We’re helping business and society do the right thing on ESG.
Trained biologist, Thijs IJsbrandij
Now, Manager at PwC Netherlands
Helps PwC clients report on biodiversity
Awareness is growing that we all need to care for our environment and the people who live in it. On issues from diversity to sustainability, we must make sure that the solutions of today don’t become the problems of tomorrow – and the mistakes of society’s past aren’t a part of the future.
There’s no time to wait. Climate change isn't coming; it’s here. Public anger is growing at social injustices and barriers to economic inclusion. Recent events from war to the energy crisis have put a spotlight on the need for a more just society. Urgency is building to act – now.
Though the path to solving these challenges isn’t always clear, one thing is certain: the only way we will overcome these obstacles is with business, government and the public working hand-in-hand. Expectations are growing for business to be part of the solution to society’s challenges. This is why organisations’ environmental, social, and governance (ESG) practices are more important than ever. In fact, a majority of the public expects CEOs to inform and shape conversations and policy debates. And our global research found most people believe business leaders should be accountable for ESG performance.
In this chapter, we’ll share some of the ways PwC is helping both our clients and society do the right thing on ESG, meeting changing expectations and delivering on their promises. To learn more about our work on inclusion & diversity and upskilling/social mobility, please see the People chapter. For more information on how we’re driving positive change across a range of issues from humanitarian crises to healthcare, please see the Impact chapter.
Reaching net zero carbon emissions is a paramount ESG challenge for companies as regulators, investors, staff, customers, and the public at large demand action. We are leaders in helping our clients get to grips with the profound transformation that net zero requires – and achieve it at speed.
“Net zero transformation is the single biggest challenge businesses face. It requires setting a strategy, defining targets, and achieving deep transformation to re-imagine the business for a low carbon future. That’s exactly what PwC delivers.”
“It’s imperative that companies considering going public in the next few years have their ESG house in order. Investors want to invest in businesses that recognise, and are responding to, the risks and opportunities ESG practices present, most significantly around climate change.”
ESG must be embedded deep within a company’s structure. This year, we’ve offered advice on how ESG concerns can be built into enterprise architecture and executives’ pay. In addition, we advocate appointing an empowered Chief Sustainability Officer to help supercharge the sustainability transformation and help companies reduce their carbon footprint. Weaving ESG into the fabric of the company builds a strong foundation for deep ESG transformation. Read on for examples of our work this year helping clients transform to reach their ESG and climate objectives.
Baker Hughes ESG transformation
Baker Hughes committed to achieve net zero Scope 1 and 2 greenhouse gas emissions by 2050 and a 50% reduction in emissions by 2030.
Baker Hughes is working with PwC US to accelerate that journey. We helped the business develop an integrated and comprehensive ESG and net zero strategy that has enabled Baker Hughes to ‘see around corners’, identify growth opportunities, and anticipate and mitigate risks. We supported the client to operationalise the strategy and transform at speed and scale through building investor-grade ESG reporting, creating a sustainability operating system, and launching an ‘All In, Carbon Out’ decarbonisation programme. This has enabled Baker Hughes to achieve rapid GHG emission reductions and define best practices for doing so. To learn more about our work with Baker Hughes, read the case study.
‘The size and scope of our transition hasn’t been seen before in our industry. We’re operationalising our net-zero commitments, reducing emissions from our value chain and advancing low-carbon technologies.’Allyson Anderson Book, Vice President of Energy Transition, Baker Hughes
100% recycling roadmap
The global brand generates over 100,000 metric tonnes of plastic waste in India each year. The company felt that it should do more to address this issue as a responsible and sustainable business – starting by recycling 100% of its plastic waste.
PwC India helped the company plan to reach this ambitious target; a complex undertaking that goes beyond the firm itself. To recycle 100% of plastics, the company needed to track both how much plastic its various bottlers across the country were generating, and how much plastic the country’s recycling infrastructure could handle. We developed a roadmap which addresses the inadequacies in the infrastructure while continuing to support innovative solutions for plastic problems.
PwC India brought together experts in manufacturing, recycling, regulation and technology to build a dashboard that makes the company’s plastic production and recycling across India transparent and trackable. For example, the brand’s leadership will get a view of the bottlers who are falling behind on their plastic waste targets so they can take corrective action. Consumers will be able to see the impact of plastic waste management, building trust in the brand.
Decarbonising Australian agriculture
The key to protecting our environment is recognising its value. PwC Australia is helping to more strongly link natural capital (elements of the natural environment which provide valuable resources) to financial performance. This helps reflect the importance of nature as a factor in production, enabling farmers to build true climate resilience in a profitable way. In making a clear business case for the value of nature, PwC Australia aims to incentivise producers to invest in their natural capital in a way that helps sequester carbon in the soil, enhance biodiversity and regenerate landscapes. Our work shows how enhancing natural capital can make good business sense for farmers while supporting the local economy and environment. To learn more about our work with the Australian agricultural sector, read our case study and report.
We support major retailers in their ESG transformations
The ESG transformation included building a global network of suppliers that deliver on ESG criteria while keeping prices competitive, adapting the packaging strategy, acquiring a fleet of electric trucks, and even forming plans to buy a recycling company.
We also helped promote reuse and cut waste in the supply chain by applying our expertise in the circular economy.
We deliver assurance that ESG objectives are met: Spotlight on Africa
We’ve shared examples of how we’re helping clients reduce their impact on the climate. However, we’re also helping our clients tackle the other half of the equation: the climate’s impact on them.
A company could reduce its emissions to zero and still be blindsided by other risks: crushed by supply chain disruptions due to climate change, hit by regulation or carbon pricing that render business models unsustainable, left behind by customers demanding new levels of climate performance, or simply displaced by competitors who moved faster to build the new low-carbon economy.
According to our annual Global CEO Survey, just 40% of CEOs have factored climate change into their strategic risk management. We’re helping our clients address this shortcoming by helping them recognise the real risks that climate change poses to their businesses. On Earth Day, our Global Chairman, Bob Moritz, published The True Test of Climate Resilience to help business leaders ask the right questions to identify their own risks. Led by our global climate leader Emma Cox, we’re helping clients to see clearly their climate risks. In fact, we believe every company should take the time to map its climate risks.
Take PwC as an example. We’re a professional services network, so it might seem like our business is unlikely to experience significant impacts from climate change. However, climate change is predicted to affect a number of our locations around the globe. This year, we have applied detailed climate data to assess physical risks to our member firm offices, and disclosed it as part of our compliance with the recommendations of the Task Force on Climate-related Financial Disclosures. We hope more organisations follow our example to educate stakeholders on the risks and responses required to adapt to climate change. You can explore some of that climate data via the interactive map below. The map shows how selected climate hazards are expected to evolve up to 2050 under a ‘no mitigation’ >4°C scenario for each PwC office location of more than 1,000 employees (as of June 2022).
|495||Amsterdam Westgate, Thomas R. Malthusstraat 5, 1066 JR, Netherlands||Amsterdam||Netherlands||3767||52.742566||57.901035||0.879||0.593||0||0||57.208||0.944||0.766||0||0.002||60.369||0.924||0.833||0||0.004||61.376||0.926||0.912||0||0.007||62.446||0.934||1.032||0||0.013||65.542|
|283||270 Kifissias Avenue, Halandri, GR-152 32, Greece||Athens||Greece||1622||48.9||58.035168||0.131||39.95||0||0.042||137.399||0.147||49.713||0||0.943||147.546||0.159||53.031||0||1.678||146.69||0.18||58.027||0||3.308||148.626||0.195||63.576||0||5.924||150.698|
|807||1075 Peachtree Street NE, Atlanta, Georgia 30309, United States||Atlanta||United States||1990||83.3||55.413797||0.283||28.595||0||2.169||194.361||0.255||35.24||0||8.067||214.499||0.255||37.365||0||12.052||211.189||0.263||41.188||0||18.745||214.351||0.248||45.986||0||27.833||218.632|
|507||PwC Tower, Level 27, 15 Customs Street West, Auckland 1010, New Zealand||Auckland||New Zealand||1126||0.435832||14.7||0.102||0.031||0||0||130.344||0.104||0.031||0||0||140.519||0.104||0.031||0||0||144.469||0.102||0.031||0||0||149.871||0.1||0.032||0||0||153.461|
|730||15th Floor, Bangkok City Tower, 179/74-80 South Sathorn Road, Bangkok, 10120, Thailand||Bangkok||Thailand||1774||24.35||44.2||0.79||74.065||0||90.039||217.761||0.786||93.947||0||151.853||244.599||0.753||107.767||0||177.693||244.5||0.73||126.261||0||208.829||248.703||0.712||149.603||0||237.298||257.386|
|57||Alameda Mamoré, 989, conjuntos 2.001, 2.002, 2.003 do 20ª andar, 2.101, 2.102, 2.103 do 21º andar, 2.301, 2.302, 2.303 do 23º andar, Edifício Crystal Tower, Bairro Alphaville Industrial||Barueri||Brazil||1131||71.4||23.1||0.261||2.777||0||0.057||209.142||0.252||3.677||0||0.204||215.765||0.243||4.449||0||0.331||222.829||0.243||5.518||0||0.713||230.551||0.236||6.993||0||1.838||241.08|
|134||26/F Office Tower A, Beijing Fortune Plaza, 7 Dongsanhuan Zhong Road, Beijing, 100020, China||Beijing||China||5485||19.4||60.411087||1.118||35.494||0||5.392||269.453||0.866||40.847||0||12.023||300.578||0.859||43.803||0||15.84||304.23||0.856||47.135||0||21.288||308.039||0.744||51.292||0||28.711||321.855|
|944||Belfast Merchant Square, 20-26 Wellington Place, Belfast, BT1 6GE, United Kingdom||Belfast||United Kingdom||3388||76.103975||66.29816143||0.068||0.005||0||0||65.97||0.066||0.006||0||0||70.635||0.067||0.006||0||0||71.978||0.065||0.006||0||0||74.321||0.066||0.007||0||0||77.027|
|306||Pine Valley, 4th Floor, Embassy Golf Links Business Park, Challaghatta Village, Bangalore, 560071, Karnataka, India||Bengaluru||India||4816||31.68540983||43.914687||4.215||23.319||0||0||159.198||3.781||25.973||0||0.134||168.178||3.649||27.809||0||0.241||167.752||3.463||31.373||0||0.49||172.584||3.202||37.049||0||1.334||174.247|
|274||Kapelle-Ufer 4 , 10117 Berlin , Germany||Berlin||Germany||1660||33.070888||58.014742||0.881||4.561||0||0.004||79.783||0.932||6.168||0||0.035||87.514||0.919||6.735||0||0.076||87.036||0.885||7.502||0||0.143||88.525||0.9||8.581||0||0.283||89.587|
|767||One Chamberlain Square, Birmingham, B3 3AX||Birmingham||United Kingdom||1964||67.845339||58.9878||0.932||0.406||0||0||60.379||0.931||0.498||0||0||65.365||0.934||0.56||0||0||65.997||0.951||0.651||0||0.001||68.298||0.942||0.777||0||0.004||70.777|
|893||Calle 100 No 11-A-35, 5th. Floor, Bogotá, Cudinamarca, Colombia||Bogotá||Colombia||1019||79.8||39.7||0.009||0||0||0||124.461||0.009||0||0||0||143.287||0.009||0||0||0||145.067||0.009||0||0||0||149.542||0.009||0||0||0||154.697|
|865||101 Seaport Boulevard, Boston, Massachusetts 02210, United States||Boston||United States||3223||78.781||60.71754||1.303||7.849||0||0.176||173.932||1.298||10.029||0||0.651||197.681||1.282||10.764||0||0.955||202.56||1.261||12.251||0||1.74||212.381||1.224||13.864||0||3.228||218.804|
|889||Culliganlaan 5 , B-1831 Diegem , Belgium||Brussels||Belgium||1392||53.858274||53.002069||1.02||1.772||0||0.002||69.04||1.065||2.527||0||0.017||72.862||1.054||2.854||0||0.036||74.451||1.061||3.293||0||0.07||75.117||1.082||3.889||0||0.148||78.767|
|6||Edificio Bouchard Plaza, Bouchard 557, Ciudad de Buenos Aires, C1106ABG, Argentina||Buenos Aires||Argentina||1657||75||15.6||0.51||5.968||0||0.322||184.545||0.475||6.639||0||0.686||201.062||0.472||6.785||0||0.878||205.18||0.431||7.295||0||1.279||209.763||0.404||8.22||0||2.009||216.533|
|123||Unit 04, 26/F Tower 1, Raffles City Chengdu, No. 3 Section 4 South Renmin Road, Chengdu, 610041, China||Chengdu||China||2185||23.528831||54.461908||0.069||20.597||0||4.335||335.804||0.068||25.766||0||9.166||383.695||0.068||27.807||0||12.32||392.565||0.068||30.968||0||17.689||400.083||0.067||34.88||0||24.404||415.638|
|861||One North Wacker Drive, Chicago, Illinois 60606, United States||Chicago||United States||4036||84.3||61||4.865||14.405||0||1.942||125.943||5.066||18.039||0||4.342||140.913||4.931||19.232||0||6.099||142.462||4.923||21.381||0||9.418||143.236||4.933||23.785||0||13.514||146.324|
|166||Strandvejen 44, Hellerup, DK 2900, Denmark||Copenhagen||Denmark||1709||36.319337||67.996113||0.712||1.17||0||0||85.147||0.737||1.564||0||0.002||91.359||0.733||1.699||0||0.003||92.538||0.718||1.861||0||0.006||95.546||0.712||2.063||0||0.016||97.998|
|801||2121 North Pearl Street, Suite 2000, Dallas, Texas 75201, United States||Dallas||United States||2696||87.3||54||0.219||52.063||0||12.175||200.378||0.218||65.828||0||32.443||209.068||0.202||69.287||0||39.425||218.144||0.196||74.851||0||50.952||223.275||0.193||82.289||0||65.568||234.621|
|342||Building 10, Tower C, 18th Floor, DLF Cyber City, Gurugram - 122002, Haryana, India||Delhi||India||2901||32.16085572||52.139116||3.06||112.783||0||78.289||273.897||3.094||117.91||0||103.753||292.91||2.914||122.623||0||111.004||302.551||2.825||131.289||0||121.846||314.503||2.65||143.592||0||133.636||327.996|
|750||Emaar Square, Building 5, Dubai, United Arab Emirates||Dubai||United Arab Emirates||1873||38.977562||50.400409||4.848||147.674||0||108.896||145.59||5.706||169.053||0||128.829||180.148||4.994||177.541||0||136.253||184.873||4.042||189.206||0||144.427||187.167||4.099||201.547||0||153.663||189.126|
|362||One Spencer Dock, North Wall Quay, Dublin, 1, Ireland||Dublin||Ireland||2666||78.19953||61.524793||0.068||0.028||0||0||79.051||0.066||0.03||0||0||87.51||0.067||0.031||0||0||88.632||0.065||0.033||0||0||90.706||0.066||0.037||0||0||93.079|
|261||Moskauer Straße 19 , 40227 Düsseldorf , Germany||Düsseldorf||Germany||3264||46.123304||58.206822||0.938||3.337||0||0.004||75.86||1.045||4.328||0||0.028||80.552||1.044||4.717||0||0.057||80.672||1.048||5.282||0||0.111||81.194||1.06||6.062||0||0.228||84.401|
|853||400 Campus Drive, Florham Park, New Jersey 7932, United States||Florham Park||United States||2111||80.2||60||0.379||13.859||0||0.986||209.323||0.368||17.462||0||2.976||235.556||0.361||18.695||0||4.287||244.49||0.352||21.141||0||6.786||247.181||0.338||23.94||0||10.715||249.858|
|254||Friedrich-Ebert-Anlage 35-37, 60327 Frankfurt/Main, Germany||Frankfurt||Germany||3771||44.545002||53.52104||0.587||6.341||0||0.009||70.16||0.618||8.168||0||0.056||75.281||0.623||8.872||0||0.105||74.736||0.641||9.855||0||0.19||75.638||0.641||11.217||0||0.402||78.645|
|113||18/F PricewaterhouseCoopers Center, 10 Zhujiang Xi Road, Guangzhou, 510623, China||Guangzhou||China||1328||20.53646656||50||0.505||34.785||0||59.614||306.928||0.494||41.471||0||86.419||347.433||0.509||45.073||0||95.85||350.644||0.522||50.058||0||108.819||357.572||0.497||56.864||0||121.92||364.447|
|277||Alsterufer 1 , 20354 Hamburg , Germany||Hamburg||Germany||1345||40.126591||62.655872||0.747||1.967||0||0.001||84.43||0.79||2.779||0||0.013||88.49||0.772||3.074||0||0.028||87.528||0.77||3.437||0||0.058||89.87||0.794||3.926||0||0.123||93.767|
|189||Itämerentori 2, Helsinki, FI-00180, Finland||Helsinki||Finland||1067||8.464508||85.74437||0.161||1.435||0||0||88.221||0.153||1.734||0||0||96.89||0.153||1.827||0||0||100.269||0.151||1.985||0||0.001||101.865||0.144||2.163||0||0.004||101.935|
|295||19/F Tower B Manulife Financial Centre, 223-231 Wai Yip Street, Kowloon, Hong Kong SAR, China||Hong Kong||China||4786||20.1||48.999816||0.578||19||0||12.752||415.451||0.524||20.735||0||32.484||443.339||0.542||21.698||0||43.368||446.733||0.565||23.346||0||61.856||462.327||0.517||25.696||0||82.675||482.208|
|796||1000 Louisiana Street, Suite 5800, Houston, Texas 77002, United States||Houston||United States||1824||86.6||53||0.419||37.29||0||17.547||457.977||0.41||48.54||0||48.24||512.302||0.393||51.619||0||58.23||529.649||0.396||56.351||0||73.997||551.786||0.404||63.847||0||92.304||570.343|
|908||SDC -The Hive, Hyderabad||Hyderabad||India||1515||31.46980313||46.685253||3.029||88.042||0||1.939||245.722||2.741||96.902||0||9.84||269.79||2.678||102.648||0||13.859||275.305||2.493||112.471||0||23.338||279.49||2.449||127.589||0||40.396||287.014|
|737||Süleyman Seba Caddesi, BJK Plaza No:48 B Blok Kat:9, Akaretler, Besiktas, Istanbul 34357, Turkey||Istanbul||Turkey||1814||47.187129||60.5||0.899||6.154||0||0.005||115.834||0.955||8.524||0||0.189||122.576||0.969||9.388||0||0.397||129.739||1.027||10.705||0||0.993||132.558||1.093||12.4||0||2.007||135.638|
|352||Jl. Jend. Sudirman Kav. 29-31, Jakarta, 12920, Indonesia||Jakarta||Indonesia||2954||22.3||32.6||0.421||14.646||0||1.217||180.481||0.438||14.91||0||9.025||195.144||0.441||15.273||0||21.892||197.717||0.422||16.269||0||52.415||202.751||0.415||19.24||0||107.029||206.333|
|631||4 Lisbon Lane, Waterfall City, Jukskei View, Johannesburg, 2090||Johannesburg||South Africa||2752||47.466355||21.2||1.446||3.323||0||0||130.69||1.567||4.176||0||0||137.938||1.481||4.89||0||0.001||139.302||1.599||5.956||0||0.005||142.454||1.618||8.125||0||0.017||145.835|
|545||State Life Building 1-C, Off: I. I. Chundrigar Road, Karachi, 74000, Sindh, Pakistan||Karachi||Pakistan||1044||34.9911406||50.481967||18.237||52.313||0||42.325||205.441||15.46||58.592||0||73.065||225.997||12.527||62.268||0||86.441||227.943||10.898||68.321||0||105.379||238.822||13.479||76.758||0||128.333||249.128|
|565||ul. Chorzowska 146, Katowice, 40-101, Poland||Katowice||Poland||1751||20.313298||53.619691||0.253||5.717||0||0.013||97.922||0.276||7.879||0||0.098||104.184||0.273||8.558||0||0.182||102.898||0.27||9.946||0||0.332||104.212||0.285||11.467||0||0.673||103.76|
|329||South City Pinnacle, 13th Floor, Plot No. X1-1, Block-EP, Sector V, Salt Lake, Kolkota, 700091, India||Kolkata||India||4803||28.614523||49.573421||0.744||72.578||0||121.663||274.277||0.721||73.523||0||144.128||293.997||0.669||77.335||0||153.887||309.637||0.649||85.421||0||170.29||316.366||0.594||101.752||0||189.446||321.901|
|453||Level 10, 1 Sentral, Jalan Rakyat, Kuala Lumpur, 50470, Malaysia||Kuala Lumpur||Malaysia||2558||23.99||38.438336||0.055||8.238||0||15.427||252.905||0.053||8.399||0||47.703||259.609||0.054||8.632||0||77.683||270.17||0.053||9.449||0||124.128||280.069||0.052||11.795||0||181.479||287.066|
|776||Central Square, 29 Wellington Street, Leeds, LS1 4DL||Leeds||United Kingdom||1136||65.735088||64.802278||0.932||0.237||0||0||76.762||0.931||0.27||0||0||81.715||0.934||0.29||0||0||83.286||0.951||0.322||0||0.001||85.899||0.942||0.369||0||0.002||89.032|
|555||Av. Santo Toribio No. 143, Piso 8, Lima, 27, Peru||Lima||Peru||1049||81.2||30.011718||0.065||0.053||0||0||18.076||0.066||0.053||0||0||19.622||0.064||0.053||0||0||20.225||0.06||0.053||0||0||21.114||0.057||0.053||0||0.001||22.078|
|573||Palácio Sottomayor, Avenida Fontes Pereira de Melo, nº 16, Lisbon, 1050-121, Portugal||Lisbon||Portugal||1324||83.108524||17.474794||0.061||3.265||0||0.004||92.839||0.07||4.113||0||0.024||102.578||0.077||4.408||0||0.032||101.554||0.084||4.934||0||0.061||100.92||0.09||5.55||0||0.11||99.321|
|759||7 More London Riverside, London, SE1 2RT, United Kingdom||London||United Kingdom||7634||63.275375||57.38368||0.932||0.61||0||0||57.525||0.931||0.787||0||0||60.937||0.934||0.878||0||0.001||61.172||0.951||1.022||0||0.002||62.889||0.942||1.213||0||0.006||65.843|
|812||601 South Figueroa Street, Los Angeles, California 90017, United States||Los Angeles||United States||2035||93.20602687||53.5792109||2.131||35.014||0||0.164||127.949||1.94||43.444||0||0.795||140.065||1.844||46.354||0||1.132||140.155||1.947||50.628||0||1.943||146.117||2.171||55.46||0||2.909||150.175|
|444||2 rue Gerhard Mercator, Luxembourg, L-2182, Luxembourg||Luxembourg||Luxembourg||3133||49.337232||49.19253||0.244||3.075||0||0.004||68.813||0.26||4.04||0||0.031||70.621||0.261||4.471||0||0.064||71.22||0.267||5.116||0||0.121||71.784||0.265||5.983||0||0.261||75.658|
|653||Torre PwC, Paseo de la Castellana, 259B, Madrid, 28046, Spain||Madrid||Spain||2985||71.402405||22.556971||0.184||23.191||0||0.039||57.546||0.211||31.505||0||0.272||61.961||0.234||34.858||0||0.432||62.062||0.26||40.437||0||0.852||62.192||0.306||47.15||0||1.767||63.425|
|774||Manchester Hardman Sq, 1 Hardman Square, , Manchester, M3 3EB, United Kingdom||Manchester||United Kingdom||1495||68.953683||62.60617||0.281||0.172||0||0||60.664||0.277||0.195||0||0||65.48||0.28||0.213||0||0||66.234||0.281||0.239||0||0||68.776||0.284||0.28||0||0.001||71.031|
|558||29th Floor Philamlife Tower, 8767 Paseo de Roxas, Makati City, 1226, Philippines||Manila||Philippines||1690||17.530625||44.2||0.223||25.384||0||38.619||448.754||0.206||27.414||0||82.307||464.193||0.203||28.803||0||105.355||471.21||0.202||31.69||0||140.483||480.871||0.191||36.625||0||176.757||501.187|
|13||2 Riverside Quay, Southbank, 3006, Victoria, Australia||Melbourne||Australia||2777||9.948965||14.586811||0.097||2.83||0||0.088||104.653||0.104||3.199||0||0.138||102.144||0.11||3.453||0||0.212||103.409||0.11||3.91||0||0.339||106.053||0.106||4.575||0||0.523||110.542|
|464||Mariano Escobedo 573, Colonia Rincón del Bosque, Miguel Hidalgo, 11580 Ciudad de México, Mexico||Mexico City||Mexico||2026||87.7||47||0.219||0.019||0||0||280.262||0.221||0.02||0||0||307.891||0.23||0.021||0||0||318.074||0.229||0.023||0||0||334.683||0.232||0.031||0||0||353.801|
|394||Piazza Tre Torri 2 , Milano 20145, Italy||Milan||Italy||4870||40.388455||37.653062||0.216||12.753||0||0.203||150.435||0.237||18.054||0||1.157||163.082||0.245||19.781||0||1.743||161.812||0.254||22.643||0||3.017||163.541||0.259||26.696||0||5.758||167.4|
|89||1250 Rene Levesque Boulevard West, Suite 2500, Montreal, H3B 2G4, Quebec, Canada||Montreal||Canada||1045||79.4||63||0.316||13.289||0||0.201||112.206||0.319||15.827||0||0.687||122.223||0.318||16.641||0||1.041||121.737||0.307||18.46||0||1.949||123.254||0.303||20.439||0||3.681||126.054|
|325||8th Floor, IT Building No.3, Nesco IT Park, Western Express Highway, Goregaon East, Mumbai - 400063, Maharashtra, India||Mumbai||India||1110||33.1||47.356366||0.101||29.06||0||12.599||362.223||0.093||31.216||0||31.189||426.628||0.089||32.842||0||40.848||433.037||0.086||35.822||0||58.05||448.427||0.084||40.873||0||87.076||459.265|
|247||Ganghoferstraße 68b , 80339 München , Germany||Munich||Germany||2199||38.641381||46.302596||0.107||4.077||0||0.011||130.053||0.112||5.349||0||0.058||139.374||0.112||5.822||0||0.112||138.9||0.114||6.606||0||0.199||142.132||0.115||7.727||0||0.446||144.422|
|849||300 Madison Avenue, New York, New York 10017, United States||New York||United States||9143||79.8||59.5||1.262||12.824||0||0.995||190.693||1.271||16.103||0||3.028||216.987||1.249||17.229||0||4.38||225.041||1.202||19.518||0||7.029||227.267||1.156||22.146||0||11.183||227.958|
|522||Dronning Eufemias gate 71, Oslo, N-0194, Norway||Oslo||Norway||1122||39.887216||85.585201||0.532||2.25||0||0||75.663||0.522||2.693||0||0||77.28||0.537||2.861||0||0||80.853||0.543||3.067||0||0.001||82.897||0.546||3.307||0||0.003||86.774|
|899||Crystal Park, 61 rue de Villiers, Neuilly-sur-Seine Cedex, 92208, France||Paris||France||4206||58.538473||45.766648||0.622||3.188||0||0.006||50.248||0.637||4.287||0||0.045||51.701||0.634||4.813||0||0.082||52.531||0.643||5.618||0||0.156||53.131||0.655||6.674||0||0.354||54.746|
|561||5th & 6th Floors Tower 1 The Rockwell Business Center | Block 4 Meralco Compound | Ortigas Avenue, Pasig City 1604 | Philippines||Pasig||Philippines||1884||18||44.9||0.223||18.819||0||32.279||442.241||0.206||20.278||0||67.717||456.861||0.203||21.291||0||86.756||466.111||0.202||23.425||0||116.557||478.936||0.191||27.122||0||149.265||493.778|
|843||Two Commerce Square, Suite 1800, 2001 Market Street, Philadelphia, Pennsylvania 19103, United States||Philadelphia||United States||1821||80.2||58.7||0.379||16.458||0||2.329||183.621||0.368||21.183||0||6.024||195.812||0.361||22.726||0||8.259||200.945||0.352||25.598||0||12.074||205.618||0.338||28.902||0||17.782||212.658|
|156||Hvezdova 1734/2c, Prague 4, 140 00, Czech Republic||Prague||Czechia||1115||30.739069||49.48381||2.007||6.186||0||0.008||103.113||2.033||8.007||0||0.055||110.567||2.075||8.628||0||0.112||111.236||2.135||9.746||0||0.195||112.368||2.174||11.212||0||0.416||115.652|
|602||Kingdom Tower - 21st Floor, King Fahd Highway, Riyadh, 11414, Saudi Arabia||Riyadh||Saudi Arabia||1354||41.66501112||49.797755||87.293||136.331||0||0.044||32.761||98.498||155.815||0||1.845||35.395||85.868||162.234||0||2.99||36.65||87.333||172.204||0||6.47||38.98||92.175||184.317||0||13.163||40.166|
|377||Largo Angelo Fochetti 29, Roma 00154, Italy||Rome||Italy||1569||35.345357||26.418117||0.212||11.351||0||0.095||143.057||0.229||15.994||0||1.158||152.196||0.244||17.471||0||2.096||152.669||0.268||19.819||0||4.062||157.705||0.285||23.336||0||7.939||164.664|
|827||405 Howard Street, Suite 600, San Francisco, California 94105, United States||San Francisco||United States||1634||94.498463||56.3||1.899||2.093||0||0||97.716||1.93||2.853||0||0.001||104.76||2.064||3.19||0||0.002||104.708||1.947||3.719||0||0.004||105.418||1.865||4.296||0||0.008||110.591|
|824||488 Almaden Boulevard, San Jose, California 95110, United States||San Jose||United States||1246||94||55.60729132||1.899||20.844||0||0.003||101.999||1.93||24.594||0||0.018||111.245||2.064||26.068||0||0.022||110.346||1.947||28.423||0||0.042||110.987||1.865||30.613||0||0.078||114.335|
|106||Torre de la Costanera Avenida Andres Bello N° 2711, Pisos 3, 4 y 5, Santiago, 8320000, Chile||Santiago||Chile||1220||78.99||16.3||0.049||10.97||0||0||179.928||0.056||12.258||0||0||180.765||0.061||12.786||0||0||181.617||0.07||13.818||0||0||187.46||0.077||15.329||0||0||190.194|
|55||Centro Empresarial Agua Branca, Avenida Francisco Matarazzo 1400, São Paulo, 05001-903, SP, Brazil||São Paulo||Brazil||1590||70.83623||22.5||0.261||3.026||0||0.058||233.212||0.252||3.969||0||0.197||242.677||0.243||4.756||0||0.312||250.246||0.243||5.834||0||0.67||258.542||0.236||7.289||0||1.694||270.209|
|641||92 Hangang-daero, Yongsan-gu, Seoul, 04386, South Korea||Seoul||South Korea||3354||15.9||58.536561||0.277||14.868||0||2.514||248.584||0.235||18.357||0||6.699||272.476||0.252||19.82||0||8.966||276.088||0.254||21.866||0||12.614||282.852||0.25||23.942||0||18.548||291.436|
|124||ChamTime Plaza Tower B 6/F, Building 2, Lane 2889, Shanghai, 201203, China||Shanghai||China||8311||17.73996497||54.4||3.566||16.105||0||14.847||240.032||3.324||20.585||0||27.577||267.942||3.439||22.59||0||33.446||267.858||3.226||25.396||0||42.099||274.098||3.089||28.097||0||50.357||285.437|
|112||34/F Tower A, Kingkey 100, 5016 Shennan East Road, Shenzhen, 518001, China||Shenzhen||China||1722||19.39||49.494706||0.578||23.719||0||30.169||372.991||0.524||26.647||0||57.51||400.088||0.542||28.246||0||68.404||402.902||0.565||30.855||0||84.718||415.501||0.517||34.463||0||101.548||431.921|
|611||7 Straits View, Marina One, East Tower, Level 11-02, Singapore, 018936, Singapore||Singapore||Singapore||3797||23.296019||37.29112||0.055||0.07||0||1.683||253.448||0.053||0.07||0||6.463||251.642||0.054||0.07||0||10.813||256.53||0.053||0.07||0||20.395||265.286||0.052||0.071||0||44.199||268.914|
|686||Torsgatan 21, 113 97 Stockholm, Sweden||Stockholm||Sweden||1512||23.612298||82.232757||0.272||1.05||0||0||67.711||0.265||1.476||0||0||70.777||0.272||1.605||0||0||73.372||0.276||1.788||0||0.001||75.849||0.266||1.993||0||0.003||78.868|
|16||One International Towers Sydney, Watermans Quay, Barangaroo, 2000, New South Wales, Australia||Sydney||Australia||3952||7.941||17.36617||0.044||0.933||0||0.054||222.559||0.046||1.133||0||0.113||213.787||0.047||1.258||0||0.196||217.84||0.047||1.394||0||0.248||235.175||0.043||1.633||0||0.427||247.144|
|727||International Trade Building, 27F, 333 Keelung Road, Section 1, Taipei, 10012, Taiwan||Taipei||Taiwan||2759||17.662191||50.797341||0||23.556||0||9.322||418.528||0||26.412||0||27.325||437.884||0||27.428||0||36.161||432.487||0||28.964||0||50.848||446.665||0||31.316||0||67.319||466.483|
|791||4040 West Boy Scout Boulevard, 10th Floor, Tampa, Florida 33607, United States||Tampa||United States||3738||82.6||51.6||3.479||27.615||0||6.96||282.07||3.059||33.677||0||24.741||303.907||3.127||37.125||0||35.287||316.752||3.263||41.959||0||53.957||328.089||3.276||49.107||0||76.689||342.542|
|913||Derech Menachem Begin 146, Tel-Aviv 6492103, Israel||Tel-Aviv||Israel||1103||45.176778||55.5||0.916||21.438||0||0.062||65.153||1.054||27.087||0||1.626||68.464||1.098||29.477||0||3.274||68.273||1.13||33.105||0||8.051||68.781||1.187||37.601||0||16.105||69.052|
|423||Otemachi One Tower Bldg., 1-2-1 Otemachi, Chiyoda-ku, Tokyo 100-0004, Japan||Tokyo||Japan||5235||11.9||57.591313||0.197||11.123||0||4.163||264.001||0.2||13.653||0||8.627||265.255||0.192||14.758||0||11.637||268.69||0.184||16.181||0||15.447||275.179||0.184||17.782||0||20.359||283.722|
|80||PwC Tower, 18 York Street, Toronto, M5J 0B2, Ontario, Canada||Toronto||Canada||3374||81.6||61.517254||0.587||7.328||0||0.106||99.181||0.592||9.042||0||0.356||109.593||0.595||9.644||0||0.597||110.162||0.574||10.71||0||1.21||109.113||0.579||12.224||0||2.393||112.27|
|25||Donau-City-Straße 7 , 1220 Wien||Vienna||Austria||1113||27.12091||45.35792||0.063||10.518||0||0.044||85.099||0.065||14.082||0||0.237||92.141||0.067||15.172||0||0.433||94.999||0.069||17.249||0||0.748||96.423||0.072||19.641||0||1.408||97.557|
|570||Polna 11, Warszawa, 00-633, Poland||Warsaw||Poland||3036||15.683064||58.825446||0.253||6.344||0||0.007||73.569||0.276||8.491||0||0.065||80.694||0.273||9.052||0||0.119||80.404||0.27||10.095||0||0.232||81.356||0.285||11.459||0||0.477||79.607|
|836||655 New York Ave NW, Washington, District Of Columbia 20001, United States||Washington, D.C.||United States||2349||80.9||57.9||0.892||20.912||0||3.071||198.982||0.866||26.927||0||8.147||207.555||0.847||28.699||0||11.045||211.553||0.825||32.1||0||16.123||218.339||0.787||36.178||0||23.15||229.832|
|715||Birchstrasse 160, 8050 Zürich, Switzerland||Zurich||Switzerland||2071||44.58177||40.850578||0.027||4.71||0||0.011||111.607||0.029||5.901||0||0.062||121.958||0.029||6.347||0||0.11||123.638||0.03||7.036||0||0.2||123.986||0.029||8.054||0||0.459||124.161|
It is important to emphasise that climate hazard data does not necessarily reflect the level of risk; it reflects only the severity level of a hazard for a particular location. The data can then inform an assessment of the actual risk to the business, as well as potential responses. We are using this analysis to inform our risk assessments and business decisions. We recommend that other companies do the same.
To be a truly sustainable business, companies need to address both:
From benchmarking and baselining to decarbonisation strategy, roadmaps, implementation and reporting, our solutions - coupled with diverse teams of experts - provide our clients with access to the latest thinking and approaches to support their decarbonisation and climate risk journeys.
In addition, we help companies access sustainable capital - be it private equity or other green financing options – and navigate a fast-evolving environment of green taxation.
To see how we’re addressing our own impact on the climate while mitigating our climate risk, see our 2022 Climate Disclosures Report.
It's our responsibility as auditors to obtain reasonable assurance that financial statements as a whole are free from material misstatement. To do this, we need to identify and assess risks of material misstatement – which can include risks related to climate.
That’s why we’re accelerating our efforts to upskill our auditors to consider a company’s climate-related risks and assess whether these risks could give rise to material misstatement in financial disclosures. This is part of our wider effort to upskill people across the PwC network to build consideration of climate risk into their work.
We’re helping to power the deep, systemic change required to make the world truly sustainable. Systemic change requires the public and private sectors to work in tandem to fuel the flywheel of progress. The goal is to create a virtuous circle, where efforts in one area enable progress in others and help speed the flywheel.
No single lever of change is enough on its own. For example, ESG investing can encourage positive outcomes, but it has limits. Our Global Investor Survey revealed that while investors can exert pressure on companies to hold them accountable for how well they manage ESG issues, they’re generally not willing to sacrifice investment returns for good ESG performance.
Much more progress is needed if the world is to become truly sustainable. Let’s look at our efforts this year to foster progress on each part of the flywheel.
Market-making drives progress by creating functioning markets where businesses can exercise their creative power to deliver a green transition at speed and scale. This means ensuring myriad elements such as financing, demand and infrastructure are in place. This year, we’ve helped to deliver critical infrastructure for the net zero transition.
Building infrastructure to export Australian sunshine
The world can generate significant renewable energy, but not always in the locations where the power is needed. To reduce reliance on fossil fuels, we have to find ways to transmit renewable energy from where it is abundant to where it can be used. A PwC Australia community of solvers including tax and legal specialists, economists, infrastructure experts and more, is helping deliver the Australia-Asia PowerLink which will export Australian solar power to Singapore. The project could reduce Singapore’s emissions by 6 million tonnes per year, closing the entire gap between Singapore’s current emissions levels and its 2030 targets. Learn more here.
To avoid the worst effects of climate change, we need to make green options feasible, affordable and appealing. This will require innovation on a heroic scale in areas ranging from green hydrogen to carbon capture.
Our climate tech report found some good news: In 2021, global climate tech investment has skyrocketed to more than US$87 billion. However, the investment isn’t always going to the areas where it’s most needed. For example, mobility and transport are responsible for only 16% of carbon emissions but received 61% of investment. On the other hand, the built environment (houses, cities, etc.) generates 21% of emissions but receives only 4% of investment. Our work highlights how investment could potentially be rebalanced to provide better outcomes for both investors and the planet.
|Label||Mobility and transport||Industry and manufacturing and resource management||Food and agriculture||Energy||Built environment|
|Share of global emissions (2016)||16%||29%||20%||14%||21%|
|Share of global climate-tech venture investment (2013H1- 2021)||61%||9%||12%||15%||4%|
|Source: PwC's State of Climate Tech Report 2021|
To discover which sectors could be the climate tech winners of the future, watch this video featuring our Global Climate Leader, Emma Cox.
Sustainable aviation fuel (SAF) from renewable sources is recognised as one of the most viable ways to decarbonise aviation. However, it’s expensive. If demand for it goes up, this could encourage increased investment in supply which could eventually bring prices down. But while prices are high, demand stays low. Therefore, widespread adoption suffers from a ‘chicken-and-egg’ trap. In partnership with the World Economic Forum, PwC Netherlands developed accounting and reporting guidelines for the Sustainable Aviation Fuel certificate (SAFc), a market-based mechanism which makes it easier for businesses to support the SAF growth while taking ownership of their goals to reduce emissions.
In addition, we’re directly helping to increase demand for SAF. PwC Netherlands is the first of our firms to move to 100% SAF. PwC Netherlands will buy SAF for every mile flown by employees from 2022 onwards. PwC China is one of Cathay Pacific’s first customers to support the airline in increasing its use of SAF. Finally, PwC has joined the First Movers Coalition, an alliance designed to leverage the collective purchasing power of companies globally to send a demand signal to scale up emerging technologies - like SAF - that are essential to the net zero transition.
PwC China won our annual Global Innovation Challenge (a PwC competition to recognise the best innovations across our global network) with an ESG reporting tool that combines data collection and management on one platform. It streamlines the processing and conversion of ESG data with analytics and visualisation capabilities to monitor ESG performance.
Our community of solvers from PwC Netherlands, PwC France and PwC Canada developed an app called Environmental Footprint Insights that helps companies and people easily see, track and reduce their carbon footprint in real time. It helps people make informed decisions to shrink their emissions. This project was also one of the Global Innovation Challenge winners in 2021.
While we strive to prevent the worst of global warming, we must also adapt to climate change. That’s why we’re collaborating with the World Economic Forum to develop a business agenda on climate change adaptation. We are supporting the Forum in convening a global community of public- and private-sector stakeholders to articulate and endorse concrete steps that businesses can take on climate change adaptation. As a network, we’re working towards publishing a white paper for COP27 that will build the business case for climate change adaptation and present a framework for business action with a call to action by leading corporates.
We need government policies, standards, and regulations to incentivise actions aligned with net zero and to provide the clear market signals business requires to act and invest with confidence.
Our Global Chairman, Bob Moritz, joined the heads of other major organisations in signing a letter to the G7 called ‘Flipping the Switch’. The letter urges world leaders to take action to protect the planet – including by introducing a meaningful carbon price. To help advance policy development on carbon pricing, we worked with the World Economic Forum to investigate the feasibility of a global carbon price floor. We found that this initiative could pay for itself while driving a 12% reduction in carbon emissions. We’re partnering with the World Economic Forum to continue exploring the vital topic of carbon markets. Our findings will inform debate at global events such as the World Economic Forum’s Annual Meeting in Davos.
Our leaders vigorously support the development of baseline global sustainability reporting standards. Reporting standards encourage and enable the right capital allocation and investor decisions to promote sustainable behaviour. Reporting, backed by independent assurance, creates transparency and accountability which in turn help to create change.
‘High-quality reporting … can empower investors to allocate capital to businesses that are working to create sustainable value. And it can empower other stakeholders to decide whether to buy from, sell to or work for a company. In this way, reporting can drive the business transformation needed to address these vital issues facing the world today.’
Our Global Chairman, Bob Moritz, and our Global Reporting Leader, Nadja Picard, joined the chairs of two leading sustainability standard setters (the International Sustainability Standards Board and the Global Reporting Initiative) at Davos this year to discuss how the widespread adoption of high-quality, globally aligned standards can drive the change the world needs – and how to make these standards a reality.
“Transparent, comparable and trustworthy sustainability reporting is becoming an increasingly vital source of information for assessing business performance. Solely focusing on financial results is no longer enough.”
Our research shows that more than half of the world’s GDP is moderately or highly dependent on nature. We’re helping to design the systems and frameworks that will deliver the trusted information needed to underpin a nature-positive transition – that is, building a society and economy that support the health of the natural world on which we all depend.
PwC Canada partner Dan O'Brien is a member of the Taskforce on Nature-related Financial Disclosures (TNFD). TNFD is developing a risk management and disclosure framework for organisations to report and act on evolving nature-related risks. Its ultimate aim is to support a shift in global financial flows away from nature-negative outcomes and toward nature-positive ones.
To maintain public and political will for the journey to sustainability, we must deliver a just transition, managing the social and human impact of emissions reductions with compassion for all people and nations. This includes managing the effects on people’s livelihoods as jobs in some high-emission sectors decline. To inform debate on a just transition, PwC UK’s Green Jobs Barometer tracks where green jobs are being created and other jobs lost as part of the UK’s green transition. Our work indicates where support and investment are needed to help achieve a fair transition that’s good for both the planet and people.
In addition, we’re part of multiple alliances and partnerships that seek to fuel our collective will to take assertive action on climate change. For more information, please see the Alliances section below.
We’ve seen the importance of all parts of society coming together to create positive change. This year, we convened business leaders and participated in strategic alliances to advance progress on ESG issues. See our 2022 Climate Disclosures Report for more information on how we’re working with others to advocate for change and accelerate the global policy agenda.
WEF WBCSD GFANZ NZFSPA Race to Zero UN Climate Champions Task Force for Climate-related Financial Disclosures Taskforce for Nature-related Financial Disclosures Sustainable Markets Initiative LEAF Natural Climate Solutions Investment Accelerator The Carbon Call First Movers Coalition Business Ambition for 1.5C Clean Skies for Tomorrow Count Us In Global Solutions Summit COP26 WEF Annual Meeting Davos B20/T20 APEC Asian Corporate Coalition for Climate Change Resilience (A4CR)
Here’s just one example of our alliance partnerships this year. We’re proud to have joined the Lowering Emissions by Accelerating Forest finance (LEAF) Coalition, expected to become one of the largest ever public-private efforts to protect tropical forests by mobilising at least US$1billion in financing for protection initiatives.
In addition, we work with technology and business partners such as Oracle, Microsoft, SAP, Google and many others. By combining our capabilities, we can achieve even greater progress on ESG challenges.
We believe that ESG skills are increasingly like digital skills. Everyone needs to have a certain baseline level of competency. We’re proud that over 93,000 PwC people have undertaken ESG training through our global ESG Academy, supplemented by additional local learning in many territories. In addition, we’re building global ESG Centres of Excellence to help our people learn and support them in their work. For example, we’ve established a water specialist group in India, a hydrogen-focused group in Germany, as well as nature and biodiversity expertise across the world.
We've already reduced our Scope 1 and 2 emissions by 66% and our total emissions by 37%. Every one of our member firms across all 152 countries where we operate have been asked to produce local net zero action plans. This will help us achieve our network-wide, science-based commitment to reach net zero by 2030. Territory senior partners are evaluated on delivery of the net zero plans, ensuring accountability at the highest level. Implementation plans are now in place that cover 99% of our network's baseline emissions. From our next financial year, 100% of our member firms have plans to offset 100% of energy and mobility emissions (Scope 1, 2 and Scope 3 business travel).
Our ESG efforts don’t stop at climate. To see more ways that we are striving to make a positive impact across issues related to Governance, People, Planet, and Prosperity, please see our WEF Stakeholder Capitalism Metrics Report. For a survey of our humanitarian and pro-bono work, please see our Impact chapter.
“Tackling climate change is humanity's biggest challenge since World War II.”
If we are to make progress on climate change and all ESG challenges, every part of society must work together. We’re striving to help our clients do the right things on ESG while also helping society as a whole achieve the deep structural change needed to make real progress.
Director, Global Corporate Affairs and Communications, PwC United Kingdom
Tel: +44 7384 248 785