Cynics might sneer that Unilever was motivated by profit. But no one who reads “Net Positive” can doubt the sincerity of Paul Polman’s belief that capitalism and good works can be combined
One figurehead of this movement, dubbed sustainable capitalism, is Paul Polman, ex-chief executive of Unilever, the consumer-goods giant. In that role he unveiled Unilever’s sustainable-living plan, which made commitments to cut its environmental footprint by half and help a billion people improve their health.
Such grand statements attract criticism from both the right and the left. Conservatives disdain the philosophy as “woke capitalism”, which wastes shareholders’ money on gestures that make executives feel good about themselves; left-wing critics view it as a smokescreen that allows businesses to keep raking in profits by misleading consumers. It doesn’t help that advocates of sustainable capitalism are overly fond of acronyms and jargon.
Mr Polman says tough targets force managers to come up with innovative solutions. Lack of ambition is a fault, in his telling. “If a goal is not making you uncomfortable,” he advises, “it’s not aggressive enough.” Aiming to get only 60% of energy from renewable sources, for instance, implies that 40% will involve climate-changing gases. And there were successes. Unilever managed to reduce its carbon emissions by 65% in manufacturing, while sending zero waste to landfill.
All this meant that the company’s financial performance was strong enough for it to fight off a takeover bid from Kraft Heinz in 2017. Its survival, in Mr Polman’s view, was because of its commitment to sustainability, not despite it. Take Lifebuoy soap, one of its oldest brands. An initiative that focused on the health benefits of handwashing in developing countries boosted sales.
Cynics might sneer that Unilever was motivated by profit. But no one who reads this book can doubt the sincerity of Mr Polman’s belief that capitalism and good works can be combined.This article appeared in the Books & arts section of the print edition under the headline "Virtue’s reward"
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