COVID-19  •  Companies news

L’Oréal announces the creation of its program L’Oréal for the future

The program consists of €150 million to support vulnerable women and protect the environment after COVID-19 crisis.

In the context of the Covid-19 pandemic and to address its consequences, L’Oréal announces L’Oréal for the future, an unprecedented social and environmental solidarity programme to address the following priorities:

  • supporting organizations that support highly vulnerable women, the first victims of the social and economic crisis generated by the pandemic, with the creation of a €50 million charitable endowment fund
  • contributing to the regeneration of damaged natural ecosystems and efforts to prevent climate change, with €100 million dedicated to environmental impact investing.

Jean-Paul Agon, Chairman and CEO of L’Oréal, says:

“Over the coming months, our societies will face social crises giving rise to situations of great human suffering, particularly for the most vulnerable. At the same time, we are fully aware that environmental challenges are increasingly pressing. [...] We therefore wish to reaffirm our commitment to the environment and to the preservation of biodiversity, and to help mitigate the social crisis for women. These two causes reflect the values and the historic commitment of L’Oréal.”

€50 million to support highly vulnerable women

The L’Oréal Group, which has historically been committed to supporting women, is still there for them today, because women are disproportionately affected by the COVID-19 crisis, particularly in terms of job and income loss. At the same time, domestic and sexual violence has increased worldwide, including in France (+30%), particularly due to the effects of lockdown measures. To directly help struggling women, L’Oréal is creating a €50 million charitable endowment fund to support field organizations and local charities in their efforts to fight poverty, help women achieve social and professional integration, provide emergency assistance to refugee and disabled women, prevent violence against women, and support victims.

€100 million dedicated to environmental impact investing

In addition to its ongoing long-term efforts to reduce its environmental impact as part of its Sharing Beauty with All sustainable development programme, the L’Oréal Group has decided to engage €100 million into impact investing, in order to act upon two key environmental challenges: 

  • regenerating damaged natural ecosystems: €50 million will be used to finance marine and forest ecosystem restoration projects that also create new social and economic development opportunities for the populations that depend on these ecosystems (developing sustainable agriculture and fishing, eco-tourism, sale of carbon credits).
  • preventing climate change: €50 million will be directed to financing for projects linked to the circular economy. With this fund, the L’Oréal Group aims to contribute to the quest for solutions and the creation of business models that support the development of a circular economy.

Source: L'Oreal

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