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PwC - Pricewaterhousecoopers Australia (International) Pty Ltd.

09/08/2021 | Press release | Distributed by Public on 09/07/2021 19:50

PwC receives validation for its science-based climate targets to achieve net zero greenhouse gas emissions

AUSTRALIA - PwC has received validation for its global science-based climate targets of achieving net zero greenhouse gas emissions by 2030.

The Science Based Targets initiative has validated PwC's targets to reduce greenhouse gas emissions by 50 per cent in absolute terms from 2019 levels by 2030, in line with a 1.5 degree scenario.

Importantly, PwC's targets go beyond scope 1 and scope 2 emissions, and also include PwC's largest indirect scope 3 emissions.

PwC's approach aligns with the SBTi's highest ambition level, and sees the firm commit globally to decarbonising the way it operates and decoupling its business growth from emissions.

'As a major global and Australian organisation, we have an important role to play in driving a more sustainable world. As we support our clients and suppliers to decarbonise their businesses, we know it's essential we also reduce the climate impact of our own footprint, including scope 3 emissions,' said PwC Chief Operating Officer and ESG Executive Liza Maimone.

'Achieving net zero emissions will not happen overnight. Over the next decade, we'll need to reimagine our culture, ways of working, processes and technology. As we emerge from COVID-19, we have a unique opportunity to reshape our firm in a way that embeds sustainability into the core of our strategy.'

PwC global chairman Bob Moritz said: '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 has 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.'

PwC's global commitment involves four key areas - operations, clients, suppliers and climate agenda. The firm 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 - and continue to offset emissions through high-quality carbon credits. The commitment also includes working with clients to make their net zero future a reality, engaging with key suppliers to help them achieve net zero, and a commitment to ensuring 50 per cent of our global purchased goods and services suppliers will have their own science-based targets.

Using 2019 levels as a base year, PwC will regularly and transparently report on the progress of its operations' targets, enhancing its greenhouse gas emissions reporting by using World Economic Forum/International Business Council metrics, as well as the recommendations of the World Business Council on Sustainable Development.

Last month, PwC Australia released its 2021 Transparency Report, which revealed the firm's long-standing focus on environmental action, including its commitment to carbon neutrality since 2008.

The Transparency Report reveals the firm's total greenhouse gas emissions significantly reduced in FY21 as a result of low air miles due to the COVID-19 pandemic. Renewable energy made up 80 per cent of total energy consumed by the firm, with renewable energy purchased for five offices this year.

Editors notes:

For information on the Firmwide Transparency Report FY21 visit: https://www.pwc.com.au/about-us/firmwide-transparency-report.html

About the SBTi: The Science Based Targets initiative (SBTi) is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in emissions reductions and net-zero targets in line with climate science. It provides technical assistance and expert resources to companies who set science-based targets and brings together a team of experts to provide companies with independent assessment and validation of targets.