It’s time to turn theory into action
Climate change isn’t a challenge for tomorrow, it needs to be tackled now. COP26 has cast light on climate issues and the extent of change needed.
How can the world go faster to net zero? What innovative tools and solutions have real potential to scale up efforts to reach net zero in time to limit the worst effects of climate change on people and our planet? And what does this mean for business? Throughout COP26, we have been exploring some of the big questions facing the world and sharing our insights and perspectives.
"We need 8 billion people to make this a personal cause."
Net zero isn’t a solo project. It requires a holistic view across an ecosystem that includes government, businesses, customers and communities. Transforming at pace for a changing world requires skilled people, innovative thinking and smart technologies - a community of solvers working together to build trust across the net zero ecosystem to deliver sustained outcomes which will make a positive difference to our world. At PwC we’re leaning into how we play our part, through our own commitment to achieve net zero by 2030.
The New Equation shows us a path for solving today’s big problems. To avoid climate risks and capture new opportunities, organisations need to reinvent themselves – fast. Every region on Earth is feeling the impacts of climate change - but the reality is, that some parts of the world will be more acutely affected, more quickly. Which is why working towards a ‘just transition’ is critical for the future health and prosperity for all of us collectively. Cue a sense of urgency around COP26, the UN climate change conference gathering in Glasgow: the world needs to find a shared solution to achieve net zero greenhouse gas emissions by 2050.
To get to net zero, organisations need to identify and prioritise their climate risks and opportunities. This means understanding where you are today, where you want to go and what strategies will get you there.
How you reach net zero is your decision; whether you're setting science-based emissions targets aimed at keeping global warming below 1.5°C, or wanting to assess and verify carbon, social and economic impacts before deciding on projects to pursue. The complexity of understanding all the touchpoints and implications requires a diverse range of skills, expertise and technologies - often operating across multiple regions and markets - to turn theory into action.
As part of our new global strategy, The New Equation, PwC has committed to building out our deep expertise and accelerating our technology capability to support organisations with their Net Zero and broader ESG considerations.
Whatever your business or industry, everyone now needs a tangible, practical strategy to achieve net zero.
Net zero transformation begins when organisations tightly connect their ESG initiatives with the overall direction of their business, then provide the budget and other resources those initiatives need.
Business leadership plays a critical role too. When leaders speak regularly about the importance of ESG goals – and talk about what their organization is doing to take a leading role – they send a clear message that sustainability is core to their business strategy, and future success, rather than an afterthought.
To transform for net zero, organisations need operational, cultural and financial changes. These can include anything from a supply chain overhaul to sustainable innovation to ESG-led deals. Whatever the area of transformation, climate goals must be science-based, properly prioritized and backed by strong governance.
As organisations identify the targets they need to meet to achieve net zero, measuring and monitoring success against these, on a timely basis, is key. Robust, reliable data is needed to inform management decisions, meet stakeholder expectations and regulatory requirements, and communicate progress to stakeholders.
Being transparent about an organisation’s net zero initiatives helps build shareholder confidence, attract talented employees, improve customer loyalty and strengthen reputation in the emerging green marketplace. This is when smarter business makes a stronger world.
From insights into current and emerging reporting requirements, to practical guides and innovative solutions, we can help organisations understand how their current reporting stacks up. We work with organisations to stay ahead of developments, define new reporting strategies and embed these strategies into underlying processes and systems. And we can help build trusted data through assurance.
