Swarovski teams up with Climeworks to reduce CO2 emissions
Sustainability is at the forefront of Swarovski's latest venture. The Austrian luxury firm announced on Wednesday, March 30, that it has signed a five-year partnership agreement with Swiss carbon dioxide removal specialist, Climeworks. Swarovski will utilize the company’s air capture technology to eliminate its cumulative carbon dioxide emissions. This strategic move forms part of Swarovski’s climate action contributions aiming to “reduce, eliminate and offset” its C02 emissions, a series of implemented methodologies necessary to achieve the climate change targets outlined in the 2015 Paris Agreement.
"In 2021, we are reinforcing our sustainability strategy, focusing on the key issue area of climate change mitigation. With the firm belief that scientific knowledge is indispensable to understand and create change, we also participate in the Science Based Targets initiative to reinforce our commitment," stated Swarovski's interim CEO Michele Molon on the company’s goal to reduce absolute Scope 1 and 2 emissions (direct and indirect emissions from owned operations) by 47% and Scope 3 emissions (indirect emissions from non-owned operations) down 28% by 2030.
The executive added that the agreement reached with the company founded by Christoph Gebald and Jan Wurzbacker in 2009 is another step in the right direction for Swarovski to “address one of the most pressing issues of our planet.” Through this partnership, Climeworks, which already collaborates with companies such as Microsoft and Shopify or music groups like Coldplay, will permanently eliminate carbon dioxide emitted into the air, either by returning it back to the earth or safely storing it. The financial details of the agreement have not been disclosed as of yet.
In parallel, the company specialized in designing, manufacturing and selling crystals, gemstones and diamonds, is investing "substantially" in the development of "more efficient" manufacturing operations; as well as in reducing energy consumption in new stores, sourcing "more sustainable materials" for products, packaging and architecture and implementing "large-scale initiatives" to foster a positive impact on the transportation of goods and other stages in the value chain.
Founded in 1895, the company forms part of the Swarovski Group together with its sister companies Swarovski Optik (optical instruments manufacturer) and system provider for the construction industry, Tyrolit. At the end of last year, Swarovski family members Robert Buchbauer, CEO of the Austrian group, and Mathias Margreiter, its CFO, announced their resignations. As part of this corporate reorganization initiated two years ago, Nadja Swarovski, the driving force behind the Swarovski Foundation set up in 2013 and a member of the board, left the company on December 31. Last week, the company named her cousin, Marisa Schiestl-Swarovski, chair of the Foundation.
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