Climate Action

PwC commits to net zero by 2030

International consultancy firm announces its commitment to achieve net zero greenhouse gas (GHG) emissions by 2030.

  • 18 September 2020
  • Joana Costa Figueira

International consultancy firm announces its commitment to achieve net zero greenhouse gas (GHG) emissions by 2030.

PwC network (“the network”) will work to reduce its client’s emissions as well as those from the PwC network’s operations and supply chain.

This includes reshaping how they serve clients, sustained reductions in travel and the increased use of zero carbon energy. They will also be investing in carbon removal projects.

In the Financial Year 2020 (FY20) (July 2019-June 2020), PwC firms provided services to 84 percent of the Global Fortune 500 companies and more than 100,000 entrepreneurial and private businesses. This gives PwC an integral role in driving the transition to a low-carbon economy, globally.

The network plans on reducing its total GHG emissions by 50 percent in absolute terms by 2030. This includes switching to 100 percent renewable electricity, and energy efficiency improvements in all offices as well as halving the emissions associated with business travel and accommodation within the next decade.

Carbon removal projects including natural climate solutions will become a focal point in PwC investments. Projects will be selected on the basis of quality criteria, verification of carbon reduction impact, and will also support broader local economic and social development. Investing in these projects will allow PwC to remove a tonne of CO2 from the atmosphere for every remaining tonne (CO2 equivalent) that it emits.

PwC will also be supporting organisations as they develop and implement their plans to achieve net zero. This includes re-alignment of corporate strategy, governance and accountability, operating model, innovation and research development, tax strategy and reporting, and enterprise and supply chain transformation. Other areas include partnerships and alliances, corporate affairs and regulatory engagement.

When working with existing clients, a focus area will be on integrating climate risks into the relevant engagements as well as incorporating climate-related and other Environment, Social and Governance (ESG)- related factors into mainstream corporate disclosures and governance.

The network will be working alongside the World Economic Forum International Business Council, the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD), the International Integrated Reporting Council (IIRC), the Global Reporting Initiative (GRI), and the Sustainability Accounting Standards Board (SASB), to ensure the development of transparent and robust ESG reporting frameworks and standards.