Kering and L’Occitane join forces to support nature conservation
(Boursier.com) — On the occasion of the 15th Conference of the Parties (COP) to the Convention on Biodiversity in Montreal, a global luxury group KERING and luxury and sustainable cosmetics company Groupe L’OCCITANE will announce their partnership to create the Climate Fund for Nature.
The announcement will take place at the start of the closing session of the Business and Biodiversity forum, which will be broadcast live at 9:00/15:00 EST on December 13 at www.cbd.int/live/.
This ambitious fund will mobilize resources from the luxury and beauty sectors to protect and restore nature, with a focus on promoting women’s independence. The two groups with a common long-term goal of 300 million euros have already paid 140 million euros. The fund will be open to other partner companies to strengthen their positive impact on the ground. It will be managed by the Mirova management company, a subsidiary of Natixis Investment Managers dedicated to responsible investments.
As countries and companies step up their commitment to combat climate crises and biodiversity loss, the need to increase funding and investment in conservation is now widely recognized. Going forward, investments in nature-based solutions must at least triple by 2030 and quadruple by 20502 if the world is to meet climate change, biodiversity and soil conservation goals. and an annual investment rate of $674 billion.
The Climate Fund for Nature, an initiative of KERING and supported by the L’OCCITANE Group, aims to mobilize significant capital for the protection and restoration of nature. It brings together ambitious commitments of €140 million, exceeding the total target of €300 million, and will leverage Mirova’s proven track record in managing funds dedicated to natural capital.
The investment vehicle will be launched in the first quarter of 2023. In order to support high-quality projects dedicated to nature conservation and restoration, the Fund will also support farmers’ transition to regenerative agriculture, provide carbon credits and generate shared revenues. benefits for communities that focus on promoting women’s independence.
Eligible projects will mainly be located in countries where the investors source their primary raw materials. Projects will be closely monitored to ensure they deliver measurable results for nature, climate and people’s livelihoods.
Supported projects should also make a significant contribution to promoting women’s independence, particularly by filling gaps in access to finance, land and training. To this end, the fund and Mirova will partner with the 2X Collaborative, a global cross-industry gender-biased investment promotion body.
Marie-Claire Daveu, KERING’s Director of Sustainability and Institutional Affairs, commented on the launch of the Climate Fund for Nature: “The Climate Fund for Nature fund offers the opportunity to collectively support luxury and beauty. The restoration and conservation of biodiversity on a large scale. KERING is proud to collaborate with Mirova and welcome the L’OCCITANE Group as the fund’s first partner. If we want to stop and restore biodiversity loss and fight climate change by 2030, nature-related change, innovative financing mechanisms will make much-needed investments in nature. It is important to focus on sustainable solutions. We invite other companies to join this ambitious initiative to contribute to a future that is friendly to nature.”