SAN FRANCISCO, September 22, 2022 /PRNewswire/ — Apparel Impact Institute (Aii), the nonprofit dedicated to mobilizing climate action in fashion, today announced that the PVH Foundation has joined the Catalyst $250 million Fashion Climate Fund as lead funder. This advances the Fund’s goal of driving industry-wide convergence to modernize the fashion industry’s supply chain and meet the industry’s ambition to halve emissions. of carbon 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 Kleinjoins Lululemon, H&M Group, H&M Foundation and The Schmidt Family Foundation as lead funders, each pledging $10M. This investment underscores PVH Corp’s enduring trust and belief. in Aii as a critical partner and intellectual clearinghouse that will help achieve the fashion industry’s 2030 climate goals.
The Fashion Climate Fund, the first of its kind, is strategically designed to leverage industry cash and philanthropic funds to execute fundamental supply chain improvements; these include transitioning to renewable electricity, improving energy efficiency, eliminating coal in manufacturing, scaling sustainable materials and practices, and accelerating new materials generation. By doing this work, the Fashion Climate Fund will also de-risk investment opportunities, allowing the industry to engage larger financial institutions to unlock an estimate $2 billion in additional asset classes, including debt and equities.
“The leadership shown by PVH Corp., a long-time partner of Aii, represents a major step forward in our work to address fashion supply chain emissions,” said Lewis Perkins, Have President. “The PVH Foundation helps power the Fashion Climate Fund’s unique grantmaking engine to accelerate proven supply chain programs, solutions and innovations to reduce carbon emissions.”
“Our corporate purpose, to power brands that move fashion forward for good, is at the heart of our multi-year growth plan and has guided us for many years,” said Stefan Larsson, CEO of PVH Corp. “We know that collaboration and funding are key to finding solutions that address the fashion industry’s contributions to climate change and we are proud to support the Fashion Climate Fund in this work.”
Since the Fashion Climate Fund and the first round of major funders were announced in June 2022, Aii made progress in developing the Climate Solutions Portfolio, an online registry of initiatives that address supply chain carbon emissions; finalize the strategy and approach for the Fund’s blended capital approach; and building the framework for on-site carbon data collection.
In the coming months, Aii will continue to deploy financing in supplier carbon emissions target setting and prioritization projects, Clean By Design energy efficiency programs and renewable energy pilot projects, and will build the “funds utilization” strategy for 2023, while bringing more partners into this fund and developing strategic relationships with private equity, both commercial lending and private equity, looking to the $2 billion capital release.
Apparel Impact Institute (Aii) is a non-profit collective founded in 2017 by NGO leaders: the Sustainable Apparel Coalition (SAC), the Sustainable Trade Initiative (IDH) and the Natural Resource Defense Council (NRDC), alongside industry leaders Target Corporation, Gap Inc., PVH and HSBC. The organization emerged organically out of a real need that clothing 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 drive a positive environmental impact from apparel and footwear production to improve the industry. To learn more about Aii and its new Fashion Climate Fund, visit clothingimpact.org and fashionclimatefund.org.
SOURCE Apparel Impact Institute