Global beauty company L’Oréal announced the launch of its new Sustainable Innovation Accelerator, a new program aimed at investing €100 million over 5 years to find, develop, pilot and scale breakthrough technologies addressing the company’s and industry’s sustainability-focused challenges.
According to L’Oréal, under the new program, the company will actively seek and support startups, SMEs, and established innovative companies, targeting ready-to-pilot solutions in key sustainability-focused areas ranging from low-carbon solutions, alternative ingredients, and eliminating fossil plastic use and plastic waste, to low-impact processes, water resilience, nature-based solutions, and inclusive business models.
The new program forms part of L’Oréal’s 10-year sustainability strategy, “L’Oréal for the Future,” which includes 2030 goals to reach 100% renewable energy, sustainable source at least 90% biobased materials in formulas and packaging and 100% recycled or reused water for industrial purposes, as well as circularity goals to reduce use of virgin plastic by 50% and source 50% of packaging materials from recycled or biobased sources, and climate goals to cut Scope 1 and 2 emissions by 57% and some Scope 3 emissions by 28%.
L’Oréal said that it will partner with the Cambridge Institute for Sustainability Leadership (CISL) on the accelerator, with the program helping to “scout, identify, pilot and scale breakthrough technologies addressing our critical challenges and needs.”
In a post announcing the launch of the new program, Ezgi Barcenas, Chief Corporate Responsibility Officer at L’Oréal, said:
“As we look towards 2030, we’re committed to be even more intentional and inclusive in the pursuit of sustainable innovations. This accelerator will help address the solution gap and help steer the catalytic adoption of breakthrough technologies. We look forward to partnering with startups and SMEs on low-carbon solutions, alternative ingredients and packaging materials, low-impact processes, and resilience and adaptation efforts.”
