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PwC’s climate targets validated by SBTi

20/09/21

  • SBTi Validation Affirms PwC’s approach and timeline to achieve net zero 2030 commitment
  • Commitment includes a 50% absolute reduction in business travel emissions

September 8, 2021 — Today, PwC announced it received validation for its science-based targets and reaffirmed its commitment to achieve net zero greenhouse gas (GHG) emissions by 2030.

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 scopes 1 & 2 emissions to include PwC’s largest indirect scope 3 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.

PwC’s commitment involves four key areas:

  • Operations: PwC will reduce its emissions in line with a 1.5 degree climate scenario, including a 50% reduction in scope 1 and 2 emissions and a 50% absolute reduction in business travel emissions from a 2019 base by 2030. In addition, PwC will accelerate its transition to 100% renewable electricity and to mitigate its impacts today, PwC will continue to offset its emissions through high-quality carbon credits.
  • Clients: PwC will work with its clients to support their efforts to make a net zero future a reality for all. Building on existing client work in sustainability and net zero transformation.
  • Suppliers: PwC will engage with key suppliers, encouraging and supporting them to achieve net zero. We commit that 50% of our global purchased goods and services suppliers by emissions will have set their own science-based targets to reduce their climate impact by 2025.
  • Climate agenda: PwC will continue its long-standing programme of research and collaboration with business, policy makers, and NGOs to accelerate a net zero economy.

Berno Niebuhr, Net Zero Leader for PwC Africa says:

“Parts of Africa are likely to feel the impacts of climate change to a greater degree than many other localities around the world. Due to the high levels of income inequality and poverty rates, it is therefore imperative that we take action to mitigate our contribution to climate change to as great an extent as possible. Our Net Zero commitments are a step in us creating sustained outcomes for a brighter tomorrow. Across PwC Africa, we will be activating several initiatives to support our ambition in reaching 50% reduction in scope 1, 2 and 3 by 2030. These initiatives will include emissions reductions and efficiencies, carbon offsets and net zero value chain strategies and frameworks. Climate change affects everyone, so we need to drive systematic change in society and business.”

Jayne Mammatt, Sustainability and Climate Change Lead at PwC South Africa adds:  

“South Africa remains one of the world’s biggest greenhouse gas emitters and has been ranked the worst G20 performer in terms of carbon intensity at 599 tCO2/$m GDP, more than double the global average of 286 tCO2/$m GDP.

“While governments have an important role to play, the focus on climate action is increasingly shifting to opportunities and action for businesses and finance. Currently, business commitments to net zero lag those of government. 

“Spurred by pressure from investors, customers, regulators, consumers and employees alike, boards are increasingly recognising the imperative to act. The SBTi initiative has raised the bar for companies to address their emissions reduction targets in line with climate science.

“Building on a net-zero ambition, companies have to ensure accountability at the top, realign their corporate strategy with net zero, as well as relooking their operating model and supply chain to support the transformation, with a substantial investment in the right skills and new technology.”

Using 2019 levels as a base year, PwC will regularly and transparently report on the progress of its operations’ targets, enhancing its GHG emissions reporting beginning in 2023, utilising expanded reporting based on the World Economic Forum/International Business Council (IBC) metrics, as well as the recommendations of the World Business Council on Sustainable Development.

Learn more about PwC’s net zero commitment here.

 

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Sanchia  Temkin

Sanchia Temkin

Senior Manager, Media Relations, PwC South Africa

Tel: +27 (0) 11 797 4470

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