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.”
‘No time to lose’ curbing greenhouse gases
Last year, heat-trapping greenhouse gases reached a new record, surging above the planet’s 2011-2020 average, and has continued in 2021, according to a new report published on Monday by the UN weather agency.
The World Meteorological Organization (WMO) Greenhouse Gas Bulletin contains a “stark, scientific message” for climate change negotiations at the upcoming UN climate conference, known as COP26, in Glasgow, said Petteri Taalas, head of the UN agency.
“At the current rate of increase in greenhouse gas concentrations, we will see a temperature increase by the end of this century far in excess of the Paris Agreement targets of 1.5 to 2 degrees Celsius above pre-industrial levels”, he explained. “We are way off track.”
Concentration of carbon dioxide (CO2) in 2020 was 149 per cent above the pre-industrial level; methane, 262 per cent; and nitrous oxide, 123 per cent, compared to the point when human activitity began to be a destabilizing factor.
And although the coronavirus-driven economic slowdown sparked a temporary decline in new emissions, it has had no discernible impact on the atmospheric levels of greenhouse gases or their growth rates.
As emissions continue, so too will rising global temperatures, the report maintained.
Moreover, given the long life of CO2, the current temperature level will persist for decades, even if emissions are rapidly reduced to net zero.
From intense heat and rainfall to sea-level rise and ocean acidification, rising temperatures will be accompanied by more weather extremes – all with far-reaching socioeconomic impacts.
“The last time the Earth experienced a comparable concentration of CO2 was three to five million years ago, when the temperature was 2-3°C warmer and sea level was 10-20 meters higher than now”, stated the WMO chief. “But there weren’t 7.8 billion people then”, he reminded.
Roughly half of today’s human-emitted CO2 remains in the atmosphere and the other half is absorbed by oceans and land ecosystems, the Bulletin flagged.
At the same time, the capacity of land ecosystems and oceans to absorb emissions may become a less effective buffer against temperature increases in the future.
Meanwhile, many countries are currently setting carbon neutral targets amidst the hope that COP26 will see a dramatic increase in commitments.
“We need to transform our commitment into action that will have an impact of the gases that drive climate change. We need to revisit our industrial, energy and transport systems and whole way of life”, said the WMO official.
“The needed changes are economically affordable and technically possible“, he assured. “There is no time to lose”.
CO2 is the single most important greenhouse gas and has “major negative repercussions for our daily lives and well-being, for the state of our planet and for the future of our children and grandchildren”, argued the WMO chief.
Carbon sinks are vital regulators of climate change because they remove one-quarter of the CO2 that humans release into the atmosphere.
Nitrous Oxide is both a powerful greenhouse gas and ozone depleting chemical that is emitted into the atmosphere from both natural and anthropogenic sources, including oceans, soils, biomass burning, fertilizer use and various industrial processes.
Multiple co-benefits of reducing methane, whose gas remains in the atmosphere for about a decade, could support the Paris Agreement and help to reach many Sustainable Development Goals (SDGs), said the Bulletin.
Landmark decision gives legal teeth to protect environmental defenders
A 46-strong group of countries across the wider European region has agreed to establish a new legally binding mechanism that would protect environmental defenders, the UN Economic Commission for Europe (UNECE) said on Friday.
“I remain deeply concerned by the targeting of environmental activists”, said Secretary-General Antonio Guterres, welcoming the rapid response mechanism as “an important contribution to help advance my Call to Action for Human Rights”.
The agreement will delegate setting up the new mechanism to the United Nations, or another international body.
As the first ever internationally-agreed tool to safeguard environmental defenders, it marks an important step in upholding the universal right to a clean, healthy and sustainable environment – as recognized by the Human Rights Council earlier this month.
“Twenty years ago, the Aarhus Convention entered into force, bridging the gap between human and environmental rights.
Today, as the devastating effects of climate change continue to ravage the world, the Convention’s core purpose – of allowing people to protect their wellbeing and that of future generations – has never been more critical”, spelled out the UN chief.
A protective eye
The agreement to establish the mechanism was adopted on Thursday by the Meeting of the Parties to the Convention on Access to Information, Public Participation in Decision-Making and Access to Justice in Environmental Matters, known as the Aarhus Convention.
“This landmark decision is a clear signal to environmental defenders that they will not be left unprotected”, said UNECE chief Olga Algayerova.
“It demonstrates a new level of commitment to upholding the public’s rights under the Aarhus Convention, as well as Parties’ willingness to respond effectively to grave and real-time challenges seen in the Convention’s implementation on the ground”.
Whether it is groups protesting the construction of a dangerous dam or individuals speaking out against harmful agricultural practices in their local community, these activists are vital to environmental preservation across the globe, said the UNECE.
The Aarhus Convention ensures that those exercising their rights in conformity with the provisions of the Convention shall not be penalized, persecuted or harassed in any way for their involvement.
As such, the mechanism will establish a Special Rapporteur – or independent rights expert – who will quickly respond to alleged violations and take measures to protect those experiencing or under imminent threat of penalization, persecution, or harassment for seeking to exercise their rights under the Convention.
As time is of the essence to buttress the safety of environmental defenders, any member of the public, secretariat or Party to the Aarhus Convention, will be able to submit a confidential complaint to the Special Rapporteur, even before other legal remedies have been exhausted.
Although it is crucial for environmental defenders to confidently exercise their rights, cases have been reported in which instead, they face being fired, heavy fines, criminalization, detention, violence, and even death.
Moreover, incidents of harassment and violence against environmental defenders are far from uncommon.
A report to the Human Rights Council by Mary Lawlor, Special Rapporteur on the situation of human rights defenders, found that one-in-two human rights defenders who were killed in 2019 had been working with communities around issues of land, environment, impacts of business activities, poverty and rights of indigenous peoples, Afrodescendants and other minorities.
Since January 2017, among the Parties to the Aarhus Convention, incidents of persecution, penalization and harassment of environmental defenders have been reported in 16 countries.
In contrast to current existing initiatives, which mainly rely on applying political pressure through the media, the Aarhus Convention’s rapid response mechanism will be built on a binding legal framework, giving it much greater powers to act.
Plastic pollution on course to double by 2030
Plastic pollution in oceans and other bodies of water continues to grow sharply and could more than double by 2030, according to an assessment released on Thursday by the UN Environment Programme (UNEP).
The report highlights dire consequences for health, the economy, biodiversity and the climate. It also says a drastic reduction in unnecessary, avoidable and problematic plastic, is crucial to addressing the global pollution crisis overall.
To help reduce plastic waste at the needed scale, it proposes an accelerated transition from fossil fuels to renewable energies, the removal of subsidies and a shift towards more circular approaches towards reduction.
Titled From Pollution to Solution: a global assessment of marine litter and plastic pollution, the report shows that there is a growing threat, across all ecosystems, from source to sea.
Solutions to hand
But it also shows that there is the know-how to reverse the mounting crisis, provided the political will is there, and urgent action is taken.
The document is being released 10 days ahead of the start of the crucial UN Climate Conference, COP26, stressing that plastics are a climate problem as well.
For example, in 2015, greenhouse gas emissions from plastics were 1.7 gigatonnes of CO2 equivalent; by 2050, they’re projected to increase to approximately 6.5 gigatonnes. That number represents 15 per cent of the whole global carbon budget – the amount of greenhouse gas that can be emitted, while still keeping warming within the Paris Agreement goals.
Recycling not enough
Addressing solutions to the problem, the authors pour cold water on the chances of recycling our way out of the plastic pollution crisis.
They also warn against damaging alternatives, such as bio-based or biodegradable plastics, which currently pose a threat similar to conventional plastics.
The report looks at critical market failures, such as the low price of virgin fossil fuel feedstocks (any renewable biological material that can be used directly as a fuel) compared to recycled materials, disjointed efforts in informal and formal plastic waste management, and the lack of consensus on global solutions.
Instead, the assessment calls for the immediate reduction in plastic production and consumption, and encourages a transformation across the whole value chain.
It also asks for investments in far more robust and effective monitoring systems to identify the sources, scale and fate of plastic. Ultimately, a shift to circular approaches and more alternatives are necessary.
Making the case for change
For the Executive Director of UNEP, Inger Andersen, this assessment “provides the strongest scientific argument to date for the urgency to act, and for collective action to protect and restore our oceans, from source to sea.”
She said that a major concern is what happens with breakdown products, such as microplastics and chemical additives, which are known to be toxic and hazardous to human and wildlife health and ecosystems.
“The speed at which ocean plastic pollution is capturing public attention is encouraging. It is vital that we use this momentum to focus on the opportunities for a clean, healthy and resilient ocean”, Ms. Andersen argued.
Currently, plastic accounts for 85 per cent of all marine litter.
By 2040, it will nearly triple, adding 23-37 million metric tons of waste into the ocean per year. This means about 50kg of plastic per meter of coastline.
Because of this, all marine life, from plankton and shellfish; to birds, turtles and mammals; faces the grave risk of toxification, behavioral disorder, starvation and suffocation.
The human body is similarly vulnerable. Plastics are ingested through seafood, drinks and even common salt. They also penetrate the skin and are inhaled when suspended in the air.
In water sources, this type of pollution can cause hormonal changes, developmental disorders, reproductive abnormalities and even cancer.
According to the report, there are also significant consequences for the global economy.
Globally, when accounting for impacts on tourism, fisheries and aquaculture, together with the price of projects such as clean-ups, the costs were estimated to be six to 19 billion dollars per year, during 2018.
By 2040, there could be a $100 billion annual financial risk for businesses if governments require them to cover waste management costs. It can also lead to a rise in illegal domestic and international waste disposal.
The report will inform discussions at the UN Environment Assembly in 2022, where countries will come together to decide a way forward for more global cooperation.
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