TCFD - Understanding the impacts of climate change on our business

In October 2023, PwC released our third annual report aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

We started our TCFD journey by exploring the range of impacts climate change would have for our business, both the risks and opportunities. We established a framework for applying the TCFD’s principles to our network, and to lay the foundations for our leaders to begin the necessary journey of transforming our business. 

Our transformation programme is far reaching, touching our business strategy, the services we offer our clients and the skills of our people. We have learnt a lot from our progress so far, and our approach has evolved as a result and is deeply embedded into the execution of our strategy.
Explore our latest report

Physical climate risk for PwC

We have assessed the physical impacts of climate change on our own business by looking across our global network and using physical risk analysis to identify areas that are at highest risk of extreme weather such as floods, wildfires, droughts and more. We then used our analysis to develop plans to adapt and make our business more resilient. 

Read more about our physical risk journey here and explore how we are adapting our business.

Physical climate risk

Strategic risks and opportunities for our business

Findings from our scenario analysis

Our original scenario analysis continues to guide our strategy and business responses to the risks and opportunities that climate change will pose for our business. The major strategic implications for our business arising from climate change are captured below. You can find more details about our methodology, approach, scenarios and impacts framework in our full report.

Both scenarios

Paris-aligned scenario 

(well below 2°C)

No mitigation scenario 


There are a number of risks and opportunities which will arise regardless of the climate scenario. This scenario drives a greater level of transition impacts given the dominance of policy changes and disruption as the economy transitions to a low carbon world. This scenario drives a greater level of physical impacts given the dominance of climate and weather related events, which are likely to take place.
  • The need to adapt our core services to embed consideration of climate related matters
  • The development and scaling of new and emerging climate services to support clients
  • Continued ability to attract and retain talent 
  • Brand/reputational impact arising from our contribution to the climate agenda
  • Disruption in sectors with high levels of transition risk with implications for our portfolio
  • Disruption in geographies with high levels of transition risk with implications for our portfolio and for those regions
  • The need to plan for the impact of potential acute and chronic climate events on our office network, people and operations (including our key suppliers)

  • The portfolio impact of potential acute and chronic climate events in higher risk geographies

  • Global or regional economic disruption arising from the impact on sectors with supply chains that are heavily concentrated in areas of high physical risk

Our support for the TCFD

The TCFD was set up in 2015 by the Financial Stability Board, at the request of G20 Finance Ministers and Central Bank Governors. Its mission is to help investors, lenders and insurance underwriters understand climate-related risks and opportunities, and their impact on businesses.

We’ve supported the TCFD since it launched its recommendations in 2017 and have been members of the Task force since 2016. We have been involved with TCFD in many capacities - as part of working groups, sharing data, approaches and also leading projects.

We welcome the full integration of the TCFD’s recommendations into the recently released International Sustainability Standards Board (ISSB) standards, as well as other emerging regulatory requirements. This builds upon the TCFD’s legacy and commitment to market transparency. 

Contact us

Colm Kelly

Colm Kelly

Global Corporate Sustainability Leader, PricewaterhouseCoopers International Limited

Lindsay Foulds

Lindsay Foulds

Director, Global Corporate Sustainability, PricewaterhouseCoopers International Limited

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