero target

The long-term corporate climate goal has been developed in alignment with the SBTi’s Net-Zero Standard for large businesses.

A key requirement of the Standard is a commitment to reduce absolute emissions across the entire company value chain by at least 90%. This includes Scope 3 (indirect) emissions which account for the bulk of most large business’s climate footprint.

Pandora has selected a 2019 baseline for the 2040 target.

The firm will also maintain interim emissions goals with a 2030 deadline, already rubber-stamped by the SBTi in line with a 1.5C trajectory. These commit the business to halving emissions across Scopes 1, 2 and 3 between 2019 and 2030.

Pandora’s senior VP for global communications and sustainability, Mads Twomey-Madsen, 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.”

Twomey-Madsen added that Pandora’s “partners and peers” will need to take action for the firm to achieve its own emissions goals, and for wider change to come across the sector and its supply chains.

Pandora posted a 27% reduction in absolute value chain emissions between 2019 and 2023.

Initiatives that have cut emissions include improving material and energy efficiencies in manufacturing and logistics; switching to 100% renewable energy for crafting facilities and rethinking material sourcing.

On the latter, Pandora has shifted from virgin silver and gold to recycled feedstocks and is scaling its use of lab-grown diamonds. This approach, it stated in 2022, can reduce the carbon footprint of each diamond by up to 95% – provided that the labs are served with clean energy.

Change at the SBTi

The SBTi’s Net-Zero Standard launched in 2021 and its first sweeping update is on the horizon.

Later this summer, the initiative will consult on whether businesses should be allowed to use environmental attribute certificates, including carbon credits, to a greater extent to meet their goals. Meeting Scope 3 emissions goals has proven to be a particular challenge for many businesses, particularly those with supply chains in forests, agriculture and/or land use (FLAG).

Debate among NGOs and businesses has been heated as to whether more lenient offsetting rules would unlock climate finance, or simply deter businesses from driving decarbonisation directly.

There have also been scuffles over the SBTi’s approach to governance and communications. Its CEO Luiz Amaral is resigning at the end of the month citing a desire to focus more on his personal life.

edie’s own research has revealed that six in ten sustainability professionals currently believe carbon offsetting markets are ‘too risky’ to invest in, as international end-to-end credibility standards are only just being rolled out at scale.

Enter edie’s Net-Zero Awards 2024

If you’re leading on decarbonisation at your business, why not enter the edie Net-Zero Awards?


Following on from a successful first year, edie’s Net-Zero Awards are back and bigger for 2024. From breakthrough innovations and technological solutions through to industry-leading carbon reduction programmes and ambitious energy management initiatives – this is THE awards scheme to have your decarbonisation efforts and achievements recognised by thousands of businesses and climate experts.

A total of 18 categories have been developed for the Net-Zero Awards. Categories range from the Transport & Mobility Project of the Year and Behaviour Change Campaign of the Year to sector-specifics such as Retailer, Manufacturer and Consultancy of the Year.

The full list of 18 categories and criteria can be viewed here. The deadline for entries is 19 July and the shortlist will be unveiled in September. Finalists will attend a glittering ceremony in London 29 November.


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