Net zero and carbon neutral commitments have been rapidly growing, providing some hope in the face of ever-growing urgent signs that climate change is speeding up and bringing with it a whole range of negative impacts. The current pace of change however is far behind the pace we need. By 2030, global emissions must be cut in half. “30·60” is now a major focus in China. The country is committed to hit peak emissions before 2030 and carbon neutrality before 2060.
At PwC, we believe the business community has a key role to play in making that happen. And we are determined to play our part. That is why we have made a worldwide science-based commitment to reach net zero greenhouse gas emissions by 2030. The commitment includes supporting our clients to reduce their emissions as well as reducing those from PwC’s operations and suppliers.
PwC's validated Science Based Target
In July 2021, the Science Based Targets initiative (SBTi) validated PwC’s targets to reduce greenhouse gas (GHG) 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 scope 1 and 2 emissions to include PwC’s largest indirect scope 3 emissions.
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Net zero with 2030 goals
We commit to:
Reduce absolute scope 1 and 2 GHG emissions 50% by 2030 from a 2019 base year .
Reduce absolute scope 3 business travel GHG emissions by 50% within the same timeframe.
50% of our suppliers by emissions covering purchased goods and services will have science-based targets by 2025.
“The threat of climate change is real. However, it is possible to reduce our carbon emissions if we each play our part and take bold and decisive climate action. Doing nothing is not an option.”
PwC China's progress to date:
Decarbonising operations
Our net zero commitment is to reduce GHG emissions by 50% in absolute terms by 2030. This includes sourcing 100% renewable electricity, as well as energy efficiency improvements in our offices and halving the emissions associated with business travel within a decade. In addition, we will support carbon removal projects, including natural climate solutions. For every remaining tonne (CO2 equivalent) that we emit, we will remove a tonne of carbon dioxide from the atmosphere, to achieve net zero climate impact by 2030.
Our approach to decarbonising operations covers the following key areas:
- Emissions measurement and disclosure: We have extended our data collection and GHG emissions disclosures and increased our scope to include both our operations and indirect supply chain. Our FY22 reporting, therefore, includes a rebaselining and recalculation of our emissions data of prior years due to an expansion of our reporting boundary and scope in line with our Science-Based Targets, set at a network level. An internal online dashboard was also developed to engage our people in the net zero journey, showing the firm’s business travel related emissions in a more transparent and timely way.
- Business travel emissions: We launched an initiative called ‘Go green. Get on track.’ in 2021 to encourage our people to choose high-speed rail as a low-carbon alternative to flying. We also participated in the Cathay Pacific Sustainable Aviation Fuel (SAF) programme as one of the eight launch customers in 2022. This helps to reduce PwC China’s carbon impact from business travel.
- 100% renewables and carbon offsets: We continue to source 100% renewable electricity to mitigate the emissions from electricity consumption, and offset our emissions through high quality carbon credits, including emissions from owned vehicles, heat consumption and business air travel.
- Supply chain decarbonisation: Our decarbonisation targets include a commitment that 50% of our purchased goods and services suppliers (by emissions) across our network have set science-based targets to reduce their own climate impact by FY25. In 2022, 9% of PwC China's suppliers have set and validated their own SBTs.
Climate services
PwC's broad range of client services across all industries - from reshaping strategy and transformation, to deals, reporting, audit, and tax - means we have a huge opportunity to accelerate the transition to a net zero future together. We support organisations as they develop and implement concrete plans for how to achieve net zero, and integrate other ESG factors into their strategies, operations and disclosures.
Digital tool promotes ESG reports and accelerates carbon neutrality. We put our teams, our experience, our skills, and our digital tools to work to make a difference for you. Our products are designed, developed and supported to help you lead the next phase of your evolution. Fuel your next move with a tech-enabled approach:
ESG reporting tool: The demand for ESG information has increased rapidly. The ESG reporting exercise requires a strong collaboration among business units and teams from different operating sites. PwC’s ESG Reporting Tool is built on our years of experience in collecting, analysing and reviewing ESG insights. With PwC’s ESG Reporting Tool, you can manage and monitor your ESG performance and engage in meaningful dialogues with investors and other stakeholders.
Emissions tracker: a data storage, calculation and analytics digital platform that provides insightful information into greenhouse gas emissions and carbon reduction. We will help you to identify emission reduction opportunities based on big data analytics.
Climate advocacy
PwC’s net zero commitment is not just about reducing carbon emissions from our own operations. We also acknowledge that our positive impact can be maximised by sharing skills, knowledge and resources, and using our voice to amplify and accelerate overall decarbonisation in the broader economy.
Code Red - Asia Pacific’s Time To Go Green: The world is experiencing far greater impacts from climate change and far sooner than predicted. Decarbonisation in the Asia Pacific region was 0.9% in 2020. Achieving the Paris Agreement goal of limiting warming to 1.5°C and delivering net zero requires action that must start now. In our Asia Pacific’s Time report, we emphasised that it has never been more important for our region to work together to sustainably grow a net zero economy. That need has only been escalated by the additional challenges of COVID-19.
Leapfrog Moment for China in ESG Reporting: Produced in collaboration with PwC China, this white paper was released by the World Economic Forum (WEF) in 2021, and reveals key insights from China’s ESG journey.
Net Zero National Action Alliance: In July 2021, the Net Zero National Action Alliance was officially established at the launching ceremony of China’s national carbon market online trading forum. As one of the executive members of the alliance along with other leading Chinese companies, PwC is committed to driving the transition to a less carbon intensive economy in China.
MSCI ESG and Climate Academy Project: PwC ESG Academy participated in ESG & Carbon Neutral webcast series, produced by Xinhua News and hosted by Lujiazui Financial City Green Finance Development Center. The other key participant in the series is MSCI. Filmed and produced by Xinhua News Agency, this programme features a series of videos covering topics such as carbon-neutral economy, adhering to international ESG standards, integrating ESG across entire investment processes, and building an international ESG ecosystem.
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