Kering and L'Occitane create 'Climate Fund for Nature'
Kering and L'Occitane join forces to start a fund for nature protection. At the COP15, the world conference for biodiversity that was held in Montreal, the luxury group led by François-Henri Pinault and the cosmetics group announced the launch of the 'Climate Fund for Nature' to protect and restore nature, with a particular focus on women's independence. With 140 million euros already committed, the aim is to eventually reach 300 million euros and will be open to new partner companies.
"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," said Marie-Claire Daveu, Kering's director of sustainable development and institutional affairs, in a statement, inviting other companies "to join this ambitious initiative to contribute to a nature-positive future.”
The fund will be managed by the management company Mirova, the affiliate of Natixis Investment Managers dedicated to sustainable investing, and operations will start in the first quarter of 2023 in the form of a simplified joint stock company with variable capital. It will aim to support "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 women empowerment."
The two French partners specify in their press release that the projects financed by the fund will "mostly take place in countries where the investors source their core raw materials." They should also "significantly contribute to women empowerment, by addressing existing gaps related to access to finance, land and training. To that end, the fund and Mirova will collaborate with 2X Collaborative, a global industry body for gender lens investing."
"Our planet is facing a global climate and biodiversity crisis never witnessed before," recalls Adrien Geiger, head of sustainability and managing director of L'Occitane en Provence. "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,” he concludes.
Kering was not the only luxury player to unveil a new initiative at COP15. LVMH announced that it is strengthening its cooperation with UNESCO. It also presented two new programs, one in the Amazon to restore forest cover, and the other supporting an agroforestry project in Lake Chad. The group also pointed out that since November 9, it has been an active member of the TNFD (Taskforce on Nature-related Financial Disclosures) forum.
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