Apparel Impact Institute (AII) has announced that The PVH Foundation is joining the catalytic US $ 250 million Fashion Climate Fund as a lead funder.
AII is a non-profit collective founded in 2017 by NGO leaders: the Sustainable Apparel Coalition (SAC), the Sustainable Trade Initiative (IDH) and Natural Resource Defense Council (NRDC), alongside industry leaders Target Corporation, Gap Inc., PVH and HSBC.
This advances the Fund’s aim to drive industry-wide convergence to modernise the fashion industry supply chain and meet the industry’s ambition to halve carbon emissions by 2030.
The first-of-its-kind Fashion Climate Fund is strategically designed to leverage industry treasury and philanthropic funds to execute foundational supply chain improvements; these include transitioning to renewable electricity, improving energy efficiency, eliminating coal in manufacturing, scaling sustainable materials and practices, and accelerating next-generation materials.
In doing this work, the Fashion Climate Fund will also de-risk investment opportunities, allowing the industry to engage larger financial institutions to unlock an estimated US $2 billion in additional asset classes, including debt and equity.
“The leadership shown by PVH Corp., a long-time partner to AII, represents a big step forward in our work to tackle fashion’s supply chain emissions. The PVH Foundation is helping fuel the Fashion Climate Fund’s unique grant-making engine to accelerate proven programmes, solutions and innovations into the supply chain to lower carbon emissions,” says Lewis Perkins, President, AII.
“Our company’s purpose, to power brands that drive fashion forward for good, is at the core of our multiyear growth plan and has guided us for many years,” says Stefan Larsson, CEO, PVH Corp.
