Unilever to Use Blockchain to Tackle Deforestation, Invests $1 Billion in Climate Change Initiatives

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by Daria Rud · 3 min read
Unilever to Use Blockchain to Tackle Deforestation, Invests $1 Billion in Climate Change Initiatives
Photo: Depositphotos

Unilever first started thinking of environment-friendly policy and fighting climate change back in 2010. At that time, it set its first climate target. By 2039, 11 years before the 2050 Paris Agreement deadline, Unilever plans to achieve net-zero emissions.

British-Dutch multinational consumer goods company Unilever NV (AMS: UNA) is making a significant contribution to fight climate change. On Monday, the company unveiled its set of measures to protect the environment and integrate blockchain into the initiative.

Unilever aims to achieve net-zero emissions by 2039. To attain this aim, the company will invest €1 billion in a new dedicated Climate & Nature Fund that will address reforestation, wildlife protection, landscape restoration, and water preservation.

Alan Jope, Unilever CEO, said:

“Climate change, nature degradation, biodiversity decline, water scarcity – all these issues are interconnected, and we must address them all simultaneously. In doing so, we must also recognise that the climate crisis is not only an environmental emergency; it also has a terrible impact on lives and livelihoods. We, therefore, have a responsibility to help tackle the crisis: as a business, and through direct action by our brands.”

Unilever has split the goal into several phases. By 2023, it hopes to achieve a ‘deforestation-free supply chain’. For that, Unilever will imply digital technologies like satellite monitoring, geolocation tracking, and blockchain. Further, by 2030, it is planning to cut emissions within the company and implement water stewardship programs for local communities in 100 locations. Besides, over the next decade, Unilever intends to make all its 70,000 products biodegradable.

By 2039, 11 years before the 2050 Paris Agreement deadline, Unilever plans to achieve net-zero emissions.

Unilever, Climate Change and Blockchain

Unilever first started thinking of environment-friendly policy and fighting climate change back in 2010. At that time, it set its first climate target. The company committed to halving the greenhouse gas emissions of its products by 2030.

In 2018, Unilever’s ice cream brand Ben & Jerry’s piloted a blockchain-based retail platform to offset the carbon footprint for every cone of ice-cream sold. The platform allowed consumers to contribute to carbon credits from a forest conservation project in Peru.

Unilever pointed out that the greatest results are possible only due to collective efforts.

The company stated:

“The race to zero must be a collective effort, and business alone cannot drive the transition at the speed that is required. We call on all governments to set ambitious net-zero targets, as well as short term emissions reduction targets, supported with enabling policy frameworks such as carbon pricing.”

Unilever has also promised to prioritize partnerships with suppliers who have set emission reduction targets. Moreover, it set up a system where suppliers must declare the carbon footprint of goods and services provided.

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Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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