Inditex-WWF
Spain-based clothing company Inditex, has partnered with World Wide Fund (WWF) to finance nine projects for the restoration of forests in North Africa, Europe, Asia, and Latin America.
The two organizations will collaborate on “transformational projects,” such as forest restoration and conservation, water basin restoration and conservation, and the protection of species and habitat, under the terms of the partnership with Inditex and the nonprofit WWF.
Up to 2024, Inditex will commit more than EUR 10 million (US$ 10.6 million), including EUR 4.2 million in 2022 and a minimum contribution of EUR 3 million over the following two years.
Inditex CEO, Óscar García Maceiras, said that their sustainability strategy aspires to increase the positive impact of their operations on people, communities, and natural resources. They are therefore thrilled to collaborate with organizations like WWF that share their commitment to assisting in the preservation and restoration of ecosystems all over the world. They think WWF is the greatest long-term partner for boosting their environmental obligations through transformative efforts aimed at their entire industry because of its track record and global presence.
In an effort to encourage the use of reusable alternatives, the group started a campaign in 2021 to charge consumers for paper bags and envelopes. A portion of the proceeds from this initiative will be distributed to the nine initiatives.
As part of the agreement, WWF and Inditex will also lay the groundwork for transformative cooperation through a year-long scoping phase with a particular emphasis on biodiversity and water stewardship. In order to identify priorities and important geographies, this analysis will also analyze the group’s activities, effects, and advancements and create a map of impacts along the group’s value chain.
After receiving the results, the two organizations will sign a second agreement and commit funding to it in order to advance sector change.
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