Multi-billion-dollar corporation Unilever unveiled a $1 billion initiative to fight climate change in which blockchain technology will play an integral role. The corporation is establishing a $1.13 billion fund that, over the next ten years, will be used to protect the environment. The company said in its announcement that to accelerate action, they will collectively invest €1 billion in a new dedicated Climate & Nature Fund. These funds will be utilized over the next decade to take meaningful and decisive action, with projects including landscape restoration, reforestation, carbon sequestration, wildlife protection, and water preservation, according to the company.
Unilever hopes to achieve a ‘deforestation-free supply chain’ by 2023.
According to several experts, the fight against climate change needs to be accelerated right now to keep the planet habitable for future generations. With many conservative regimes all over the world who claim that climate change is a hoax is making the problem worse. The Green New Deal could be the right step in this direction, but corporate and governments all around the world have to take more action. Unilever has taken a positive step to tackle the existential issue by establishing a billion-dollar fund to fight climate change. The multi-billion-dollar corporation hopes to achieve a “deforestation-free supply change by the year 2023.
Unilever has been using blockchain technology in other fields.
This is not the first project in which Unilever is leveraging blockchain technology. Last year, the company started using blockchain in ad reconciliation. It is also currently running a trial in its accounts payable process. Unilever’s subsidiary Ben & Jerry’s has been running a blockchain-based platform that allows its clients to contribute to offsetting the carbon footprint. Currently, blockchain technology is being used in many fields around the world, including healthcare and logistics. The blockchain technology that underpins most cryptocurrency has gained recognition among government officials all around the world.