Kering and L’Occitane partner on Climate Fund for Nature

Luxury group Kering and cosmetics giant L’Occitane have come together to launch the Climate Fund for Nature during the ongoing Conference of Parties (COP) of the Convention on Biological Diversity, taking place in Montréal.

The goal of the initiative is to mobilise resources from the luxury fashion and beauty sectors to protect and restore nature, with a particular focus on women empowerment.

The duo have already committed 140 million euros out of a target of 300 million euros, which will be managed by sustainable investment firm Mirova.

New partner companies will be welcome to support the financing, with the fund vehicle to start operations as of Q1 2023.

As part of the initiative, high-quality projects dedicated to nature protection and restoration will be supported, alongside farmers transitioning towards regenerative practices and co-benefits for surrounding communities.

Eligible projects will mostly take place in countries where investors source their raw materials, each of which will be monitored to ensure measurable outcomes are achieved.

The emphasis on women empowerment will see existing gaps related to access to finance and training addressed, with the fund to further collaborate with 2X Collaborative, an industry body for gender lens investing.

In a release, Marie-Claire Daveu, chief sustainability and institutional affairs officer of Kering, said: “The Climate Fund for Nature provides an opportunity for the Luxury Fashion and Beauty sectors to collectively support biodiversity restoration and conservation at scale.

“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.”