The agreement with Inditex and non-profit WWF will see the two organisations work on “transformational projects”, including forest restoration and conservation, water basin restoration and conservation and species and habitat protection.
Inditex will allocate more than EUR10m (US$10.6m) until 2024, with EUR4.2m in 2022 and a minimum contribution of EUR3m during the following two years.
Inditex CEO, Óscar García Maceiras, said: “Our sustainability strategy seeks to increase the positive impact of our work on people, communities and natural resources. We are therefore delighted to partner with organisations like WWF who share our determination to help protect and restore ecosystems worldwide. We believe that WWF, with its proven track record and global reach, is the best long-term partner for powering up our environmental commitments through transformational work targeted at our entire industry.”
The group will allocate to the nine projects part of the funds earned by charging consumers for paper bags and envelopes, an initiative launched in 2021 with the aim of promoting the use of reusable alternatives.
Part of the agreement will also see WWF and Inditex develop foundations for a transformational partnership through a year-long scoping phase that will have a special focus on water stewardship and biodiversity conservation. This analysis will include drawing up a map of impacts along the group’s value chain and a review of its actions, impacts and advances with a view to identifying priorities and key geographies.
With the results in hand, the two organisations will seal a second agreement, to which a budget will be allocated, for making progress on sector transformation.