PwC has committed to achieving net zero greenhouse gas (GHG) emissions across its global network within the next ten years, and will be taking action to support its suppliers and clients in tackling their impact on the climate
The plan is for PwC to cut its total greenhouse gas emissions by 50% in absolute terms by 2030.
In order to achieve this goal, the firm will switch to 100% renewable electricity in all territories, as well as making energy efficiency improvements in its offices and halving the emissions associated with business travel and accommodation.
Emissions associated with flights alone currently represent around 85% of the network’s total carbon footprint.
PwC says the Covid-19 pandemic has accelerated the shift to remote working and demonstrated the feasibility of new client service models, as part of a longer-term transformation of services.
PwC will also invest in carbon removal projects, including natural climate solutions. For every remaining tonne (CO2 equivalent) that it emits, PwC will remove a tonne of carbon dioxide from the atmosphere to achieve net zero climate impact by 2030.
In addition, the Big Four firm says it will embed the implications of climate change and other environmental, social and governance (ESG) related factors across the work it does with clients, from strategy to implementation.
For example, its advisory practice is integrating climate risks into relevant engagements, providing clients with insights about climate risks and opportunities as well as helping them to transform their business processes.
Another major focus area will be integrating climate-related and other ESG-related factors into mainstream corporate disclosures and governance, where PwC’s assurance practice will support the development of high-quality, aligned disclosure and measurement standards and help clients embed these into their reporting and governance.
Across its tax practice, PwC will be helping clients understand how net zero transformation will impact tax strategy, transparency and compliance obligations, subsidy and incentive opportunities, and revenue impacts for both public and private sector organisations.
The firm says it will also continue to advance corporate reporting standards that champion comprehensive non-financial reporting practices.
Bob Moritz, global chairman of the PwC network, said: ‘Businesses and economies must evolve quickly to address the significant challenges facing our societies and our planet.
‘Whether you look at this through the lens of human need or from a capital allocation perspective, it is in the interests of everyone that we see systemic change that averts climate catastrophe and unlocks the potential of green growth.
‘The business community has a responsibility to act and we are determined to play our part, not just in our own operations and supply chain, but also in the way we advise and support our clients to create a sustainable world for future generations.’
PwC will shortly be launching a practical guide, ‘Building Blocks for Net Zero Business Transformation’ aimed at business executives to help companies of all sectors and sizes move from net zero pledges to wholescale business transformation.