Commercial, Solar - October 19, 2023
The Fashion Pact Deploys RE in Europe
The Fashion Pact, a CEO-led initiative for sustainability in the fashion and textile industry, signed an innovative collective virtual power purchase agreement (CVPPA).
The agreement was signed with Lightsource bp. The CVPPA, linked to Lightsource bp’s solar portfolio in Spain, offers a long-term renewables commitment for 12 brands, including Bally, Capri Holdings, Ermenegildo Zegna Group, FARFETCH, Ferragamo, Kering, Prada Group, PVH Corp., Ralph Lauren, Tapestry, Under Armour and Zimmermann.
This collective deal enables businesses to benefit from solar power and underpin the development of new renewable energy projects.
The global initiative encourages its members to achieve 100% renewable energy across their companies’ own operations by 2030. Twelve of The Fashion Pact’s members worked together with the support of its technical partners, the global consultancy firm Guidehouse and international law firm Baker McKenzie, to achieve this goal.
Spearheaded by Co-Chairs Helena Helmersson and Co-Founder Paul Polman, The Fashion Pact brings together fashion industry’s leaders to drive progress and design collective solutions toward a net-zero future.
The Fashion Pact worked collaboratively with the Lightsource bp´s EMEA Power Markets team to create a bespoke PPA structure that would meet the needs of their members while satisfying the collective renewable electricity demand.
“The Fashion Pact’s unique model with strong CEO leadership has allowed brands to move forward together quickly. This has been critical to ensuring the success of this collective virtual power purchase agreement, a first for the industry. Collaboration is key to accelerate the transition of the fashion industry to renewable energy towards a net-zero future,” said Eva von Alvensleben, Executive Director and Secretary General, The Fashion Pact, in a statement.
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