PwC’s climate targets validated by SBTi
- SBTi validation affirms PwC’s global approach and timeline to achieve net zero 2030 commitment
- PwC Belgium commits to decarbonise its operations and supply chain, which includes reshaping how it serves clients, sustained reductions in business travel and the increased use of zero carbon energy
- PwC Belgium will embed the implications of climate change and other Environmental, Social and Governance (ESG) related factors across the work it does with clients, from strategy to implementation
- As a member of BACA, PwC Belgium commits to using its network and wider sphere of influence to support and accelerate climate action in line with the ambitions of the Paris agreement
Wednesday 8 September 2021 — Today, the PwC network 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 network-wide targets to reduce greenhouse gas emissions by 50% in absolute terms from 2019 levels by 2030 in line with the scenario of limiting global warming to 1.5 degrees. Importantly, PwC’s targets go beyond scopes 1 & scope 2 emissions to include PwC’s largest indirect scope 3 emissions[1].
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.
PwC’s commitments are in four key areas:
- Operations: As part of this global commitment, the PwC network 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. PwC Belgium has also made additional steps in this regard, by offsetting 100% of air travel emissions and 100% of its fleet emissions (including driving for both for private and professional purposes). PwC Belgium has offset 100% of the non renewable energy used in its buildings (gas and electricity), and more than 90% of our energy consumption is renewable - with an ambition to reach 100% by FY 2022. As part of the broader efforts, PwC Belgium recently introduced its new sustainable mobility strategy that involves a green fleet policy, alternative transport options and compensation schemes. Hybrid working has been introduced with Work@PwC Reimagined, allowing for a significant reduction in car emissions due to an increase in home working.
- 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. PwC will embed the implications of climate change and other Environmental, Social and Governance (ESG) related factors across the work it does with clients, from strategy to implementation and infuse science-led climate analysis into all our areas of service.
- 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. Additionally, PwC Belgium took concrete action to fight climate change by signing the Belgian Alliance for Climate Action (BACA) Pledgein February 2021. As a member of BACA, PwC Belgium commits to using its network and wider sphere of influence to support and accelerate climate action in line with the ambitions of the Paris agreement. This includes advocating for policy positions consistent with a net-zero future and for supportive government policy and goals that will deliver this net-zero future before, or at the latest by 2050.
Axel Smits, Chairman of PwC Belgium: “Climate change is one of the most urgent problems facing our planet today and PwC has a key role to play in creating a more sustainable world. Like our clients, we need to build trust with our stakeholders and deliver sustained outcomes - and tackling our climate impact is crucial to both. As we support our clients 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.”
Using 2019 levels as a base year, PwC will regularly and transparently report on its progress towards its operational 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.
About 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 bringstogether a team of experts to provide companies with independent assessment and validation of targets.
[1] Scope 1 emissions refer to direct greenhouse (GHG) emissions from owned or controlled sources; Scope 2 emissions refer to indirect GHG emissions associated with the purchase of electricity, steam, heat, or cooling; Scope 3 emissions refer to all other indirect Emissions from activities of the organisation, occurring from sources that they do not own or control)