Ralph Lauren reinforces its global commitment to sustainable operations with new net zero roadmap
SOURCE: Ralph Lauren Corporation
DESCRIPTION:
NEW YORK, June 15, 2021 /3BL Media/ - Ralph Lauren Corporation (NYSE:RL) today announced its goal to achieve net zero global greenhouse gas (GHG) emissions from its operations and its value chain by 2040. The Company also published a detailed Net Zero Commitment Statement, its strategy for achieving net zero and advancing established sustainability targets. This new strategy builds on the Company’s existing GHG reduction commitment to lower absolute GHG emissions across its operations and supply chain by 30% by 2030 compared to Fiscal 2020 levels. It includes scaling investments in credible, nature-based carbon removals, starting with an initial partnership with Indigo Ag, the first scalable, registry-approved carbon credits for agriculture.
“Climate change is one of the most complex and challenging issues of our time — one that will require innovation, collaboration, technology and a fundamental shift in behavior to solve,” said Patrice Louvet, President & CEO, Ralph Lauren Corporation. “Our net zero goal and roadmap are anchored in our belief that through deliberate action we can deliver the change required to reduce our climate impact and help create a more sustainable future for generations to come.”
The Company’s net zero approach entails reducing scope 1 and 2 emissions by using 100% renewable power in its stores, offices and distribution centers by 2025. To reduce emissions from scope 3 sources resulting from making its products, Ralph Lauren will collaborate with suppliers through collective actions and strategic programs to drive down GHG emissions in manufacturing facilities. Moreover, it plans to reduce GHG emissions from its raw materials by switching to preferred fibers with lower emissions impact than conventionally-grown fibers. In the coming years, Ralph Lauren expects to expand its emissions reduction tactics to include collaboration with suppliers through collective action programs that accelerate the standardized approach to setting carbon targets and low-carbon action plans at the factory level, further empowering those partners to establish and implement climate strategies aligned with Ralph Lauren’s net zero objectives.
Ralph Lauren’s net zero plan extends beyond reducing GHG emissions from its operations and suppliers in its value chain. For emissions that cannot be reduced through Ralph Lauren’s direct actions and collective initiatives, the Company will purchase high-quality, verifiable carbon removals equivalent to its residual GHG emissions by 2040. To that end, beginning in Fiscal 2022, Ralph Lauren will commit to carbon removal projects in partnership with Indigo Ag, an ag-tech company dedicated to improving the profitability, sustainability and social responsibility of the agriculture system. Through the Indigo Carbon program, Indigo Ag supports farmers in adopting new beneficial farming practices; measures and validates the resulting carbon sequestration and emissions abatement; and allows companies to directly support farmers' transition through the purchase of verified agricultural carbon credits.
Aligned with its commitment to the climate goals identified in the Paris Agreement, Ralph Lauren’s new net zero pledge is its latest significant move to aid in mitigating the impact caused by its global operations and a key component of Design the Change, the Company’s Global Citizenship & Sustainability strategy. The Company’s net zero progress will be reported yearly in its annual Global Citizenship & Sustainability Report, a fully detailed corporate environmental and social status update on its sustainability approach (read the Fiscal 2021 Report here [link]).
Read the Net Zero Commitment Statement here.
ABOUT RALPH LAUREN
Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in five categories: apparel, footwear & accessories, home, fragrances and hospitality. For more than 50 years, Ralph Lauren’s reputation and distinctive image have been consistently developed across an expanding number of products, brands and international markets. The Company’s brand names, which include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps and Club Monaco, among others, constitute one of the world’s most widely recognized families of consumer brands. For more information, go to https://corporate.ralphlauren.com.
ABOUT DESIGN THE CHANGE
Design the Change, Ralph Lauren Corporation’s strategy, is both a commitment and a journey to create a positive impact in society. It is based on our belief that, together with our industry, we can deliver the change required for a more sustainable and equitable future. Design the Change is anchored in commitments that will drive progress across our three focus areas: Creating Timeless Style, Protecting the Environment and Championing Better Lives, and it is underpinned by ambitious goals that guide the Company’s work across citizenship and sustainability. Ralph Lauren is a signatory to the We Are Still In declaration and the UN Fashion Industry Charter for Climate Action, pledging to limit our emissions in line with the Paris Agreement goals. The Company is also a member of the G7 Fashion Pact, a group of fashion leaders working to stop global warming, restore biodiversity and protect the oceans. For more information, visit our Company website.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our environmental and social goals, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," “aim,” "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS
MEDIA RELATIONS
Laurent L. Lawrence
RL-Press@RalphLauren.com
INVESTOR RELATIONS
Corinna Van der Ghinst
IR@RalphLauren.com
KEYWORDS: NYSE:RL, Ralph Lauren
