PR85589

LONDON, Sept 15, 2020 /PRNewswire=KYODO JBN/ --

- PwC commits to decarbonise its operations and supply chain, which includes

reshaping how it serves clients, sustained reductions in travel and the

increased use of zero carbon energy.

- PwC 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.

- PwC will continue to advance corporate reporting standards that champion

comprehensive non-financial reporting practices.

- PwC is continuing its commitment to our long-standing programme of research

and collaboration with businesses, policy makers and non-governmental

organisations to accelerate the transition to a net zero economy.

Today, PwC is making a worldwide science-based commitment to achieve net zero

greenhouse gas (GHG) emissions by 2030. The commitment includes supporting our

clients to reduce their emissions as well as reducing those from the PwC

network's operations and suppliers.

PwC commits to decarbonise its operations, including its travel footprint, and

neutralise its remaining climate impact by investing in carbon removal

projects. It will also engage its suppliers to tackle their climate impact.

The PwC network ("the network") will work with its clients to support their

efforts to make a net zero future a reality for all. In FY20 (July 2019-June

2020), PwC firms provided services to 84% of the Global Fortune 500 companies

and more than 100,000 entrepreneurial and private businesses. It is this

position that will allow PwC to play an integral role in driving the transition

to a low-carbon economy worldwide.

To support these efforts, the network will continue to contribute to public policy

developments in support of net zero at national, regional and global levels.

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."

"A net zero world is within reach. Getting there will take innovation, hard work,

collaboration and bold thinking but the benefits will be immense. 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."

Raising our ambition further, faster

The network's net zero goal includes a science based target aligned with a

1.5°C trajectory. PwC commits to reducing its total greenhouse gas emissions

by 50% in absolute terms by 2030. This includes a switch to 100% renewable

electricity 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. Emissions associated with flights alone currently represent around 85% of

the network's total carbon footprint. 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 PwC's 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. Our projects will be selected on the basis of quality

criteria and verification of carbon reduction impact, and will also support

broader local economic and social development co-benefits.

Working with our clients to accelerate net zero transformation

To address the climate challenge, a radical transformation is needed in every

sector of the global economy and all parts of the world.  

With global reach across 157 countries, industry coverage, and its 284,000

people that support clients at every stage - from reshaping strategy and

transformation, to deals, reporting, audit, and tax - the PwC network has a

huge opportunity to accelerate the transition to a net zero future in

collaboration with its clients.  

The network supports organisations as they develop and implement concrete plans

for how to get to net zero. This includes re-alignment of corporate strategy,

people and talent, governance and accountability, operating model, innovation

and research and development (R&D), tax strategy and reporting, and enterprise

and supply chain transformation. Other areas include partnerships and

alliances, and corporate affairs and regulatory engagement.

Building on existing client work in sustainability and net zero transformation,

PwC will infuse science-led climate analysis into its areas of service.

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.

To further scale its capabilities to support clients in these areas, PwC has

appointed Peter Gassmann to lead its new global Environmental, Social and

Governance practice. In addition, Nadja Picard has been appointed as PwC's new

Global Reporting Leader to drive the network's support for clients to

incorporate non-financial disclosures in their corporate reporting.

Helping shape and accelerate the global climate and policy agenda

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. PwC is 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 International Integrated Reporting Council

(IIRC), the Global Reporting Initiative (GRI), and the Sustainability

Accounting Standards Board (SASB), amongst others.

PwC will also contribute to broader understanding of how to achieve net zero.

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. The research has been produced in association with Microsoft,

who PwC advises on net zero transformation [https://www.pwc.co.uk/services/sustainability-climate-change/insights/accelerating-the-journey-to-net-zero.html ],

as a contribution to the recently launched CEO-led Transform to Zero initiative

[https://transformtonetzero.org/ ].

Further details of the network's plans to achieve the 2030 net zero ambition,

support clients and suppliers and advance the global climate debate will be

shared over the coming months.

Bob Moritz added:

"An important lesson of COVID-19 is that people can find ways to do the

impossible when they have to, and we are taking some of that spirit into our

efforts to tackle the global climate crisis. The changes we need to make will

not be easy, but are nothing compared to the harm that runaway climate change

would inflict on society. We are excited about working together, with clients,

with partners and all of our stakeholders, to achieve our goals and play our

part to support global efforts to help address the impacts of climate change

for a more sustainable and fairer world."

Notes to editors

About PwC

At PwC, our purpose is to build trust in society and solve important problems.

We're a network of firms in 157 countries with over 284,000 people who are

committed to delivering quality in assurance, advisory and tax services. Find

out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of

which is a separate legal entity. Please see www.pwc.com/structure for further details.

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Contact:

Andrea Plasschaert, PwC

Tel: +41 79 599 9567

Email: andrea.plasschaert@ch.pwc.com  

More details: Follow/retweet: @pwc

Source: PwC