“L’Oréal for the future” is the new plan of the French giant aimed at revolutionizing the business by increasingly orienting it towards a sustainable approach. The plan has a number of important goals: by 2025 the group is committed to becoming carbon neutral in all the sites where it operates, by using 100% renewable energy.
By 2030, however, 100% of the packaging will be recycled or biological. There will also be a 50% reduction per finished product in greenhouse gas emissions. This decision coincides with the renewed spirit of many players in the fashion world overwhelmed by the sudden wave of COVID-19.
CEO of L’Oréal Jean-Paul Agon declared that “the coronavirus emergency and the health crisis have highlighted how devastating a global systemic crisis can be. Even the looming climate crisis is likely to be devastating for the planet if we do not intervene. As many experts have explained, there is an absolute urgency. We have 10 years to do what it takes to prevent the climate crisis and therefore time is running out.”
The plan follows the previous one launched in 2013 “Sharing Beauty With All”, but the points contained in “L’Oréal for the future” are certainly more ambitious and definitive.
Alexandra Palt, Group’s Chief Corporate Responsibility Office, aims at decreasing the environmental impact of the brand, preserving biodiversity, and promoting a circular economy. “We believe it is our responsibility as industry leaders to help create a more inclusive and sustainable society,” Palt stated.
To remain true to these words, in May L’Oréal allocated 100 million euros to Impact Investing solutions. € 50 million will go to support projects aimed at preserving marine and forest ecosystems. The other 50 million will support investments for the circular economy.
Environmental sustainability is not the only goal. Social sustainability is another point on which the new plan focuses. Concerning this, the group will donate another 50 million to support organizations that fight poverty, that help women stepping into the professional world, refugees, or women who are victims of violence. In addition, by 2030, 100% of the employees of the group’s suppliers will receive a subsistence wage.
Another important milestone that the group intends to reach by 2030 concerns the ingredients of their products. L’Oréal undertakes to use 95% of bio-based formulas, obtained from minerals or from circular processes. 100% of the bio-based products or packaging will be traceable, a way for the consumers to stay updated on the group’s steps and ensure that they are inspired to buy in a conscious way.
Cover image credits: L’Oréal