Finance

Unilever invests $1.2bln to replace oil products in cleaning brands

Unilever invests $1.2bln to replace oil products in cleaning brands
Friday, 04 September 2020 15:45

Unilever announced an investment of $1.2 billion to cut fossil fuels from all of its cleaning brands. The move aligns with the company’s ambition to become more environment-friendly and reduce its carbon footprint.

Through a series of chemical reactions, the carbon elements in the oil are transformed into chemicals capable of removing oil stains from clothes. The migration to greener methods has been technically feasible for several decades but the cost for such a method is high.

Unilever is the first major investor in the sector to commit to replacing these hydrocarbon derivatives with ingredients from wood, microbial fermentation, or recycled carbon. The planned funding will be used primarily for research, implementation of the solutions found, and working with suppliers.

“What Unilever is trying to do is very comprehensive. With great ambition, it is looking at the entire supply chain,” said Katy Armstrong, a researcher at the University of Sheffield who works on reusing carbon.

 

On the same topic
MTN Zambia launched a Mastercard-powered virtual card enabling secure global online payments for unbanked users via the MoMo app The initiative...
Sector revenue rose 6.2% after a contraction in the previous quarter International transfers led growth, especially flows outside CEMAC User...
The International Monetary Fund (IMF) said its Executive Board has approved the immediate disbursement of $442.4 million to the Democratic Republic...
Five-year reserve-based facility signed in Abuja on December 20 Funding combines debt refinancing with new capital for upstream growth Output...
Most Read
01

Fruitful partners with Elsewedy unit to launch processing project in Egypt New facility wil...

Egypt attracts Polish Fruitful investment in horticultural processing
02

In Africa, the transformation of food systems has become an urgent issue in the face of rapid popula...

AGRA’s Lilial Githinji “Leadership capacity remains the missing ingredient in Africa’s food systems transformation”
03

Airtel Africa signed a partnership with SpaceX to launch Starlink Direct-to-Cell satellite connect...

Airtel Africa Partners With SpaceX to Roll Out Starlink Direct-to-Cell
04

BOAD approves $35.7 million to upgrade Burkina Faso–Mali border road Project targets 130 km,...

Burkina Faso Secures BOAD’s $35.7 Million for Road to Mali
05

Fitch lowered Gabon’s sovereign rating to CCC- amid rising fiscal stress Payment arrears reac...

Fitch downgrades Gabon to CCC- as liquidity strains deepen
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.