Beauty giant L'Oréal launched a Sustainable Innovation Accelerator in July, according to Marie Claire UK. It will develop and implement sustainable solutions in the beauty industry.
In a news release, L'Oréal announced its intention to support startups, small- and medium-sized enterprises, and established companies that work within the realm of low-carbon solutions, alternative ingredients, eliminating plastic waste, water resilience, and more.
From June 23 to Sept. 30, L'Oréal is accepting applications from companies. Those chosen receive a "custom acceleration program" to help grow their business. Marie Claire UK reported that L'Oreal will partner with the University of Cambridge Institute for Sustainability Leadership to make it happen.
That's a good call. CISL has a network of more than 40,000 people, each with their own individual expertise, that L'Oréal can use to its advantage.
"Ultimately, we're looking to inform the entrepreneurs, the technology developers, the SMEs, about the needs of a big company like L'Oréal," Ezgi Barcenas, chief corporate responsibility officer of the L'Oréal Groupe, told Marie Claire UK. "We can lead, we can send the demand signal, and then we can test pilot and set the industry standard. We're really excited about the intentionality and the transparency, and to tap into those networks worldwide."
This is a great — and much-needed — first step for the beauty industry.
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Aside from eco-friendly beauty brands, cosmetics can harm the environment. Unlike natural materials, which biodegrade, plastic takes a long time to break down, accumulating in landfills and releasing harmful chemicals into soil and water. Exfoliates in many facial scrubs, for example, are microplastics, which have been linked to dementia and other health conditions.
L'Oreal's efforts are sorely needed because it's a leader in the beauty industry. The successful applicants will be revealed in November, with pilot projects ideally executed in February, according to CISL.
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