The Climate Fund for Nature, a new investment scheme, is aiming to raise €300 million ($317 million) of funding commitments from luxury fashion and beauty companies to invest in nature conservation and restoration initiatives, largely in the countries from which the companies source their raw materials. The fund also is looking to help farmers transition to regenerative agriculture and support community projects with a focus on women’s empowerment.

Mirova, the sustainability arm of Paris-based Natixis Investment Managers, will manage the fund, which is set to begin operating in the first quarter of 2023. Kering and L’Occitane have committed €140 million of the €300 million target, with other companies invited to invest.

The fund will be officially announced Wednesday at the UN Biodiversity Conference taking place in Montreal, Canada. The summit, also known as COP15, is widely seen as a once-in-a-decade opportunity for countries to align on urgent biodiversity and other environmental targets, with businesses and investment firms similarly expected to make commitments and raise their ambitions on protecting biodiversity.

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