Luxury products manufacturer CHANEL has committed $35 million toward solar energy projects for low-income multifamily households with Sunrun, residential solar, battery storage and energy services company. The partnership will expand access to solar for nearly 30,000 low-income residents across California, offering families on average up to $40 to $50 a month in energy cost savings.
CHANEL’s investment will also support more than 20,000 hours of job training in the first year, offering vocational skills and certifications to hundreds of people in disadvantaged communities. Through the partnership, CHANEL and Sunrun will install approximately 30 MW of solar energy systems on affordable multifamily properties throughout California.
This investment is part of CHANEL’s Global Climate Strategy, Mission 1.5°C, which is the company’s plan to reduce carbon emissions across its entire value chain and to help accelerate the transition to a more sustainable world, in line with the targets set by the Paris Climate Agreement (COP 21), aimed at limiting mean global temperature increases to 1.5°C. In addition to its reduction efforts, CHANEL is also mitigating the consequences of climate change by compensating its residual emissions through investing in nature-based solutions, such as projects to protect and restore forests, mangroves and peatlands.
“CHANEL strives for exemplarity in everything we create and the impact we have on our society and our world at large,” said John Galantic, president and chief operating officer, CHANEL. “This innovative partnership reflects the deep commitment of our house to reducing our impact on the environment, while also creating a positive social impact through an inclusive approach that will provide families with access to clean affordable power and the creation of jobs to support the installation of these solar energy systems.”
In 2018, Sunrun launched an expansion of its low and moderate-income solar offering. The company plans to develop a minimum of 100 MW of solar on affordable multi-family housing, where 80% of tenants fall below 60% of the area median income, over the next decade in California.
CHANEL and Sunrun’s partnership will directly support this effort by further extending clean solar energy to the communities that need it the most, providing individual low-income tenants with solar energy at no cost to them and offering critical relief to their energy bills.
“CHANEL’s investment will help disadvantaged communities gain access to clean, reliable solar energy,” said Lynn Jurich, Sunrun co-founder and CEO. “This innovative approach to corporate social responsibility will make an impact today and hopefully become a model for other companies to invest in our planet’s future.”
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