Renewable energy initiative at The Fashion Pact
The Fashion Pact has launched a new initiative called the ‘Collective Virtual Power Purchase Agreement’ (CVPPA).
Formed in 2019 at a G7 Summit in France, the Fashion Pact is a grouping led by 75 CEOs from across the fashion value chain. Its primary objective is to promote sustainability in the fashion industry by addressing and solving environmental issues that impact the climate, biodiversity and the oceans.
CVPPA will aim to move companies towards the use of renewable electricity by investing in the construction of clean energy infrastructure, with the first project being implemented in Europe.
Twelve of the CEOs have committed to renewable electricity in their manufacturing operations. The companies supporting the commitment are Bally, Capri Holdings, Ermenegildo Zegna Group, Farfetch, Ferragamo, Kering, Prada Group, PVH Corp, Ralph Lauren, Tapestry, Under Armour, and Zimmermann.
This pilot project in Europe will add 100,000 megawatt-hours of renewable electricity to available supply and help the brands concerned achieve their sustainability goals.
