Luxury brand CHANEL commits $35 million to low-income solar projects with Sunrun
In innovative renewable investment news, CHANEL (yes, that CHANEL) just committed $35 million toward solar energy projects for low-income multifamily households with Sunrun Inc. — a partnership will expand access to solar for nearly 30,000 low-income residents (30 MW) across California, offering families on average up to $40 to $50 a month in energy cost savings. CHANEL’s investment will also support more than 20,000 hours of job training in the first year.
“CHANEL’s investment will help disadvantaged communities gain access to clean, reliable solar energy,” said Lynn Jurich, Sunrun co-founder and Chief Executive Officer. “This innovative approach to corporate social responsibility will make an impact today and hopefully become a model for other companies to invest in our planet’s future.”
CHANEL’s work with Sunrun reflects an innovative renewable energy investment that allows the company to support its commitments to the climate, while also, and equally importantly, support its focus on addressing social inequality and providing for underserved communities.
CHANEL believes that it can have a key role in showing how leading companies can address the negative impacts of climate change. This investment is part of CHANEL’s Global Climate Strategy, Mission 1.5°C, which reflects the company’s commitment to reduce carbon emissions across its entire value chain and to help accelerate the transition to a more sustainable world, in line with the targets set by the Paris Climate Agreement, aimed at limiting mean global temperature increases to 1.5° Celsius. In addition to its reduction efforts, CHANEL is also committed to mitigating the consequences of climate change by compensating its residual emissions through investing in nature-based solutions, such as projects to protect and restore forests, mangroves and peatlands.
The partnership was recently celebrated with CHANEL receiving the RE100 Leadership Award for Best Community Changemaker, which recognizes members that are generating wider benefits through their renewable energy projects, such as new jobs or a reduction in local pollution.
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