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 set new climate targets in 2021, including a science-based target and a net-zero target, for which more detail and planned actions are described on page 12 of our 2021 Sustainability Report.
Pandora intends to conduct a scenario analysis in support of the TCFD recommendations within two years. For more information on our approach, see our Low-carbon business section.
Pandora monitors both physical and transitional-related climate risk. In 2021, we provided details on climate risks and opportunities in our publicly available CDP report.
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. Approximately 1% of CO₂ emissions are related to Scope 1, 7% to Scope 2, and 92% to Scope 3. We focus on reducing the emissions of all three scopes through our climate targets.