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LVMH Carbon Fund finances for 112 sustainability projects
30
Nov '18
Nov '18
Courtesy: LVMH
The LVMH Carbon Fund has achieved its objective for 2018, raising €11.3 million in financing for 112 projects designed to control and reduce the group’s greenhouse gas emissions. This result, reflecting the strong engagement of LVMH brands, is all the more noteworthy given that LVMH doubled the price per metric ton of CO2 generated from €15-30 in 2018.
As many as 28 brands are actively engaged in this programme namely Acqua di Parma, Belvedere, Benefit, Berluti, Bulgari, Celine, Chandon India, Christian Dior Couture, DFS, Fendi, Fred, Fresh, Givenchy, Glenmorangie, Guerlain, Hennessy, Hublot, Le Bon Marché, Loewe, Loro Piana, Louis Vuitton, LVMH Fragrance Brand, MHCS, Parfums Christian Dior, Royal Van Lent, Sephora, TAG Heuer, Zenith.
LVMH salutes the active engagement of its Maisons and their teams in the fight against climate change. The 112 projects deployed in 2018 – up from 64 in 2017 – have eliminated nearly 2,500 CO2 equivalent metric tons of emissions annually (over the lifecycle of equipment installed this year). This is equivalent to the annual emissions of 1,600 European households.
Created in 2016, the LVMH Carbon Fund is a pillar in the group’s LVMH Initiatives For the Environment (LIFE) 2020 environmental policy, which has announced a 25 per cent reduction in CO2 emissions by 2020 as one of its main objectives. This aligns the group with the 2°C trajectory defined by the COP21 climate conference in Paris to fight climate change. The annual contribution of each LVMH brand is calculated by multiplying the greenhouse gas emissions from its activities by the carbon price set by the group. The amount must then be invested the following year in eligible projects designed to reduce these emissions.
"The success of our Carbon Fund once again underlines the major and decisive commitment of LVMH management and all our teams to help protect the environment and fight climate change. The LIFE environmental program is a top priority for all our employees. We thank them for their engagement and we continue to count on them to help us achieve all our environmental targets for 2020," said Antonio Belloni, LVMH Group managing director. (RR)
Fibre2Fashion News Desk – India
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