lululemon has been announced as a lead funder of the $250m Fashion Climate Fund established by Apparel Impact Institute. The Fund will be used to identify, fund, scale, and measure verified impact solutions to decarbonize and modernize fashion industry supply chains. This comes as World Environment Day 2022 is celebrated with the theme #OnlyOneEarth.
Alongside the other lead partners including H&M Group, H&M Foundation, and The Schmidt Family Foundation, lululemon’s contribution to the Fashion Climate Fund will drive collective action to tackle fashion’s supply chain emissions. By leveraging a first-of-its-kind collaborative funding model for fashion between philanthropy and corporate entities, the Fund could unlock an estimated $2B in blended capital to help meet the industry’s goal to halve carbon emissions by 2030.
In addition to tackling emissions, and in line with lululemon’s impact agenda which is the company’s stake in the ground toward an equitable, sustainable future, the Fashion Climate Fund will provide funding for supplier interventions across the value chain. These include maximizing material and energy efficiency, accelerating the use of next generation materials, eliminating coal in material and product manufacturing, shifting to 100% renewable energy, and implementing circular business models.
Esther Speck, VP, Sustainable Business, and Impact said “lululemon is proud to support the Fashion Climate Fund and collaborate with other brands as we collectively work to accelerate climate action and sustainability solutions in the apparel industry. We remain committed to our climate goals and are confident that this fund will help to innovate solutions that decarbonize and modernize industry supply chains.”
lululemon has a history of collaboration with the Apparel Impact Institute on climate strategy; being a founding partner of the Carbon Leadership Project focused on reducing carbon emissions by vendors.
Read the full press release here