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
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.
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.
(well below 2°C)
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.|
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.