Unilever is seeking shareholder approval for its climate transition action plan that is set out to "reduce emissions within its operations, through its value chain, as well as describe how the company is managing risks and meeting consumer needs connected with climate change and societal responses to it," according to the company.
The company's science-based targets include:
- Zero emissions from its own operations by 2030
- A 50% reduction in the average footprint of its products by 2030
- Net zero emissions from sourcing to point of sale by 2039
In order to achieve the targets, Unilever must decarbonize the raw materials it sources, complete the transition of its operations to 100% renewable energy, advocate for the accelerated decarbonization of the global energy grid, eliminate deforestation from its supply chain and innovate and reformulate products through compaction and concentration.
Alan Jope, Unilever CEO said:
"Climate change is the most pressing issue of our time and we are determined to play a leadership role in accelerating the transition to a zero carbon economy.
We have a wide ranging and ambitious set of climate commitments—but we know they are only as good as our delivery against them. That’s why we will be sharing more detail with our shareholders who are increasingly wanting to understand more about our strategy and plans.
We welcome this increased transparency and in the plan we present, we will be clear both about the areas in our direct control where we have a high degree of certainty of our route to net zero, as well as more challenging areas across our value chain where systemic solutions will be required to achieve our targets."
Unilever will share its climate transition action plan in Q1 2021, ahead of its AGM on May 5. The plan will be updated on a rolling basis and the company will seek an advisory vote every three years on any material changes made or proposed to the plan.
Unilever will report on its annual progress against the plan in 2022.