Unilever seeks shareholder approval for climate transition action plan

British multinational consumer goods company Unilever has announced that it is seeking shareholder approval for its climate transition action plan.

As part of this initiative, the company seeks to obtain a non-binding advisory vote on its emissions reduction targets and the plans to achieve them.

Unilever CEO Alan Jope 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’s plan primarily focuses on the company’s strategy to reduce emissions within its operations, through its value chain.

In its plan, the company has also outlined how it is managing risks and meeting consumer needs connected with climate change and societal responses to it.

By setting out its plan, Unilever believes that it will increase transparency and accountability, as well as bolster its relationship with its shareholders.

Under this initiative, the company has set science-based targets to include zero emissions from its operations by 2030, as well as 50% greenhouse gas (GHG) reduction from its product footprint by 2030.

It also aims at net-zero emissions from sourcing to point-of-sale by 2039.

The company will be presenting its climate transition action plan in Q1 2021, ahead of its AGM on 5 May next year.

Last month, Unilever set a target of €1bn ($1.18bn) in annual sales from plant-based meat and dairy alternatives over the next five to seven years.

The company aims to achieve this target by rolling out its The Vegetarian Butcher brand, as well as enhancing its vegan alternative portfolio through the Hellmann’s, Magnum and Wall’s brands.