THE WHAT? Kering and L’Occitane have announced that they have partnered up to create the Climate Fund for Nature. The ambitious initiative will mobilize resources from the luxury fashion and beauty sectors to protect and restore nature.
THE DETAILS The duo has committed €140 million, and is seeking new partner companies to reach a target of €300 million. The fund will be managed by Mirova and the fund vehicle will start operations as of Q1 2023 with the objective of supporting high-quality projects dedicated to nature protection and restoration. The fund will also support farmers in their transition to regenerative practices, deliver carbon credits, and generate co-benefits for the communities with a specific emphasis on female empowerment.
THE WHY? Marie-Claire Daveu, Chief Sustainability and Institutional Affairs Officer of Kering, revealed, “The Climate Fund for Nature provides an opportunity for the Luxury Fashion and Beauty sectors to collectively support biodiversity restoration and conservation at scale. Kering is proud to collaborate with Mirova and we welcome the fund’s first partner L’Occitane Group. Innovative financing mechanisms are crucial to channel much-needed investment into nature-based solutions if we are to reverse biodiversity decline by 2030 and, simultaneously, address climate change, which is intrinsically interlinked with nature. We entreat further companies to join this ambitious initiative to contribute to a nature-positive future.”
Adrien Geiger, Chief Sustainability Officer of L’Occitane Group and Managing Director of L’Occitane en Provence added, “With our planet facing a global climate and biodiversity crisis never witnessed before, L’Occitane Group is proud to join forces with Kering and Mirova to scale-up its action against the degradation of nature, which provides the very resources and services we rely on. While reducing our emissions and impacts is our priority, the Climate Fund for Nature will help us go further by supporting projects that encourage regenerative practices, benefiting both nature and communities.”