Climate change is one of the most pressing problems facing our world today. It affects everyone - from families worrying about their children’s futures, to pension funds deciding where to invest. So, it is in everyone’s interest that we see systemic change that averts climate catastrophe and unlocks the potential of green growth.
At PwC, we believe the business community has a key role to play in making that happen. And we’re determined to play our part. That’s why we’re making a worldwide science-based commitment to reach Net Zero greenhouse gas emissions by 2030.
Across our network, we commit to reducing our total greenhouse gas emissions by 50% in absolute terms by 2030. This includes investing in renewable energy sources in all territories, as well as energy efficiency improvements in our offices and halving the emissions associated with business travel and accommodation within a decade. In the 2019 financial year, emissions associated with flights alone represented around 85% of the PwC network’s total carbon footprint. The COVID-19 pandemic has accelerated the shift to remote working and demonstrated the feasibility of new client delivery models, as part of a longer-term transformation of our services.
In addition to taking these steps, we will invest in carbon removal projects, including natural climate solutions. For every remaining tonne (CO2 equivalent) that we emit, we will remove a tonne of carbon dioxide from the atmosphere, to achieve Net Zero climate impact by 2030. Our projects will be selected on the basis of quality criteria and verification of the carbon reduction impact, and will also support broader local economic and social development co-benefits.
This new commitment builds on our 2018 global environment commitment to drive efficiencies, go 100% renewable, and offset 100% air travel emissions from FY19 and residual energy use by FY22.
In this respect, we are pleased to have announced that in July 2021, our emissions reduction targets were independently validated by the Science Based Targets initiative (SBTi).*
With global reach across 156 countries, we have a huge opportunity to accelerate the transition to a Net Zero future together. We support organisations as they develop and implement concrete plans for how to get to Net Zero. Today more than ever, our clients need to:
Manage sustainability risks and opportunities, within organisations and across value chains.
Communicate and build trust by understanding, managing and reporting social and environmental impacts.
Make better-informed decisions to create value and move beyond traditional approaches.
PwC supports reform that puts the needs of stakeholders at the heart of the market economy and connects goals, actions and outcomes into desired social and economic results that fuel long-term sustainability. Supporting the Net Zero transition is a key part of this process.
As stakeholder expectations rise, organisations increasingly need to report on their environmental and social impacts and demonstrate progress. As a result, there is a greater need for consistent, comparable ESG standards so investors and other stakeholders can clearly see how businesses are creating long-term value for the organisation and society. We are deeply supportive of global efforts to develop transparent and robust ESG reporting frameworks and standards, including through work with the World Economic Forum International Business Council, the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the International Integrated Reporting Council (IIRC), among others.