L’Oréal introduces new circular innovation fund
L’Oréal has announced the launch of the new Circular Innovation Fund, contributing €50million as part of its 'L’Oréal for the Future' sustainability program to the fund.
The new fund aims to support companies across North America, Europe and Asia, which are developing circular use of resources across various sectors. This includes materials from the bioeconomy, circular solutions for packaging, recycling and waste, logistics and eco-efficient processes.
Managed by Demeter and Cycle Capital, the fund will utilise an impact measurement methodology, which integrates due diligence on critical non-financial KPIs including greenhouse gas emissions reductions and resource use.
Projects supported by the fund include circular fashion start-up For Days, a service that recycles old clothes and offers a catalogue of 100% circular, recyclable and eco-designed clothing.
Christophe Babule, Executive VP & CFO at L’Oréal, said: "L'Oréal is the initiator of the Circular Economy Fund and its first investor with €50 million. I am convinced that finance can play a decisive role in mitigating the impacts of climate change and can be a vehicle for progress."
