The present disclosure relates to an LED-based lighting component that can control the color rendering capability of its generated light based on the presence or characteristics of ambient light. In one embodiment, the lighting component may employ at least two different types of LEDs to generate light. Control circuitry of the lighting component is able to monitor ambient light and drive the LEDs based on an ambient light characteristic that is indicative of the CRI of the ambient light. If the ambient light characteristic is indicative of the ambient light having a lower CRI, the control system will drive the LEDs to emit light with a defined CRI. If the ambient light characteristic is indicative of the ambient light having a higher CRI, the control system will drive the LEDs to emit light with a reduced CRI, which is lower than the defined CRI.