UNILEVER PLC

Unilever’s first Climate Transition Action Plan (CTAP) was approved by

shareholders at the 2021 AGM. It set out Unilever’s then climate

targets, an analysis of our value chain emissions, and the actions we

intended to take to address them. The Board and management

committed to developing the CTAP in line with best practice.

This year, the Committee reviewed the updated CTAP, reflecting our

new climate goals and a more granular understanding of our

emissions, including Business Group and operational hotspots. The

updated CTAP also considers new external guidance for transition

plans, such as recommendations from the UK Transition Plan

Taskforce, the European Sustainability Reporting Standards and

International Financial Reporting Standards. The Committee noted that

the CTAP met stakeholders’ expectations for ambitious 1.5°C-aligned

targets, clarity on the priority levers to reduce emissions, transparency

on the risks and scale of the challenge, and for the Plan to be

embedded into overall business strategy and performance. The

updated CTAP was presented to shareholders at the 2024 AGM for an

advisory vote and received 97.5% approval.

REPORT OF THE CORPORATE RESPONSIBILITY COMMITTEE

The Committee also provided guidance on the ‘scaling and innovation

gap’, which represents the gap between our new 2030 target and our

forecast 2030 emissions. Delivery of the identified levers and

overcoming the gap will be demanding and require innovation and

systems change – a challenge facing all companies and society. The

Committee and management will continue to work together on

post-2030 pathways to net zero.