The Fashion Pact initiative has launched a ‘Collective Virtual Power Purchase Agreement’ (CVPPA) aimed at accelerating renewable electricity adoption by investing in new clean energy infrastructure, beginning in Europe.
The Details: The project seeks to add over 100,000 MWh per year of new renewable electricity generation to the grid, equivalent to removing approximately 24,400 cars from the road, accelerating the transition to clean energy while helping brands invest and progress towards achieving their sustainability targets.
- The CVPPA is being described as a testing ground, since the Fashion Pact is currently working on future programmes to expand geographically and include other industry players interested in reducing supply chain greenhouse gas emissions.
- The CVPPA initiative is currently in its initial kick-off phase, in partnership with the energy and technical consultancy firms Guidehouse and 2050.
- Twelve CEOs have individually committed to procuring renewable electricity, aligned with the 2030 targets to use 100% renewable energy across their companies’ own operations.
- Supporting organisations include Bally, Capri Holdings, Ermenegildo Zegna Group, Farfetch, Ferragamo, Kering, Prada Group, PVH Corp, Ralph Lauren, Tapestry, Under Armour and Zimmermann.
The Initiative: Formed at the G7 Summit in France, the Fashion Pact is a CEO-led initiative for sustainability in the fashion and textile industry.
Its membership has more than doubled in two years, expanding from 32 to 75 CEO signatories leading businesses across the value chain.
- Today, with over 200 brands across 17 countries, this collective initiative represents approximately a third of the fashion and textile industry by volume.
- The Fashion Pact claims to follow a science-based approach where its methodology requires multi-stakeholder involvement and long-term research and development to identify innovative joint actions that will be piloted, tested, and scaled to reach tipping points in the sustainable transformation of the industry.
