Luxury conglomerate Kering and cosmetics company L’Occitane have joined forces to launch the ‘Climate Fund for Nature’ at the recent COP15 conference in Montreal. The aim of the fund is to protect and restore nature, with a specific focus on empowering women. With an initial commitment of 140 million euros, the ultimate goal is to raise 300 million euros and encourage other companies to become partners in the initiative.
Marie-Claire Daveu, Kering’s director of sustainable development and institutional affairs, emphasized the importance of innovative financing mechanisms to invest in nature-based solutions and combat the decline in biodiversity by 2030. Mirova, a subsidiary of Natixis Investment Managers specializing in sustainable investing, will manage the fund, and operations are scheduled to begin in the first quarter of 2023.
The Climate Fund for Nature will provide support for high-quality projects dedicated to nature protection and restoration, while also aiding farmers in transitioning to regenerative practices. The fund will generate carbon credits and deliver co-benefits for communities, with a strong focus on empowering women.
According to the press release, the fund will primarily finance projects in countries where the partner companies source their core raw materials. These projects will play a significant role in empowering women by addressing financial barriers, land access issues, and training opportunities. The fund will partner with the 2X Collaborative, a global industry body for gender lens investing.
Adrien Geiger, head of sustainability and managing director of L’Occitane en Provence, stressed the urgency of the climate and biodiversity crisis facing our planet. While reducing emissions and minimizing impacts is crucial, Geiger believes that the Climate Fund for Nature will support projects that promote regenerative practices benefiting both nature and communities.
Kering is not the only luxury player taking action at COP15, as LVMH, another major luxury group, announced its heightened collaboration with UNESCO and introduced two new programs. One program focuses on restoring forest cover in the Amazon, while the other supports an agroforestry project in Lake Chad. LVMH also highlighted its active participation in the TNFD forum, which centers around nature-related financial disclosures.
The launch of the Climate Fund for Nature and the various initiatives unveiled by luxury companies showcase the industry’s increasing dedication to sustainability and biodiversity conservation. Through collaboration and investments in nature-based solutions, these companies can have a substantial impact on reversing the decline in biodiversity and combatting climate change. As more companies join these initiatives, the collective effort towards a nature-positive future can become even stronger.
Useful links:
– Kering’s sustainability initiatives
– L’Occitane en Provence Foundation
