Thursday 30th November 2023, L’Oréal Groupe Australia and New Zealand have announced a new partnership with the Great Barrier Reef Foundation (GBRF), to help coral reefs withstand the devastating impacts of climate change.
L’Oréal Groupe is reinforcing its longstanding commitment to biodiversity with a 6th new investment in coral reef regeneration with the Great Barrier Reef Foundation. Through the EUR 50M Fund for Nature Regeneration, which has committed more than EUR 28million in projects to-date, L’Oréal is engaging with partners with proven expertise to support in the regeneration of nature such as GBRF.
Alex Davison, CEO L’Oréal Australia and New Zealand says : “I’m delighted to announce one of the largest investments with the Great Barrier Reef foundation as part of the Eur 50M L’Oréal Fund for Nature Regeneration. Our objective is to plant 2 million heat-tolerant corals on the Great Barrier Reef by 2035 and to catalyze a new market for sustainable funding of these interventions based on a Coral Biodiversity Credit (CBC) scheme. The L’Oréal Groupe understands we have a role to play to contribute to important causes such as improving ocean and reef health.”
Australia’s own Great Barrier Reef is greater in size than United Kingdom, Holland and Switzerland combined, and is one of the most biodiverse ecosystems on our planet. It is home to around ten per cent of the world’s total fish species, and thirty different species of whales, dolphins, and porpoises have been recorded in the Great Barrier Reef. However, climate change is disrupting the delicate balance of the entire reef eco-system, leading to species loss and declining ocean health. In fact, science is clear that if we do not intervene at scale within the next decade, 90% of coral reefs will die by 2050 across the world.
he 10-year commitment from L’Oréal will fund an integral component of the world-leading Reef Restoration and Adaption Program (RRAP), a collaboration of Australia’s leading science organizations and the Great Barrier Reef Foundation to restore coral reefs in different ways.
As well as unlocking significant and required funding to sustain reef restoration efforts, the partnership will support critical reef interventions including the targeted deployment of two million heat-tolerant corals on the Great Barrier Reef by 2035. Corals with increased heat tolerance have the potential to reduce the impact of reef bleaching from marine heat waves.
“At L’Oréal Groupe, we believe our responsibility goes beyond our own sustainable transformation” Rachel Barré, Environmental Leadership Director at L’Oréal Groupe said. “Coral reefs are essential for marine ecosystems preservation, and in the protection of coastal communities affected by climate-driven disasters. Through the L’Oréal Fund for Nature Regeneration’s investment in the Great Barrier Reef Foundation, we are financing innovative models to help build resilience for these vital ecosystems, and to support new approaches to their restoration at scale.”
The partnership will also see the development of a world-first method of calculating the value of coral reef biodiversity and support the deployment of corals with improved temperature tolerance. The goal is that the new methodology will enable a nature repair market and unlock much-needed funding for vital reef conservation efforts.
Nature repair markets are emerging as an effective way to finance the necessary acceleration and scaling of conservation activities to meet the global challenges that lay ahead. This large-scale research and development program is also supported by a $100m investment from the Australian Government’s Reef Trust.
Great Barrier Reef Foundation Managing Director Anna Marsden says that “coral reefs around the world over are under threat, and without help they will not recover, adapt, and evolve quickly enough to withstand the impacts of climate change and local threats. L’Oréal’s significant investment in this landmark project which is catalyzing the bold innovation required to restore coral reefs and the communities they are in.”
Key Facts:
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- Through the EUR 50M Fund for Nature Regeneration, which has committed more than EUR 28million in projects to-date, L’Oréal is engaging with partners with proven expertise to support in the regeneration of nature such as GBRF.
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- Implementation of innovative coral IVF technology which aims to rejuvenate the decimated coral population.
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- A robust commitment to bolster the 64,000 jobs dependent on the Reef and uphold its AUD $6.4 billion annual contribution to Australia’s economy.
About us:
About: The L’Oréal Fund for Nature Regeneration
The L’Oréal Fund for Nature Regeneration is a 50-million-euro impact investment fund, operated by Mirova, the asset management company affiliated to Natixis Investment Managers and dedicated to sustainable investment. It aims to support projects conserving or restoring natural habitats. More specifically, the portfolio will include projects that support the regeneration of degraded land, mangroves as well the restoration of marine areas and forests. Beyond ecological restoration, these projects will also help address the social needs of surrounding communities through the development of sustainable livelihood opportunities (sustainable agriculture and fisheries, ecotourism, commercialization of carbon credits). They will live in a healthier environment, benefit from new economic opportunities and enhanced resilience to climate change:
• By 2030, the L’Oréal Fund for Nature Regeneration will have helped restore one million hectares of degraded ecosystems.
• By 2030, the Fund will have helped capture 15 to 20 million tons of CO2.
• It will have created hundreds of job opportunities.
About L'Oréal Groupe, Australia & New Zealand
L’Oréal Australia & New Zealand is part of the L’Oréal Groupe. L’Oréal has devoted itself to beauty for the last 114 years. With its unique international portfolio of 37 diverse and complementary brands, the Group generated sales amounting to 38.26 billion euros in 2022 and employs over 85,000 people worldwide. As the world’s leading Beauty Company, L’Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail and branded retail.
In Australia the Group has 32 brands and 26 in New Zealand - available across all channels nationwide. L’Oréal Australia & New Zealand is dedicated to its sense of purpose, “Create the beauty that moves the world”.
About Great Barrier Reef Foundation:
The Great Barrier Reef Foundation is creating a future for the world’s coral reefs by protecting ocean habitats, restoring coral reefs and helping them adapt to the impacts of climate change. We’ve built a collaborative organisation to raise funds, invest in innovative ideas and design real-world, scalable conservation programs that are delivering breakthroughs in marine and terrestrial restoration. Walking in step with First Nations people and front-line communities, we’re fast-tracking and deploying solutions around the world.
Contact details:
Brigitte Sardelic (Gigi)
Account Manager
Mobile: + 61(0)434 387 497
Email: brigitte.sardelic@edelman.com
