The Fashion Pact has officially announced the launch of a brand new agreement that intends to accelerate the adoption of renewable energy through the investment of a clean energy infrastructure.
The initiative, which begins in Europe and was formed during the G7 Summit in France, is composed of 75 CEOs from global fashion brands who will will oversee the launch of its ‘Collective Virtual Power Purchase Agreement’ (CVPPA).
The group facilitated the creation of the CVPPA initiative through a partnership with energy and tech consultancy firms Guidehouse and 2050, and is currently in it’s starting stages.
“Joint action is critical to driving solutions that address the fashion industry’s contributions to climate change.
“The CVPPA conveys that industry leaders are taking action to drive progress against renewable electricity targets and demonstrates the value of collective effort in tackling the fashion industry’s carbon footprint” Stefan Larsson, CEO of PVH Corp said in a statement.