Denim giant, Levi Strauss & Co. is collaborating with the International Finance Corporation (IFC) to assist its worldwide suppliers in funding projects in order to encourage them to improve energy and water efficiency and reduce greenhouse gas emissions.
The International Finance Corporation (IFC), a member of the World Bank Group, is the world's biggest development agency dedicated only to private sector investment in developing nations.
The initiative builds on IFC and Levi Strauss & Co.'s previous collaborations, including the global Partnership for Cleaner Textiles (PaCT) and IFC's Global Trade Supplier Finance (GTSF) program, which can provide working capital, such as trade financing, at lower rates to suppliers who meet environmental and social standards, according to a joint press release.
Suppliers that comply with LS&Co's conditions of engagement and have achieved sufficient progress in executing low-carbon investment plans will be eligible for further discounts. The overall objective is to create a stronger incentive for suppliers to invest in climate-friendly technologies, reduce water use, and keep hazardous chemicals out of the supply chain.
LS&Co. Chief Sustainability Officer, Jeffrey Hogue said that they're delighted to broaden our collaboration with IFC and offer extra incentives to forward-thinking suppliers. Collaborating with a well-respected organization to make sustainable supply chain finance options available will help us fulfill their own sustainability goals and, perhaps, contribute to more sustainable garment industry.
In 2019, IFC and LS&Co announced their global PaCT partnership, which will assist participating suppliers and mills in identifying and implementing actions to improve water and energy efficiency, as well as increase their use of renewable energy – steps that can reduce greenhouse gas emissions, water use, and overall operational costs.
Around 40 LS&Co suppliers receive in-depth help from the initiative in countries such as Bangladesh, Egypt, India, Mexico, Pakistan, Sri Lanka, Turkey, and Vietnam, while other critical suppliers receive ‘lighter touch' support as they build action plans to reduce their carbon footprints.
Tomasz Telma, IFC senior director for Global Industry Manufacturing, Agribusiness, and Services, said that such collaborations are crucial when it comes to solving some of the most severe business issues of the day. This involves managing climate change issues that affect a company's operations as well as fulfilling ambitious sustainability goals. They're looking forward to the next stage of their journey with Levi Strauss & Co.
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