NORTHAMPTON, MA / ACCESSWIRE / May 13, 2024 / Tapestry, Inc.
The fashion industry has a vital role to play in finding solutions to critical global issues, like climate change. At Tapestry, we believe that sustainability is a business imperative and we are taking action. The global scientific community has urgently called for limiting global temperature rise to 1.5°C above pre-industrial levels, as outlined by the Intergovernmental Panel on Climate Change (IPCC),
Today, we are proud to announce that the Science Based Targets initiative (SBTi) has validated Tapestry's near- and long-term greenhouse gas (GHG) emissions reductions targets.
The SBTi is an international organization that helps businesses set emissions reductions goals that follow the latest climate science. Validation by the SBTi confirms that our targets are in line with what is needed to meet the urgent need to keep global warming to 1.5°C.
As a result, we are proud to share Tapestry's science-based targets:
- Reduce absolute Scope 1 and 2 GHG emissions 64% by FY2030 from a FY2021 baseline.
- Reduce absolute Scope 3 Industry GHG emissions 42% by FY2030 from a FY2021 baseline.
- Reduce absolute Scope 3 Forest, Land and Agriculture (FLAG) GHG emissions 30% by FY2030 from a FY2021 baseline.
- Achieve net-zero GHG emissions across the value chain by 2050.
SBTi's FLAG guidance acknowledges that to meet the goals of the Paris Agreement, the legally binding international treaty on climate change adopted in Paris in 2015, companies in the FLAG sector require specific mitigation measures. Over half of the materials sourced at Tapestry come from land-related materials, such as leather. We know that climate and nature are intertwined, so we have set specific targets according to SBTi's FLAG guidance. Tapestry is one of the first companies in the fashion industry to have validated FLAG emissions reductions targets.
Receiving validation of these targets follows Tapestry's commitment in 2021 to the SBTi's Business Ambition for 1.5°C, a campaign consisting of over 1,000 companies that represents over $23 trillion in market capitalization.
Tapestry's corporate responsibility strategy, The Fabric of Change, is our ambition to make every beautiful choice a responsible choice, built upon our four pillars: Power of Our People, Sustain the Planet, Create Products with Care, and Uplift our Communities. The two pillars dedicated to our planet and product outline Tapestry's strategy to achieve these climate goals. For more information, check out our most recent Annual Corporate Responsibility Report.
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SOURCE: Tapestry, Inc.
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