On Monday Unilever Plc stated, it aims to invest 1 billion euros in a fund which will invest in climate change projects; it also aims to slash its net greenhouse gas emissions to zero from all its products by 2039 – 11 years ahead of the Paris Agreement deadline.
The Anglo-Dutch consumer products company whose brands include Dove soap and Knorr soup stated, its investment was in response to the “scale and urgency” of the climate change crisis.
The fund will invest in projects including water preservation, reforestation, and carbon sequestration over the next decade, said Unilever.
Its net zero emission target is an extension of efforts which are already underway to cut emission, including reducing electricity consumption in its offices, by 2030.
According to its website, Unilever’s total greenhouse gas footprint was equivalent to nearly 60 million tonnes of carbon dioxide in 2019.
“We are now going much wider in our commitments, we call it a cradle to shelf commitment…across the value chain,” said Unilever’s Chief Supply Chain Officer, Marc Engel.
Unilever said, it would priorities partnerships with suppliers who have set emission reduction targets and has set up a system where suppliers must declare the carbon footprint of goods and services provided.
Starting from 2039 its products will show their respective carbon footprint.
With an annual turnover of $58.5 billion, Unilever joins a growing number of companies which have promised net zero emissions from their supply chain.
Further, Unilever also said, it aims to make all of its product formulations biodegradable and achieve; it is also aiming at a deforestation-free supply chain by 2023, among a raft of other moves aimed at fighting climate change.
Unilever said, it will use satellite monitoring, blockchain and geo-location tracking among other digital technologies to increase traceability and transparency within its supply chain.