The Fashion Pact establishes new renewable energy agreement
The Fashion Pact has announced the launch of a new agreement that aims at accelerating the adoption of renewable energy through the investment of clean energy infrastructure.
Beginning in Europe, the initiative, which is composed of 75 CEOs from global fashion brands, will oversee the launch of its ‘Collective Virtual Power Purchase Agreement’ (CVPPA).
The deal was formed during the G7 Summit in France, with members descending from over 200 brands across 17 countries.
The group facilitated the creation of the CVPPA initiative, which is currently in its kick-off phase, through a partnership with energy and tech consultancy firms Guidehouse and 2050.
12 CEOs have individually committed to adopting renewable energy, aligned with 2030 targets of their companies, which include the likes of Kering, Prada Group, Bally, Capri Holdings and Ralph Lauren.
The project looks to add over 100,000 MWh per year of renewable energy generation to the grid, accelerating the transition to clean energy while helping brands invest and work towards their targets.
The Fashion Pact said it was working to expand future programmes geographically and alongside other industry players.
In a release, Stefan Larsson, CEO of PVH Corp, which will also take part in the agreement, said: "Joint action is critical to driving solutions that address the fashion industry’s contributions to climate change.
“The CVPPA conveys that industry leaders are taking action to drive progress against renewable electricity targets and demonstrates the value of collective effort in tackling the fashion industry’s carbon footprint.”