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, as a contribution to the recently launched CEO-led Transform to Zero initiative.
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.”
Green transformation will rival industrial revolution
The transition to a global economic model which will slow down climate change and create jobs will be the “biggest economic transformation since the industrial revolution” according to John Kerry, the US climate envoy.
They agreed that a “green and resilient recovery” from the COVID-19 pandemic is possible but economic growth globally is likely to be slow and uneven.
‘No bank will fund a new coal plant’
John Kerry: There are many ways that we can address the climate challenge in America. President Biden has put a $2 trillion plan on the table, which will result in 500,000 charging stations for electric vehicles being built in the country, thousands of electric buses, including school buses, and a target of 100 per cent carbon-free power, by 2035.
All these measures will generate actions in the private sector. The decisions of some of the largest financial institutions in the world are being driven by environmental, social and governance (ESG) factors, and trillions of dollars is going to be invested in this new sector to avoid sheer catastrophe. We’re way behind, but we believe that this is going to be the biggest economic transformation since the industrial revolution.
In Europe, no bank or financial institution or even private source will fund a coal-fired power plant, but we have to move away from coal faster. Many old coal-fired plants are operating at less than 50 per cent efficiency. They are losing money and are not even sending energy to the main grid. They could be phased out over a period of time. Gas will, to some degree, be a bridge fuel [to renewables].
The United States could help mobilize finance to reduce risk, and then bring more money to the table for a commercial investment in alternative fuel sources.
Kristalina Georgieva: At the IMF we have identified three pillars in the transition to a low-carbon economy. First of all, put a price on all carbon emissions. Today only 23 per cent of emissions are being priced. The average price is $2 per ton. By 2030, we need to be at $75 a ton.
Second, funding is needed for public investment in green infrastructure. The IMF can support countries in this regard. Five per cent of gross domestic product (GDP) invested now, would generate an additional 0.7 per cent growth every year. This means that the investment would pay for itself within 15 years and create at least 12 million net jobs.
The third, hugely important pillar, is to lessen the impact on those who are currently employed in the high carbon economy. For example, there must be a just transition for miners, so that they can have benefit from new job opportunities. If we raise revenues from carbon pricing, some of that money must be used to provide a buffer, to soften the pressure on those businesses that need to move away from carbon dependency. This is doable, and it must be done.
China and the US
John Kerry : Right now, China is saying that they are going to reach peak emissions by 2030, and that they may be able to reach that target earlier, maybe by 2025. The problem is that the current models shows China peaking but then basically staying at a plateau, rather than sufficiently lowering emissions.
Some 30 per cent of all the emissions on the planet are produced by China, so if we don’t see a reduction between 2020 and 2030, we lose the capacity to keep the global temperature to 1.5 degrees above pre-industrial levels, and we lose the capacity to hit net-zero carbon emissions by 2050.
Every nation must work together on this. If the United States went to zero emissions tomorrow, it wouldn’t make the kind of difference we need because we all have to reduce at the same time. That’s the struggle we’re facing.
China obviously has a need to continue to grow and to develop. We want that, and we’re not begrudging that. We want to work with China and other countries to make sure that they don’t make the mistakes that we made, and that we work together to develop new technologies such as hydrogen fuel, and biofuels for aircraft.
Doing nothing is too expensive
John Kerry: The United States is the number two emitter in the world. We need to do a better job at reducing emissions on an accelerated basis. President Biden is stepping up to do that. He’s hosting a virtual climate summit in April, he has rejoined the Paris climate agreement, and he has put together a $2 trillion piece of infrastructure legislation.
Climate action means jobs, whether in the creation of new energy sources, or transitioning out of the existing ones, building new cars or retrofitting homes. Those are jobs for workers in all countries. We should embrace this.
The economists have warned us again and again: doing nothing is more expensive to our citizens, our taxpayers, than responding to the climate crisis. We spent $365 billion cleaning up after three storms a couple of years ago, but we haven’t invested the $100 billion in the Green Climate Fund that would have provided resilience and adaptation to climate change, and prevented some of that damage from being done. We’re just not making the right choices.
Kristalina Georgieva: We’ve already started offering a helping hand, especially to countries devastated by natural disasters. We have put measures in place to help countries to be in a better position when disaster hits. For example, we are discussing with our membership a provision that will make $650 billion available for countries to not only take the necessary measures to deal with the pandemic and its impact, but also to take on the investments necessary for transformation of their economy.
The urgency to act is evident, and vivid: over the last six months, 10 million people were displaced by floods and other forms of natural disasters. Fast-forward to a world in which there are more climate-related disasters, and more migration.
We have a chance to take advantage of a transformation for growth and for jobs. But we are also under tremendous pressure to prevent a future that would be bleak for those we love the most: our children and grandchildren.
Environmental rights, here and now: working for change in 2021
COVID-19 hasn’t only raised concern for health. It has also stimulated thought and debate around issues of human rights – including those related to the environment. After all, the emergence of the zoonotic disease has demonstrated that the health of people and planet are one and the same.
Pollution claims millions of lives every year. But unlike COVID-19, which has drawn rapid and dramatic attention, pollution is widely dismissed as unavoidable; as a consequence of development and daily life, beyond anyone’s control.
“Environmental rights empower individuals, people, and peoples, and help humanity in addressing the triple planetary crises of climate change, biodiversity loss, and pollution,” said Arnold Kreilhuber, Acting Director of the United Nations Environment Programme’s (UNEP’s) Law Division. “Global recognition of the right to a healthy environment is a unique opportunity to address these pertinent environmental challenges, and to elevate the position of rights-holders in order to ensure that the exercise of these vital rights is available to all.”
This could mean using the law to hold governments and decision-makers to account, or using our purchasing power to influence production trends and business owners. The air we breathe, the water we drink and the world in which we live can mean the difference between life and death. Now is the time to claim the human right to a safe, clean, healthy and sustainable environment.
Says Ben Schachter, Environment and Climate Change Focal Point at the UN Human Rights Office, “States have an obligation to respect, protect and fulfill human rights for all including the rights to participation, access to information and access to justice in environmental matters. These and other human rights empower all people to play an active role in efforts to preserve the environment for present and future generations. We can change the world by exercising our rights and working together to promote informed decision-making about the environment.”
It has become clear in this time of global pandemic that quality information matters and can inform decisions with the power to change the world swiftly and dramatically. And on the other hand, misinformation can do great harm.
Transformational change begins with education – building a knowledge base and sharing accurate, science-based information. On 15 April (3pmUTC/4pmCEST), the UNEP Law Division, the Office of the UN High Commissioner for Human Rights (OHCHR) and the Wikimedia Foundation will host an online event, exploring the human right to a healthy environment.
The event will launch the 2021 #WikiForHumanRights campaign – a call for volunteers to improve the content on Wikipedia, relating to human rights, environmental health, and the range of communities impacted by the convergent environmental crises of climate change, pollution, and biodiversity loss. The campaign will see communities all over the world populate, strengthen, and translate articles on Wikipedia relating to the right to a healthy environment.
The 90-minute launch event will consider the connection between environmental issues and human rights, how communities are affected by environmental harm and ways for individual and collaborative efforts to create positive change, with live translation available in English, French, Arabic, Spanish and Chinese.
Muscovites Apply for 700 Trees to be Planted in Honor of Their Newborn Children
The Our Tree project launched two years ago by Moscow’s Department of Information Technology and Department of Nature Management and Environmental Protection has quickly become very popular among Muscovites. Thanks to this annual campaign, city residents can now celebrate the happiest event in their family life – the birth of a child – by giving their baby a unique gift – their own personal tree.
Any parent who is permanently resident in Moscow can apply for a tree within three years of the birth of their child. To do so, they need only have an account on the mos.ru website. On average, 700 Muscovites apply for a tree to be planted in honor of their newborn child each month.
In two months, young parents have submitted more than 1,500 online applications to participate in the Our Tree project and plant seedlings in honor of their newborn kids in the autumn. That’s twice as many as during the same period in spring. Acceptance of applications began on January 16 and will continue until June 15.
Last autumn, more than 5,000 trees were planted as part of the project, with linden, Norway maple, pine, white willow and rowan trees being the most popular choices. Spring planting of personal saplings will soon begin.
Eduard Lysenko, Minister of the Moscow Government and Head of the Department of Information Technology, noted that interest in the Our Tree project among young parents is growing every year: in 2019, more than 2,300 trees were applied for and planted, while in 2020 the number increased to 5,000. More than 4,500 saplings will appear in Moscow’s parks this spring thanks to the project participants.
“A set of online services has been created for families with children on the mos.ru portal. The Our Tree project is another opportunity for young parents to celebrate the important milestone of the birth of their child and to contribute to the city’s ecology. Taking part in the project is very simple – just submit an online application on the portal. Some information is filled in automatically from users’ personal accounts, which makes everything even more convenient. On average, Muscovites order more than 700 seedlings to plant as family trees in their favorite park each month,” said Lysenko.
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