Yesterday, over 99% of Unilever shareholders voted in favour of a non-binding resolution supporting the company’s Climate Transition Action Plan (the “Plan”). The Plan sets a target of achieving net-zero by 2039 for each and all of Scope 1, 2, and 3 emissions.
The Plan sets the following targets:
- Net-zero by 2039 across Scope 1, 2, and 3 emissions;
- 70% reduction against a 2015 baseline in Scope 1 and 2 emissions by 2025 and 100% reduction by 2030;
- 1.5oC aligned Science Based Target;
- Cut the footprint of products in half by 2030 against a 2010 baseline; and
- €1 billion for a Climate and Nature Fund
To achieve the goals and targets of the Plan, Unilever is undertaking, among others, the following actions:
- 100% reusable, recyclable, or compostable plastic packaging by 2025;
- By 2030, electric vehicles will make up 100% of Unilever’s global car fleet;
- 100% renewable grid electricity (achieved in 2020) and heat by 2030;
- phase out high-impact HFC refrigerant from cooling systems;
- align capital expenditure with their 1.5oC pathways;
- €1B target for annual sales of plant-based meat and dairy alternative by 2025-2027;
- 60% reduction of product emissions through concentration and compaction;
- Replace fossil-fuel derived carbon with renewable or recycled carbon by 2030 in home care formulations; and
- Help protect and regenerate 1.5 million hectares of land, forests, and oceans by 2030.
In addition, as part of the Plan, Unilever will begin to disclose the carbon footprint of every product is sells.
Please contact Lisa DeMarco at lisa@resilientllp.com should you wish to discuss the contents of this bulletin.
