On the occasion of the 15th Conference of the Parties (COP) to the Convention on Biological Diversity, taking place in Montreal, global luxury group Kering and high-end sustainable cosmetics company Groupe L'Occitane will announce their partnership to create the Climate Fund for Nature.
This ambitious fund will mobilize the resources of the luxury and beauty sectors to protect and restore nature, with a particular focus on promoting women's independence. 140 million euros have already been committed by the two groups, with a total target of 300 million euros. The fund will be open to other partner companies to help intensify its positive impact in the field. It will be managed by Mirova, a subsidiary of Natixis Investment Managers dedicated to responsible investment.
As countries and companies step up their commitments to combat climate crises and biodiversity damage, the need for increased funding and investment in nature protection is now universally recognized as essential. In the future, if the world is to meet its climate change, biodiversity and soil preservation targets, investment in nature-based solutions must at least triple by 2030 and quadruple by 2050.2. This acceleration would be equivalent to a cumulative total investment of up to $10,000 billion and an annual investment rate of $674 billion.2.
The Climate Fund for Nature, initiated by Kering and supported by the L'Occitane Group, aims to mobilize substantial capital for the protection and restoration of nature. It combines ambitious commitments, totalling 140 million euros already committed out of a total target of 300 million euros, and will draw on Mirova's proven expertise in managing funds dedicated to natural capital.
The investment vehicle will be operational in the first quarter of 2023. With the aim of supporting high-quality projects dedicated to the protection and restoration of nature, the fund will also support farmers in their transition to regenerative agriculture, deliver carbon credits and generate co-benefits for communities with a particular focus on promoting women's independence. Eligible projects will mainly be located in countries where investors source their main raw materials. Project progress will be carefully monitored to ensure that they produce measurable results for nature, climate and people's livelihoods.
The projects supported must also make a significant contribution to promoting women's independence, notably by bridging existing gaps in access to finance, land and training. To this end, the fund and Mirova will collaborate with 2X Collaborative, a global cross-sectoral organization promoting investment from a gender perspective.
On the occasion of the launch of the Climate Fund for Nature, Marie-Claire Daveu, Kering's Director of Sustainable Development and Institutional Affairs, commented: " The Climate Fund for Nature offers the luxury and beauty sectors the opportunity to collectively support the restoration and conservation of biodiversity on a large scale. KERING is proud to collaborate with Mirova and to welcome Groupe L'Occitane as the fund's first partner. If we are to halt and reverse the loss of biodiversity by 2030 and combat climate change, which is itself intrinsically linked to nature, innovative financing mechanisms are essential to direct much-needed investment towards nature-based solutions. We invite other companies to join this ambitious initiative to contribute to a nature-friendly future. ".
Adrien Geiger, Chief Sustainability Officer of the L'Occitane Group and Managing Director of L'Occitane en Provence, adds: "Nur planet is facing a global climate and biodiversity crisis never seen before. The L'Occitane Group is proud to join forces with Kering and Mirova to step up our action against the degradation of nature - the very thing that provides the resources and services on which we depend. While reducing our emissions and our impact on the environment is our priority, the Climate Fund for Nature will help us to go further by supporting projects that encourage regenerative practices that benefit not only nature, but also communities. ".
Anne-Laurence Roucher, Deputy Managing Director and Head of Private Equity and Natural Capital at Mirova, concludes: " We are proud to collaborate with KERING, Groupe L'Occitane and other companies to accelerate the mobilization of resources for nature-based solutions, the fight against climate change and the promotion of women's independence. To achieve a nature-positive, zero net carbon economy, a very significant mobilization of capital and investment is required, and the ambitious contribution of companies is essential.".
