TCFD - Understanding the impacts of climate change on our business

Transforming our business for a 1.5° world

In October 2022, we released our second set of disclosures which are aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Our first TCFD report explored 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 PwC’s network, and lay the foundations for our leaders to begin the necessary journey of adapting our business - including our strategy, the services we offer our clients and the skills of our people - so that PwC remains a sustainable business in a 1.5° world. 

In our second report, we explore the potential physical risks for our business and our Global ESG Academy, a programme of learning available to all our people across the network to upskill on important ESG topics, including climate change. You can read about our progress in our second TCFD report linked below.

Download the full report
(pdf, 6.4mb)

What will a 4°C world look like for our business?

We have been assessing the physical risks that climate change could bring for our network of offices. Explore our interactive map to learn how climate-related physical risks may impact our offices over the next few years and beyond.

Launch the experience

Data source: Jupiter ClimateScore™ Global, 2022

Headlines from our TCFD report

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.

Paris-aligned scenario 

(well below 2°C)

Both scenarios

No mitigation 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. There are a number of risks and opportunities, which will arise regardless of the climate scenario. This scenario drives a greater level of physical impacts given the dominance of climate and weather related events, which are likely to take place.
  • 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 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
  • 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’ve provided data and analytics using AI for the annual TCFD Status Reports, and we sit on its Metrics and Targets working group. 

As part of our contribution to improving TCFD market capacity, we've supported the World Business Council for Sustainable Development (WBCSD) Preparers Forum, which has produced guidance for six sectors. We’ve supported three key projects – the Energy System Reference Scenarios project to improve the consistency and compatibility of climate scenarios, the recent Demystifying Scenarios report¹ and we’re now working on TCFD Readiness and Food & Land Use Reference Scenarios.

¹World Business Council for Sustainable Development (WBCSD) July, 2022. Demystifying Scenarios report.

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Colm Kelly

Colm Kelly

Global Corporate Sustainability Leader, PricewaterhouseCoopers International Limited