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
President authorizes new buyer credit to expand national video surveillance Loan complements earlier financing from CITIC Bank and Bank of...
Swedfund commits $20 million to Helios CLEAR climate fund Investment targets low-carbon sectors and climate adaptation in Africa Move aims to...
Reopens November 2025 eurobond to raise an additional $260 million Original bond carries a 9.875% coupon and matures in November...
Nigeria’s central bank revokes licences of Aso Savings, Union Homes CBN cites persistent regulatory breaches, undercapitalisation, governance...
Most Read
01

AI-backed agri-fintech is increasingly being used to pilot new rural credit models in Africa, where ...

From Mobile Data to Farm Loans: How AI Is Expanding Rural Credit in Africa
02

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

Egypt attracts Polish Fruitful investment in horticultural processing
03

Investment bank BCID-AES established  in Bamako Bank aims to fund infrastructure, agricultur...

Sahel Alliance Establishes Investment Bank, Key Financing Decisions Pending
04

This week’s health update shows Africa edging closer to the end of the mpox public health emergency,...

Weekly Health Update | Africa Steps Up Essential Medicines Strategy, Despite Outbreaks, Funding Gaps
05

Standard Bank extended a USD 138 million facility to STEP, acting as sole arranger and advisor to ...

$138 Million Standard Bank Facility to Power Safaricom's Ethiopia Business Expansion
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.