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In 2020, PwC announced our worldwide science-based commitment to reach net zero greenhouse gas (GHG) emissions by 2030. Across our network we commit to reducing our total greenhouse gas emissions by 50% in absolute terms by 2030. This includes switching to 100% renewable electricity across our network, as well as making energy efficiency improvements in offices and halving the emissions associated with business travel, including accomodation within the decade.
Our commitment includes financing carbon removal projects to eliminate any remaining emissions to achieve net zero climate impact by 2030.
In 2018, PwC set a commitment to offset all scope three air travel emissions, our largest single source of emissions, and by 2023, this will include scope one and two residual emissions. Our commitment to achieve net zero will require us to take responsibility for our carbon emissions and by financing high quality voluntary carbon offset projects we can have an immediate and positive impact. Our mitigation approach therefore combines reductions, in addition to offsetting through both avoidance and removal solutions that help address climate alongside other sustainable development goals. At PwC, we believe that to reduce the amount of GHG in the atmosphere we will need to deploy a full range of solutions and our current carbon offset portfolio focuses on both larger markets and developing economies where projects support significant co-benefits such as protecting critical ecosystems and the health and livelihoods in rural communities.
Since 2018, PwC’s carbon offset projects have helped create and sustain sustainable landscapes, support local economic and social development, renewable markets and the development of a mature voluntary carbon market. So far the projects we are helping to support have collectively impacted over 77 million people, protected and restored over 500,000 hectares of land and created over 134,000 new full time jobs.¹
Source: 1. Natural Capital Partners
Air travel is an essential part of how we service our clients, but it is also one of the largest sources of our carbon emissions. The ongoing international and domestic travel restrictions due to the COVID-19 pandemic has meant that in FY20, we saw a 29% decrease in our scope three air travel emissions. As the world emerges from the global pandemic we will leverage progress already made in addressing our air travel emissions such as:
With support from our major supplier, Natural Capital Partners, PwC firms select carbon offset portfolios to reflect local priorities. Underpinning our approach is a set of strict quality criteria, including ensuring our offsets are verified by an independent third party to market leading standards or protocol.
The carbon offset projects that we support all adhere to at least one of the below global verification standards.
Is a voluntary carbon offset programme focussed on progressing the United Nations Sustainable Development Goals. It focusses on projects that provide sustainable social, economic and environmental solutions and benefits.
The Climate Action Reserve is committed to transparent processes, multi-stakeholder participation and rigorous standards to help earn confidence that registered emissions reductions are real, additional, verifiable, enforceable and permanent.
The Verified Carbon Standard ensures that credits are additional, measurable, conservative, permanent, independently verified, unique numbers and transparently listed.
ACR project requires methodology approval, project validation and verification and all undergo public comment and blind scientific peer review.
ERF methods ensure projects are additional and specify the type of emissions avoidance or carbon storage.