Unilever To Use Blockchain To Achieve Deforestation-Free Supply Chain By 2023

Unilever has revealed a $1 billion (€1 billion) initiative for using blockchain technology to achieve a deforestation-free supply chain by 2023.

Unilever stated:

“To accelerate action, Unilever’s brands will collectively invest €1 billion in a new dedicated Climate & Nature Fund. This will be used over the next ten years to take meaningful and decisive action, with projects likely to include landscape restoration, reforestation, carbon sequestration, wildlife protection and water preservation.”

$125B Corporation will use blockchain to go green https://t.co/koRBZB3qSf — Cointelegraph (@Cointelegraph) June 15, 2020

The company added:

“To do this, we will increase traceability and transparency by using emerging digital technologies – such as satellite monitoring, geolocation tracking and blockchain – accelerating smallholder inclusion and changing our approach to derivates sourcing.”

Alan Jope, the CEO of Unilever, stated:

“While the world is dealing with the devastating effects of the Covid-19 pandemic, and grappling with serious issues of inequality, we can’t let ourselves forget that the climate crisis is still a threat to all of us. 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.”

The company started using the technology in ad reconciliation. It is also currently running a trial in its accounts payable process.

Thus, Jope concluded:

“The planet is in crisis, and we must take decisive action to stop the damage, and to restore its health. Last year, we set out a plan to tackle perhaps the most visible environmental issue we have in the consumer goods industry: plastic packaging. We set ourselves new and stretching targets that include halving our use of virgin plastic, and helping collect and process more plastic packaging than we sell. While it’s critical to address the impact that our products have at the end of their life, it’s just as important to continue to look at the impact they have on the planet at the start of their life – in the sourcing of materials – as well as in their manufacture and transport. We will reduce the impact that our products and our operations have on the environment, and we will do our part to bring the planet back to health.”

Source: Cointelegraph | Image: Analytics Insight

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