French firm LVMH set to enhance scope 3 emission targets

The company plans to support its suppliers and partners with its LIFE 360 Business Partners plan, announced at the summit. The new plan will become the group’s new guiding compass for supporting its suppliers, particularly in the areas of raw materials and transport, and helping them to reduce not only their scope 3 emissions, which account for 95 per cent of the group’s carbon footprint, but also their impact on water and biodiversity, LVMH said in a press release.

Among the significant achievements presented, LVMH's efforts in creative circularity stood out as a major success. The company has surpassed its 2023 target by establishing a robust repair-and-care initiative across several of its maisons. This initiative is highlighted by Louis Vuitton's remarkable feat of repairing 600,000 products annually and Berluti's commitment to making 79 per cent of its leather goods repairable. The introduction of LVMH Circularity, an ecosystem focused on the reuse and recycling of fabric and leather offcuts, unused materials, and unsold products, further reinforces the group's commitment to sustainable practices.

In addition to these initiatives, LVMH's ongoing efforts in biodiversity conservation, climate action, and traceability and transparency were also discussed. The group has been instrumental in regenerating 1.37 million hectares of land by the end of 2022 and is on a path to reach five million hectares by 2030. Thanks to a reduction of 11 per cent in its GHG (greenhouse gas) emissions scopes 1 and 2 (direct emissions) in absolute terms and 15 per cent in its scope 3 (indirect emissions) per unit of added value between 2019 and 2022, LVMH decoupled its growth from that of its CO2 emissions over the same period.

The summit also highlighted LVMH's progress in traceability and transparency, particularly in identifying the origins of strategic raw materials. With the goal of achieving complete traceability by 2026, the group is making strides in ensuring sustainable and ethical sourcing.

While celebrating these achievements, LVMH acknowledged the challenges ahead, particularly in meeting its 2026 target of zero virgin fossil-based plastics. This has led to an intensified focus and reinforcement of its action plan in this area.

This significant event marked a pivotal moment for the group, with over 500 leaders, partners, and sector players in attendance. High-profile attendees included Christophe Bechu, French minister for ecological transition and cohesion of the territories, Virginijus Sinkevicius, European commissioner for the environment, oceans and fisheries, alongside Bernard Arnault, LVMH chairman and CEO, and Antoine Arnault, responsible for LVMH image and environment.

Fibre2Fashion News Desk (DP)