LVMH has announced the implementation of an internal carbon fund to help reduce greenhouse gases, which is already estimated at over 5 million euros (approximately $5.3 million) to take effect in 2016.
The fund will be financed by contributions from each of LVMH’s Maisons, calculated using the greenhouse gas emissions generated by their activities, specifically in terms of energy consumption in their production sites and stores. Examples of the projects that will be financed by this fund are investments in energy consumption reduction equipment (LED and cooling equipment) or the production of renewable energy on an international scale.
“The most beautiful materials used in viticulture and oenology , the creation of perfumes and cosmetics, fashion and leather goods and jewelry which are the heart of our business, are all provided by nature,” said Bernard Arnault, chairman and CEO of LVMH. “Environmental performance has been integrated into the growth strategy of all our Maisons in the same way as quality, innovation and creativity. Today, respect for the environment is not only an imperative; it is also a lever that drives progress.”
The LVMH carbon fund is an additional step in the implementation of the LIFE program (LVMH Initiatives For the Environment) which the group created in 2013 in order to integrate the environment into the management processes of each Maison.