L’Oréal and the Great Barrier Reef Foundation kickstart global coral reef restoration industry
The world’s leading beauty company L’Oréal is joining forces with the Great Barrier Reef Foundation to help coral reefs withstand the devastating impacts of climate change.
The L’Oréal Fund for Nature Regeneration has committed to a decade-long investment aimed at pioneering a world-first method of calculating the value of coral reef biodiversity and support the deployment of heat-tolerant corals. This innovative methodology is expected to stimulate a market for nature rehabilitation, thereby securing crucial funding to safeguard and rejuvenate our precious reef ecosystems.
Coral reefs are the most biodiverse ecosystems on the planet, home to a quarter of all marine life in our oceans. But climate change is causing widespread biodiversity loss and disrupting the delicate balance of entire reef ecosystems, leading to species loss and declining ocean health.
Significantly more investment is needed to restore the remarkable biodiversity we’re increasingly losing, and to protect what remains. Nature repair markets are emerging as an effective way to finance the necessary acceleration and scaling of conservation activities to meet the global challenges ahead. If well designed and backed by rigorous science, they can give private and corporate investors the opportunity to deliver on their nature positive goals by generating independently verified environmental, socio-economic and cultural benefits.
As well as unlocking significant new funding to help protect biodiversity, the Partnership will also support critical reef interventions including the targeted deployment of two million heat-tolerant corals on the Great Barrier Reef by 2030. Supporting tourism, ecological and cultural values, this is expected to lead to direct and indirect economic benefits in excess of $100m.
Great Barrier Reef Foundation Managing Director Anna Marsden said: “Coral reefs, are one of the most valuable yet vulnerable ecosystems on the planet. Without our help, these beautiful underwater cities and the animals that call them home will not withstand the impacts of climate change. Our partnership with L’Oréal will deliver game-changing innovation in how we measure, protect and restore marine biodiversity, bringing hope to the future of coral reefs and the 1 billion people who rely on them.”
“We are inspired by L’Oréal’s industry leadership in sustainability and science. Their longstanding commitment in addressing urgent environmental issues, notably climate change and biodiversity loss, makes them the perfect partner for the Great Barrier Reef in this critical moment of need.”
L’Oréal Groupe Chief Corporate Responsibility Officer Alexandra Palt said: “At L’Oréal Groupe, we believe our responsibility goes beyond our own sustainable transformation. 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 fund an integral component of the world-leading Reef Restoration and Adaptation Program (RRAP), a collaboration of Australia’s leading science organisations and the Great Barrier Reef Foundation to help coral reefs globally withstand the impacts of climate change.
This large-scale research and development program was established and supported by the Reef Trust Partnership between the Australian Government and the Great Barrier Reef Foundation.
Reef Restoration and Adaptation Program Executive Director Dr Cedric Robillot said: “In parallel with a drastic and rapid reduction in global emissions, it is imperative that we develop solutions that protect existing coral reefs and their biodiversity from the escalating impacts of climate change.
“L’Oréal’s investment will enable us to lead the way by creating the building blocks of a global reef restoration industry, underpinned by sustainable financing, that will bring long-term benefits to the world’s reef communities and investors committed to making a difference.”
About:
The L’Oréal Fund for Nature Regeneration
The L’Oréal Fund for Nature Regeneration is a €50m 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.
L’Oréal
For over 110 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as inclusive, ethical, generous and committed to social and environmental sustainability.
With our broad portfolio of 35 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality. With 85,400 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail), in 2021 the Group generated sales amounting to 32.28 billion euros.
With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of 4,000 scientists and over 3,000 tech professionals, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse.
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.
Reef Restoration and Adaptation Program (RRAP)
RRAP is a research and development (R&D) program that aims to develop, test and risk-assess novel interventions to help the Great Barrier Reef resist, adapt and recover from the impacts of climate change.
The goal is to provide reef managers and decision-makers with an innovative suite of safe, acceptable and cost-effective interventions, in conjunction with best-practice reef management and reducing carbon emissions. Partners include the Australian Institute of Marine Science, CSIRO, the Great Barrier Reef Foundation, the University of Queensland, QUT, Southern Cross University and James Cook University. The Program is funded by the partnership between the Australian Government’s Reef Trust and the Great Barrier Reef Foundation.
Photo Credit: Tourism and Events Queensland, SCU, SkyReef Photos – AIMS, Marie Roman – AIMS, Gemma Molinaro – AIMS, Dorian Tsai – QUT
