Climate-related risks and opportunities are part of Pandora’s Enterprise Risk Management reporting. Pandora’s climate and renewable energy targets are governed by the Sustainability Board, which has five members from the Executive Leadership Team.
Pandora’s strategy is to meet stakeholder expectations by becoming a low-carbon business with circular practices where possible. We have achieved a 6% reduction in total emissions compared to our 2019 baseline - this has us on track against our target to halve our emissions by 2030. In 2022, we performed a qualitative climate scenario analysis. It assessed the likelihood and impact of various climate-related risks and opportunities relevant to Pandora's direct operations and value chain from three different climate scenarios, including a 1.5°C scenario, as recommended by the TCFD. For more information on our approach, see our Low-carbon business section and our Sustainability Report 2022.
Pandora monitors both physical and transitional-related climate risk. In 2022, we provided details on climate risks and opportunities in our publicly available CDP report. Based on data reported through CDP’s 2022 Climate Change questionnaire, Pandora was one of approximately 2% of CDP-evaluated companies to achieve an ‘A’ out of nearly 15,000 companies scored. Specific risks identified include reputation, emerging regulation, changing consumer preferences and an increase in extreme weather events disrupting our production or supply chain. Based on the likelihood and magnitude of occurrence, certain risks are brought to the attention of and discussed with the Board of Directors.
Metrics and targets
Pandora measures its carbon footprint across all three greenhouse gas scopes. 0,4% of CO₂ emissions are related to Scope 1, 5,6% to Scope 2 and 94% to Scope 3. We focus on reducing the emissions of all three scopes through our climate targets. Read more about Pandora’s climate targets and performance our Sustainability Report 2022.