PWC | Climate targets validated by SBTi | Sept 2021

PwC has received validation for its science-based targets and reaffirmed its commitment to achieve net zero greenhouse gas (GHG) emissions by 2030.

Date: Tuesday 14 September 2021

The Science Based Targets initiative (SBTi) validated PwC’s targets to reduce greenhouse gas emissions by 50% in absolute terms from 2019 levels by 2030 in line with a 1.5 degree scenario. Importantly, PwC’s targets go beyond scope 1 & 2 emissions to include PwC’s largest indirect scope 3 emissions.

With this approach, which aligns to SBTi’s highest ambition level, PwC commits to decarbonising the way it operates and decoupling its business growth from emissions.

Bob Moritz, Global Chairman of PwC, says: “Climate change is one of the most urgent problems facing our planet today. As part of our new strategy - The New Equation - we are renewing our commitment to be part of the solution. That is why we have committed to be net zero by 2030, and I am pleased the SBTi have validated our emissions reduction targets. Like our clients, we need to build trust with our stakeholders and deliver sustained outcomes - and tackling our climate impact is crucial to both.”

With this approach, which aligns to SBTi’s highest ambition level, PwC commits to decarbonising the way it operates and decoupling its business growth from emissions.

Colm Kelly, Global Leader for Purpose, Policy and Corporate Responsibility for the PwC Network adds: “As we support our clients and suppliers in transforming their businesses to achieve net zero, we recognise the importance of actively reducing the climate impact of our own operational footprint – including scope 3 emissions. As such, PwC has committed to meet SBTi’s highest level of ambition and our scope 3 emissions reduction target aligns to the 1.5 degree scenario.”

As outlined in PwC’s new global strategy, The New Equation, PwC has committed to transforming its business model to decarbonise its value chain, increasing transparency, and supporting the development of robust ESG reporting frameworks and standards. The PwC network will also engage its clients and suppliers to support them to tackle their climate impact. The commitment involves four key areas: operations, clients, suppliers and the climate agenda.

Paul Jones, Partner and Net Zero leader at PwC Isle of Man commented: “This validation is an important milestone in our journey towards achieving our net zero commitment. We are proud to play our part in the worldwide commitment and excited about working together with clients and stakeholders to achieve our goals and support others efforts. Locally we have established a net zero team who will work towards executing our territory action plan, which includes establishing our local reporting, using 2019 levels as a base year, to report progress externally beginning in 2023.”

 

Learn more about PwC’s net zero commitment here.