In 2020, PwC announced our global science-based commitment to reach net zero greenhouse gas (GHG) emissions by 2030. This is underpinned by science-based targets to reduce our own emissions, first and foremost.
We’ll also counterbalance our emissions with high quality carbon offsetting projects - including natural climate solutions. From 2030, we’ll transition our portfolio to carbon removals.
Since 2018, our largest territories have offset, at a minimum, air travel emissions, which are our largest single source of emissions. From 2023, we’ll offset energy and mobility emissions (scope 1, 2 and scope 3 business travel) in all markets.
To manage the risks, as well as maximise broader sustainability benefits, we’ve put in place quality criteria for our network firms when they purchase carbon credits. The criteria define standards, types of project, vintages, portfolio composition, our approach to retiring credits, and require projects go through due diligence by a third party supplier. Read more about our quality criteria in our PwC Network Climate-related disclosures report.
Our current carbon offset portfolio focuses on natural climate solutions and developing economies. Projects support other sustainable development outcomes - for instance protecting health and livelihoods and critical ecosystems in rural communities.
You can find more details about our carbon offset projects in the explorer tool below.
In FY22, the projects we, and others, have supported have collectively impacted 8 million people. They have protected and restored more than 173,000 hectares of land and created more than 8,000 new full time jobs.
The voluntary carbon market is changing rapidly. So we’ve been reviewing our approach to purchasing carbon credits. We want to make sure we continue to support quality projects that deliver real and verified outcomes. We also want to maximise our impact beyond our value chain – to support nature and local communities.
We’re a member of LEAF - the Lowering Emissions by Accelerating Forest Finance coalition. This is one of the largest public-private initiatives to protect tropical forests and expand the market for high-integrity carbon credits.
In the short term our focus is to support projects that reduce and avoid emissions while protecting existing carbon sinks, to accelerate global decarbonisation, before transitioning to removals by 2030.