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Sunday, April 3, 2011

Puma Promises World’s First Environmental Profit & Loss Statement

Puma says it will produce the first-ever Environmental Profit and Loss (EP&L) statement.

The fitness apparel company has implemented a new method of accounting, with help from Trucost and PricewaterhouseCoopers, that it says will allow it to produce a new type of integrated reporting.

The EP&L statement is designed to capture the brand’s economic impact on naturally occurring ecological systems including the Earth’s water cycle and air filtration. Environmental advocates have been calling for such accounting systems for years, Sustainable Life Media reports.

The athletic brand did not say when it would release its first EP&L. But it said it will encourage other companies in its sector to work towards producing their own integrated statements.

The EP&L project is part of a larger environmental initiative by Puma’s parent company PPR Group, whose other brands include Gucci, Yves Saint Laurent and Stella McCartney.

PPR said it has offset the 2010 scope 1 and scope 2 emissions from Puma, the PPR luxury group and PPR headquarters, a total of 98,729 tons. The group bought carbon credits from the Wildlife Works Reduced Emissions from Deforestation and Degradation (REDD) offsetting project in Kenya.

The group is also launching a “creative sustainability lab” in consultation with Cradle-to-Cradle, which PPR says will foster a new approach to product and business development.These two initiatives will cost 10 million euro a year, PPR said.

Last year the company unveiled its “clever little bag” packaging, which it says will help reduce cardboard use by 65 percent.   Source

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1 comment:

  1. What an exciting prospect. It's true that we've been long overdue for an update to accounting methods that more accurately represents the costs associated with operations. Hopefully people will use or demand it enough to trigger its widespread adoption.