May 12, 2020 / 4:11 PM / 19 days ago

L'Oreal pledges 150 million euros to fight climate change, support women

FILE PHOTO: A man walks by the logo of French cosmetics group L'Oreal in the western Paris suburb of Levallois-Perret, France, February 7, 2020. REUTERS/Gonzalo Fuentes

(Reuters) - Comestics group L’Oreal (OREP.PA) said on Tuesday it was launching a 150 million euros ($162.99 million) programme of climate change initiatives and financial aid to support vulnerable women hit hard during the coronavirus pandemic.

The French firm, which makes Garnier shampoo and Lancome creams, said it would give 50 million euros to local and grassroots associations combating job insecurity, providing emergency aid and fighting rising violence against women.

The group also pledged 50 million euros towards restoring damaged ecosystems and a further 50 million for projects promoting a circular economy, such as recycling and efforts to cut down on plastic waste.

The company said that aside from this “L’Oreal For The Future” plan, it would present a new sustainable development programme for 2030 at the end of June.

Reporting by Sarah Morland in Gdansk, Editing by Sarah White

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