The Fashion Pact launched the Collective Virtual Power Purchase Agreement (CVPPA) initiative, aimed at accelerating renewable electricity adoption by investing in new clean energy infrastructure, beginning in Europe. A first-of-its-kind for the fashion industry, the CVPPA project seeks to add over 100,000 MWh per year of new renewable electricity generation to the grid – equivalent to removing approximately 24,400 cars from the road – accelerating the transition to clean energy while helping brands invest and progress towards achieving their sustainability targets. The Fashion Pact is working on future programs to expand geographically and include other industry players interested in reducing supply chain greenhouse gas and emissions.
Lorenzo Bertelli, Prada Group Head of Corporate Social Responsibility, declared: “The Prada Group has always been at the forefront of clean energy development and procurement. We are proud to be contributing to this challenge by supporting the creation of critical infrastructure that will generate additional renewable energy capacity. This is an extremely innovative project, and we are pleased to be joining partners across the industry to make a concrete contribution to the Fashion Pact’s objectives and help tackle climate change.”