SAN
FRANCISCO, Sept. 22, 2022 /PRNewswire/ -- Apparel
Impact Institute (Aii), the nonprofit organization dedicated to
mobilizing climate action in fashion, today announced that The PVH
Foundation is joining the catalytic $250M Fashion Climate Fund as a lead funder. This
advances the Fund's aim to drive industry-wide convergence to
modernize the fashion industry supply chain and meet the industry's
ambition to halve carbon emissions by 2030.
The PVH Foundation, which leads the global philanthropic
efforts of PVH Corp. (NYSE: PVH), is the newest addition to
the Fashion Climate Fund. PVH, which owns iconic brands such as
Tommy Hilfiger and Calvin Klein, joins Lululemon, H&M Group,
H&M Foundation, and The Schmidt Family Foundation as a lead
funder, with each committing $10M.
This investment underscores PVH Corp.'s enduring trust and belief
in Aii as a critical partner and intellectual clearinghouse that
will help reach the fashion industry's 2030 climate goals.
The first-of-its-kind Fashion Climate Fund is strategically
designed to leverage industry treasury and philanthropic funds to
execute foundational supply chain improvements; these include
transitioning to renewable electricity, improving energy
efficiency, eliminating coal in manufacturing, scaling sustainable
materials and practices, and accelerating next-generation
materials. In doing this work, the Fashion Climate Fund will also
derisk investment opportunities, allowing the industry to engage
larger financial institutions to unlock an estimated $2B in additional asset classes, including debt
and equity.
"The leadership shown by PVH Corp., a long-time partner to Aii,
represents a big step forward in our work to tackle fashion's
supply chain emissions," says Lewis
Perkins, Aii President. "The PVH Foundation is helping to
fuel the Fashion Climate Fund's unique grantmaking engine to
accelerate proven programs, solutions, and innovations into the
supply chain to lower carbon emissions."
"Our company purpose, to power brands that drive fashion forward
for good, is at the core of our multiyear growth plan and has
guided us for many years," says Stefan
Larsson, PVH Corp. CEO. "We know that collaboration and
funding are critical to driving solutions that address the fashion
industry's contributions to climate change and are proud to be
supporting the Fashion Climate Fund in this work."
Since the Fashion Climate Fund and first round of lead funders
were announced in June 2022, Aii has
made strides in developing the Climate Solutions Portfolio, an
online registry of initiatives that tackle supply chain carbon
emissions; finalizing the strategy and approach for the Fund's
blended capital approach; and building the framework for onsite
carbon data collection.
In the coming months, Aii will continue to deploy funding into
supplier carbon target-setting and prioritization projects, Clean
By Design efficiency programs, and renewable energy pilots, and
build the "use of funds" strategy for 2023, while it convenes more
partners into this Fund and grows strategic relationships with
investment capital, both commercial lending and private equity,
looking toward the $2B capital
unlock.
Apparel Impact Institute (Aii) is a nonprofit
collective founded in 2017 by NGO leaders: the Sustainable Apparel
Coalition (SAC), the Sustainable Trade Initiative (IDH) and Natural
Resource Defense Council (NRDC), alongside industry leaders Target
Corporation, Gap Inc., PVH and HSBC. The organization emerged
organically as a result of a real need that apparel brands and
retailers self-identified.
Aii identifies, funds, and scales proven quality solutions to
accelerate positive impact in the apparel and footwear industry.
Aii programs focus on areas that result in positive environmental
impact from the production of apparel and footwear products to
improve the industry. To learn more about Aii and its new Fashion
Climate Fund, visit apparelimpact.org and
fashionclimatefund.org.
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SOURCE Apparel Impact Institute