Sustainable Beauty: L’Oreal Launches a €150M Social and Environmental Solidarity Programme
French cosmetics and skincare giant L’Oréal, a leader in corporate social responsibility for many years, hopes to revive the economy in spite of pandemic using environmentally-friendly and sustainable course of action.
“L’Oréal for the Future”
According to L’Oreal CEO, Jean-Paul Agon, two major global challenges have been highlighted amid the Covid-19 pandemic: climate change and the vulnerability of women. Therefore, the global cosmetics group have decided to launch a social and environmental solidarity programme called “L’Oreal for the Future”, allocating 150 million euros to contribute to both causes.
L’Oreal has committed 50 million euros to support associations that assist women who are victims of the social and economic crisis, i.e. who suffer from income loss or domestic violence as a result of the lockdown.
Another 100 million euros will be allocated to fight against global warming and to regenerate the natural environment. Half of the fund will be dedicated to financing marine and forest ecosystem preservation projects.
The remaining 50 million euros will be used to stimulate the circular economy, with an encouraging initiative to build new business models that improve recycling and plastic waste management.
“We are fully aware that environmental challenges are increasingly pressing. It is essential not to step back from the sustainable transformation that the world needs. We therefore wish to reaffirm our commitment to the environment and to the preservation of biodiversity”, said Jean-Paul Agon.
As a result, L’Oreal sets ambitious goals for 2030; the cosmetics giant aims to restore one million hectares of damaged ecosystems, eliminate 15 to 20 million tonnes of CO2 and provide communities with job opportunities.
In addition, the company is already supporting an innovative plastics recycling technology which uses enzymes to recycle waste. Furthermore, L’Oreal is contributing to the Paper Bottle Community whose aspiration is to find a paper-based solution to plastic packaging.
Determination to Reach Sustainability Goals
L’Oreal has recently been highlighted as a global leader in corporate sustainability by environmental impact non-profit CDP for the 4th year in a row. Among the 8,400 businesses, L’Oreal is one of a few companies to score the highest for such actions as a reduction in carbon emission, solutions for deforestation in its supply chain, and water protection.
However, the company does not stop here: L’Oreal commits to have achieved carbon neutrality in all its manufacturing, administrative and research sites by 2025. Also, by the s