Kering, owner of luxury brands including Gucci, Saint Laurent, and Bottega Veneta, and Natural cosmetics and well-being products manufacturer and retailer L’OCCITANE Group announced today the launch of Climate Fund for Nature, aimed at supporting high-quality projects dedicated to nature protection and restoration.
Targeted at €300 million, and with €140 million already committed, the fund will be managed by Natixis Investment Managers’ sustainable investing affiliate Mirova.
According to the companies, the new fund will mobilize resources from the Luxury Fashion and Beauty sectors to protect and restore nature, with a particular focus on women empowerment.
Marie-Claire Daveu, Chief Sustainability and Institutional Affairs Officer of Kering said:
“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 other companies to join this ambitious initiative contributing to a nature-positive future.”
Investments from the fund will primarily be deployed to projects in countries where the investors source their core raw materials, promoting nature protection and restoration, supporting farmers in the transition to regenerative practices, and delivering carbon credits, as well as creating community benefits.
Projects will also be required to contribute to women empowerment, by addressing gaps related to access to finance, land and training. Mirova said that it will collaborate with 2X Collaborative, a global industry body for gender lens investing.
Anne-Laurence Roucher, Deputy CEO, Head of Natural Capital and Private Equity of Mirova, commented:
“We are proud to work with Kering, L’OCCITANE Group and more corporates, to accelerate the mobilisation of resources for nature-based solutions to climate change and the empowerment of women. A Net Zero and nature-positive economy requires huge amounts of capital and the ambitious contribution of corporates is essential to achieve this transition.”
The fund is expected to begin operations in the first quarter of 2023.
Adrien Geiger, Chief Sustainability Officer of L’OCCITANE Group and Managing Director of L’OCCITANE en Provence said:
“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 our 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.”