Unilever s net-zero transition plan backed by more than 99% of shareholders
More than 99% of Unilever s shareholders have voted in favour of its plans to become a net-zero business by 2039, the FMCG giant has said.
Shareholder climate resolution votes are becoming increasingly common in the corporate space
The vote took place at a virtual meeting on Wednesday (5 May), covering votes on Unilever’s ‘Climate Transition Action Plan’ among other proposed changes to business strategy and processes.
The Action Plan was published in full in March and details how Unilever plans to reach updated long-term sustainability commitments including net-zero, fully biodegradable product ingredients and eliminating deforestation.
Supervisory guidance on risk management can foster a greener financial sector
Boy walking in flooded street, Jakarta, Indonesia. Photo: Farhana Asnap / World Bank
As more people see climate change as a source of financial risks, several financial supervisory authorities have started issuing risk management guidelines that incorporate climate-related risks, largely based on the Network for Greening the Financial System (NGFS)’s guide.
But the trend has been limited to advanced economies. Only a few emerging markets and developing economies (EMDEs) have begun making efforts to understand and assess climate-related financial risks.
Integrating climate-related financial risks into supervisory guidance could raise awareness and set expectations on how banks in EMDEs should integrate physical and transition risks in the overall risk management framework. It would foster the safety and soundness of banks and the banking system in these countries. In addition, by nudging banks to
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Join the conversation on our new Climate Change Action Plan
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[May 19, 2021: Thank you to everyone who shared their thoughts on the Climate Change Action Plan both here and by email. We are going through your feedback in detail and will have an update in the next few days.]
Climate change is a defining challenge of our generation. It is already upending development gains of the past decades, deepening poverty and exacerbating inequality. That is why the World Bank Group is raising its ambition and committing to doing more than ever in its new Climate Change Action Plan (CCAP).
Highlights of our new Climate Change Action Plan were presented to our Board on April 1, 2021 and were the subject of a statement by World Bank Group President David Malpass on April 2. We have already received a lot of feedback on the plan from countries, civil society, and climate experts and, based on all the interest from around the world, we are sharing a slide deck that summarizes the new CCAP. We
Strengthening corporate governance for a greener financial sector
Flood in Bangkok, Thailand, in 2011. UN DDR/Creative Commons
But which are the options available to financial supervisory authorities?
Sound corporate governance arrangements are essential to the functioning of financial institutions and to the financial system more broadly. Effective corporate governance can also be instrumental to successfully manage climate-related risks, as highlighted by the Central Banks and Supervisors Network for Greening the Financial System (NGFS) in a recent report.
Two of these key steps should be highlighted:
First, supervisors could set out expectations regarding the board of directors’ composition. In particular, supervisors could expect that banks’ boards include members with experience on climate-related financial risks. International regulation emphasizes the linkage between board qualification and the ability to exert an effective