The Group plans to spend €150 million to support vulnerable women and protect the environment.
In the context of the COVID-19 pandemic and to address its consequences, L’Oréal announced “L’Oréal for the future”; a social and environmental solidarity programme to address the critical priorities:
- organisations that support highly vulnerable women: the first victims of the social and economic crisis generated by the pandemic, with the creation of a €50 million charitable fund;
- contributing to the regeneration of damaged natural ecosystems and efforts to fight climate change, with €100 million dedicated to environmental impact investing.
Jean-Paul Agon, Chairman and CEO of L’Oréal, says: “Over the coming months, our societies will face social crises giving rise to situations of great human suffering, particularly for the most vulnerable. At the same time, we are fully aware that environmental challenges are increasingly pressing. It is essential not to step back from the sustainable transformation that the world needs.”
Environment
€100 million dedicated to environmental impact investing comes in addition to L’Oréal’s ongoing long-term efforts to reduce its environmental impact as part of its “Sharing Beauty with All” programme.
The first €50 million will be used to finance marine and forest ecosystem restoration projects. That will also create new social and economic development opportunities for the populations that depend on these ecosystems. The fund aims to restore one million hectares of degraded ecosystems and capture 15 to 20 million tonnes of CO2. Additionally, it aims to create hundreds of job opportunities by 2030.
The other €50 million will be directed to financing for projects linked to the circular economy. L’Oréal aims to contribute to the creation of business models that support the development of a circular economy. It will particularly focus on recycling and management of plastic waste.
Finally, the Group plans to present its new sustainability program for 2030 in late June. It will complete the “L’Oréal for the future” plan announced.