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LVMH has announced the implementation of an internal carbon fund, which is already estimated at over €5 million, to help reduce greenhouse gases.
The fund will be financed by each brand of the luxury group, which include Louis Vuitton, Fendi, Givenchy, Christian Dior and Céline, and calculated using the greenhouse gas emissions generated by their activities, specifically in terms of energy consumption in their production sites and stores.
To be effective in 2016, each brand will contribute €15 per metric ton of carbon and the price is to be reviewed annually.
“The most beautiful materials used in viticulture and oenology, the creation of perfumes and cosmetics, fashion and leather goods and jewellery which are the heart of our business, are all provided by nature. Environmental performance has been integrated into the growth strategy of all our Maisons in the same way as quality, innovation and creativity. Today respect for the environment is not only an imperative, it is also a lever that drives progress”, said Bernard Arnault, Chairman and CEO of LVMH.
The LVMH carbon fund is an additional step in the implementation of the LIFE programme (LVMH Initiatives For the Environment), created by the Group in 2013 in order to integrate the environment into the management processes of each brand.
The fund, governed by the Group’s Environmental Department and a panel of experts, will be used to invest in equipment designed to lower energy use, renew energy creation and research to determine its entire impact, including that of its suppliers. The aim is to create a “virtuous cycle” that will create ecological progress across all the brands.
Kering, the other conglomerate that dominates luxury fashion, was presented with an award by the Carbon Disclosure Project (CDP) in October 2014 for its actions to reduce carbon emissions and mitigate the business risks of climate change.
On this subject, Andrea Podesta of Kering Group will be giving a presentation entitled “Why an Environmental Profit & Loss Account makes sense”, highlighting its relevance and importance for the leather industry at the upcoming Leather & Sustainability in Retail conference to be held in central London on December 9. Read more here.