Committing to Net Zero

Decarbonising our operations and supply chain 

Our commitments:

• We’ve committed to reduce our scope 1 and 2 emissions and our business travel emissions by 50% in absolute terms by 2030 (from a 2019 base). Our commitment is aligned to a 1.5 degree scenario to avoid the worst impacts of climate change. Our near-term targets have been independently validated by the Science Based Targets initiative (SBTi)1 which confirms our approach and timeline.
• We’ll switch to 100% renewable electricity in all territories by FY30. In FY22, we achieved our commitment to source 100% renewable electricity across our 21 largest territories. We now source over 90% of our electricity from renewable sources across our network. In 2018, we joined the RE100² -  a global corporate renewable energy initiative, which brings together large businesses committed to 100% renewable electricity.
• We want to work with suppliers who have the same climate ambition as us. So at least 50% of our suppliers of goods and services  - by emissions - will have set science-based targets to reduce their own climate impact by FY25.
• We’ll also counterbalance our emissions through high quality carbon offsetting projects - including natural climate solutions. From FY30, we’ll transition our portfolio to carbon removals. We’ll choose projects based on quality and verification of the carbon reduction impact, and for their economic and social benefits.
• We believe in transparency while we track this, and we’ll report our progress in our Global Annual Review.

_{¹Science Based Targets initiative (SBTi) 2022. Website}
²RE100 2022. Website

Helping shape and accelerate the global climate and policy agenda

Stakeholders are increasing their expectations. Organisations will need to report more on their environmental, social and governance (ESG) impacts - and demonstrate progress. This means we now need consistent, comparable ESG standards that can help to create trust in businesses that can demonstrate good performance, as well as trust in society’s ability to do the right thing on the issues that matter. 

At PwC, we’re continuing our advocacy and support for globally aligned sustainability reporting standards. Our leaders continue to support this development. It’s a critical step for business and capital markets to measure and understand progress towards net zero commitments. 

We continue to make contributions across the wider climate policy agenda through our strategic global partnerships and alliances, for example, the World Economic Forum (WEF) World Business Council for Sustainable Development (WBCSD) and Global Solutions Initiative (GSI).

We’re also contributing to a broader understanding of the importance of net zero and how to achieve it, including the following: 

• PwC UK Net Zero Economy Index tracks the rate of decarbonisation in each G20 economy, highlighting what’s needed to achieve the Paris Agreement.
  
• We’ve worked with the World Economic Forum (WEF) to assess the impacts of international carbon pricing scenarios on economies and industries.
• We're part of the Net Zero Financial Service Providers Alliance¹, uniting auditors and other financial service providers with the Glasgow Financial Alliance for Net Zero.
• Our work with the Global Solutions Initiative (GSI) and T20 continues to address long term global issues high on the G20 agenda, including climate action.
• PwC US has launched a practical guide, “Building Blocks for Net Zero Business Transformation”, to help companies move from net zero pledges to business transformation. This research was produced in association with Microsoft, who PwC UK advises on net zero transformation, as a contribution to the CEO-led Transform to Zero initiative².

For more on how we’re helping to shape and accelerate the global policy agenda download our Network Climate-related disclosures report 2022.

_{¹Net Zero Financial Service Providers Alliance 2022. Website
²Transform to Zero initiative 2022. Website}