Kering and L’Occitane Group launch €300m Climate Fund for Nature
©Kering
At the 15th Conference of Parties (COP) of the Convention on Biological Diversity, taking place in Montréal, global luxury group KERING and premium and sustainable cosmetics company L’OCCITANE Group announced they're teaming up to create the Climate Fund for Nature, which will mobilize resources from the Luxury Fashion and Beauty sectors to protect and restore nature, with a particular focus on women empowerment.
EUR 140m are already committed out of a EUR 300m target size and the fund will be open to new partner companies to support the scaling up of its positive impacts on the ground. The fund will be managed by Mirova, the affiliate of Natixis Investment Managers 100% dedicated to sustainable investing.
As countries and companies step up their commitments to fight the climate and biodiversity crises, the need to scale-up finance and investment in nature-based solutions is now acknowledged as critical. Looking to the future, if the world is to meet its climate change, biodiversity, and land degradation targets, the companies suggest investment in nature-based solutions should at least triple by 2030 and increase four-fold by 2050.
©Tim Swaan via Unsplash
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 women empowerment.
Eligible projects will mostly take place in countries where the investors source their core raw materials. The project’s progress will be monitored to ensure they deliver measurable outcomes for nature, climate, and livelihoods.
