‘Orange Nature’: Mobile giant injects €50m into carbon removal projects in support of net zero target
Telecommunications firm has set up a new fund dedicated to investing in reforestation and nature restoration
Telecommunications giant Orange has this week launched a €50m carbon fund to create carbon credits that will help the company achieve its 2040 net zero target.
The fund, dubbed “Orange Nature”, has been launched in partnership with asset management company Mirova and will directly or indirectly finance carbon sequestration projects around the world, including initiatives focused on reforestation, restoration of ecosystems, and the planting new forests.
Orange said the fund will also take into account the economic and social development of the regions and populations affected by the projects.
The fund aims to delivetr high-quality carbon credits in a bid to slash the company’s residual emissions as it aims to achieve net zero emissions across its Scope 1, 2, and 3 emissions by 2040.
“Orange Nature is the first fund created and entirely funded by a large European company that provides a return exclusively in the form of carbon credits, thus supporting our commitment to the climate,” said Marc Rennard, chairman and CEO of Orange Digital Investment. “We are very proud of this ambitious and innovative project that is the result of a close partnership with our partner Mirova, an experienced and well-known player in the area of natural capital.”
Orange Nature also announced a joint investment agreement with the Nature+ Accelerator Fund, which is aiming to build a pipeline of investment in nature conservation projects and will provide Orange with access to a range of additional projects to invest in.
Orange have previously implemented renewable energy and energy efficiency policies to drive down its emissions, in addition to funding a number of previous carbon sequestration projects, including pine tree reforestation in Spain and mangrove plantation in Senegal.
Anne-Laurence Roucher, deputy CEO of Mirova, said: “We are proud to team up with Orange to mobilise more private finance towards nature-based solutions to climate change. Ambitious commitments of corporates, when well framed and designed, can become powerful contributors to a net zero economy.”
