The company which owns luxury brands including Gucci and Alexander McQueen has acquired a stake in forest carbon project developer Wildlife Works Carbon.
France’s PPR group has paid an undisclosed amount for a 5% stake in US-based Wildlife Works, a developer of projects that reduce emissions from deforestation and forest degradation (REDD).
Last year, insurance giant Allianz bought a 10% stake in Wildlife Works.
PPR has previously bought credits from Wildlife Works’ main project in Kenya to offset its emissions.
Jochen Zeitz: investing in Wildlife Works “rounds out” sustainability plan
The group’s sustainability department will now hold a seat on Wildlife Works’ management committee and have “an active role” in supporting its goal to secure 5 million hectares of native forest over the next three years, and protect them for a minimum of 25 years. Wildlife Works currently has around 500,000 hectares under its protection.
In addition to buying a stake in Wildlife Works, PPR’s sustainability department announced a set of core targets to achieve across its luxury, sports and lifestyle brands by 2016.
The targets are focused on reducing carbon dioxide emissions, waste, water, hazardous chemicals and materials as well as paper and packaging.
“Investing in Wildlife Works Carbon rounds out our five-year plan, linking our long-term strategy of a more sustainable business model to an investment that results in net-positive social and environmental impacts,” said Jochen Zeitz, chief sustainability officer of PPR.
Last year, Zeitz announced a groundbreaking effort to price the environmental impact of its sportswear division, Puma. That initiative was later extended to the entire group.
Elza Holmstedt Pell
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Article source: http://www.environmental-finance.com/news/view/2464