As part of the 2020 CSR Plan, we will be setting meaningful and realistic carbon reduction targets based on an analysis of the Group’s baseline carbon footprint. Our reduction efforts will focus on renewable power procurement and reducing business travel. Specifically, to ensure audio-visual networks are in place and that network effects can be optimised, a business travel policy will be elaborated in conjunction with the Group’s Information Systems.

While continuing to offset our carbon emissions, we will also explore new approaches to incentivise Maisons and functions to implement reductions. These include further learnings from a ‘carbon insetting’ pilot project at one of our Maisons.

Building on our efforts in logistics and packaging, we have set a 10% emissions reduction target for logistics and for the sustainable sourcing of packaging materials, including plastics. Guidelines will be issued to support Maisons with implementing best practices in these areas. Similarly, the use of office printers and printing will be progressively reduced across the Group.

Research initiated during the current year, comparing the impacts of alternative gold supply chains on environmental and social criteria, will be continued. In particular, the Group will identify data to support its future sourcing decisions around recycled gold from industrial scraps, electronic waste and other sources.

Other key priorities include reviewing and updating the Group Environmental Code of Conduct, and extending the scope of our environmental reporting to identify and measure material waste and water data.