L'ORÉAL GROUPEANNOUNCES ENDOWMENT FUND, THE L'ORÉALCLIMATEEMERGENCY FUND
EUR15 million endowment fund aimed at communities facing greatest disaster risk
presented at Climate Week NYC
Clichy, 15thSeptember 2023 - L'Oréal announced a new EUR15 million endowment fund to support vulnerable communities to develop greater resilience in the face of climate disasters. The L'Oréal Climate Emergency Fund will support communities in the most exposed areas by enabling expert partner organizations to help them prepare for and recover from climate disasters.
It is estimated that climate-driven disasters have increased five-fold over the past 50 years1. Today, up to three billion people live in disaster-exposed areas, with the number predicted to increase by one billion by the year 20502. The L'Oréal Climate Emergency Fund will reach vulnerable communities through partnerships with both local disaster relief organizations and international NGOs. The new fund builds on L'Oréal Groupe's longstanding commitment to address growing humanitarian and environmental challenges, bringing the Groupe's total investments to more than EUR200 million across several funds, such as the L'Oréal Fund for Nature Regeneration, the Circular Innovation Fund and the L'Oréal Fund for Women.
"As an industry leader, L'Oréal has a responsibility to address the world's most urgent environmental and social needs," said Alexandra Palt, Chief Corporate Responsibility Officer, L'Oréal GroupeandCEO of the FondationL'Oréal. "The urgent climate crisis we are facing necessitates action on all fronts and calls for global collaborationat every level.With the new Climate Emergency Fund, we are expanding on our commitments to help build resilience for vulnerable communities, togetherwith organizationsdeploying innovative solutions on the ground."
The funds will be directed towards two types of actions: 'Prepare,' to help minimize the impact of climate disasters before they occur, through disaster planning and early warning systems; and 'Repair,' to restore essential infrastructures and vital services such as healthcare, housing and access to food and water when disaster strikes. The first two L'Oréal Climate Emergency Fund recipients are The Solutions Project, a US-based non-profit organization and Start Network, a global alliance of more than 80 local, national and international NGOs, that both work with people on the frontline to provide early and effective responses when and before humanitarian crises strike.
"Whilst the climate crisisis global in nature, it is clear thatsome communities are atfar greater risk of near-term climate disastersand mustmitigate for these climate-related events to prevent them from becoming human disasters," saidChristina Bennett, CEO of Start Network. "In partnership withL'Oréal and local organizations rooted in their communities, wewillsupportpeople atrisk of crisisto prepare andprotect themselves, with the assistance delivered by local teams familiar with their circumstances and best placed to ensure affected populations rebound more quickly."
To learn more about the L'Oréal Climate Emergency Fund, please watch our video.
About L'Oréal
For over 110 years, L'Oréal, the world's leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 36 international brands and ambitious sustainability commitments in our L'Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With 87400 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail), in 2022 theGroup generated sales amounting to 38.26 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4000 scientists and 5500 tech and digital professionals, L'Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
More information on https://www.loreal.com/en/mediaroom
About Start Network
Start Network:www.startnetwork.org | @StartNetwork | Start Network is a global network of non-governmental organisations, made up of more than 80 national and international humanitarian agencies from six continents. Its mission is to create a new era of humanitarian action that will protect even more lives through innovation, fast funding, early action, and localisation. Start Network believes that pre-emptive climate risk financing could revolutionise the aid sector and catalyse a new way of preparing for crises, helping to create more resilient communities. Visit our website to see afull list of members.
"This press release does not constitute an offer of sale or solicitation of an offer to purchase L'Oréal shares. If you wish to obtain more comprehensive information about L'Oréal, please refer to the public documents registered in France with the Autorité des Marchés Financiers, also available in English on our website www.loreal-finance.com.
This press release may contain forecast information. While the Company believes that these statements are based on reasonable assumptions as of the date of publication of this press release, they are by nature subject to risks and uncertainties which may lead to a discrepancy between the actual figures and those indicated or suggested in these statements."
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[1] World Meteorological Organization
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- PR_LOREAL GROUPE ANNOUNCES NEW ENDOWMENT FUND THE L'OREAL CLIMATE EMERGENCY FUND (https://ml-eu.globenewswire.com/Resource/Download/9439b644-7cb1-42e1-9b21-8bbd4396a8f6)
