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Sep 22, 2022, 07:00 ET
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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.
SOURCE Apparel Impact Institute
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