Cosmetics giant L’Oréal has launched a new program to support consumers throughout the COVID-19 pandemic. LOréal for the future, will support highly vulnerable women and help the first victims of the virus with a €50 million charitable endowment fund.
The company will also invest €100 million to contribute to the regeneration of damaged natural ecosystems to help prevent climate change.
“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. It is essential not to step back from the sustainable transformation that the world needs. 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,” Jean-Paul Agon, chairman and CEO of L’Oréal, said.
The L’Oréal Group said that women are disproportionately affected by the crisis in terms of losing their jobs. This has resulted in more women seeking help from food banks, and domestic and sexual violence has increased worldwide due to the lockdown restrictions.
The charitable endowment fund will help organisations fight poverty and support women through social and professional integration. It will also help organisations provide emergency assistance to refugees and disabled women and support victims of domestic abuse.
“The Covid-19 crisis spares no one, but it also exacerbates existing inequalities, with particularly devastating effects on people who were already struggling socially or economically or are victims of abuse, especially women,” Alexandra Palt, chief corporate responsibility officer of L’Oréal Group, said.
“It is essential that we take action to support the most vulnerable women. This social crisis has not eclipsed the need for a strong commitment to the environment. If we are to find a sustainable and inclusive way to move past this crisis, we must also focus on preventing climate change and the erosion of biodiversity, which now threaten to even more profoundly and violently shake our lives, our societies, and our economies, once again with women as the first victims.”
The beauty company’s environmental funding will finance marine and forest ecosystem restoration projects that will provide social and economic development opportunities for consumers. The fund, the L’Oréal Fund for Nature Regeneration, targets restoration of one million hectares of degraded ecosystems; it aims to capture 15 to 20 million tonnes of CO2 and to create hundreds of job opportunities by 2030.
The other half of the funding will finance projects, find business solutions and build business models to support the development of a circular economy related to recycling and plastic waste management. It will also present its new sustainability program for 2030 in late June 2020.