Kering and L'Occitane Join Forces for Nature Protection
At the 15th Conference of Parties (COP) of the Convention on Biological Diversity, which is happening in Montréal, global luxury group KERING and premium and sustainable cosmetics company L'OCCITANE Group will announce that they are working together to create the Climate Fund for Nature on December 13 at the start of the closing session for the Business and Biodiversity Forum.
The ambitious Climate Fund for Nature will mobilise resources from the Luxury Fashion and Beauty sectors to protect and restore nature, with a particular focus on women empowerment. Out of a target size of EUR 300 million, EUR 140 million has already been committed, 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, which is 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, investment in nature-based solutions should at least triple by 2030 and increase fourfold by 2050. This would mean that the total amount invested could add up to USD 10 trillion, and the amount invested each year would be USD 674 billion in the future.
The creation of the Climate Fund for Nature, initiated by KERING and supported by L’OCCITANE Group, will bring significant capital to nature protection and restoration. It combines ambitious commitments totalling EUR 140 million out of a EUR 300 million target and will rely on Mirova’s proven expertise in natural capital fund management.
The fund vehicle will begin operations in the first quarter of 2023. 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.
Eligible projects will mostly take place in countries where the investors source their core raw materials. The progress of the projects will be tracked to make sure they have measurable effects on nature, climate, and people's lives.
The projects supported will also be required to 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.
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Source: Kering
