KERING and L’OCCITANE Group join forces to finance nature protection at scale with the Climate Fund for Nature
At the 15th Conference of Parties (COP) of the Convention on Biological Diversity, taking place in Montréal, global luxury group KERING and premium and sustainable cosmetics company L’OCCITANE Group will announce their teaming up to create the Climate Fund for Nature on 13 December at the start of the closing session for the Business and Biodiversity Forum, livestreamed at 15:00 PM EST/9:00 PM CET on www.cbd.int/live/.
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. EUR 140m are already committed out of a EUR 300m target size 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 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 four-fold by 20502. This acceleration would equate to cumulative total investment of up to USD 10 trillion, and a future annual investment rate of USD 674 billion.
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 EUR140m out of a EUR 300m target, and will rely on Mirova’s proven expertise on natural capital fund management.
The fund vehicle will start operations as of Q1 2023. With the objective of supporting 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 projects’ progress will be monitored to ensure they deliver measurable outcomes for nature, climate and livelihoods.
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.
Chief Sustainability Officer of L’OCCITANE Group and Managing Director of L’OCCITANE en Provence
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 its 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.