PwC UN Global Compact Communication on Progress

Environmental sustainability

Since announcing PwC’s 2030 net zero commitment in 2020, we are pleased to have had our targets validated by the Science Based Targets initiative (SBTi). Importantly, our targets cover emissions across our whole value chain, including both direct and indirect emissions across scope 1, 2 and 3. We also extended switching to 100% renewable electricity to all of our operations with 2030 goals.

Our net zero commitment will require us to transform our business model to decarbonise our value chain, increase transparency, and support the development of robust ESG reporting frameworks and standards. Recognising that our commitment is going to take an effort across our whole business, we have appointed Net Zero Leaders for every geography where we operate.

Reform and transparency

We believe there is an urgent need for systemic economic reform to reset incentives and align economic interests with societal interests. This conviction is at the heart of our active engagement in global dialogues about the future of corporate reporting. By making it easier for investors and other stakeholders to understand how a company is performing on key societal issues, reporting empowers them to allocate capital and support to organisations that are managing risk effectively and creating sustainable value. Reporting can drive the business transformation needed to address global issues like climate change and social disparities.

We have continued to work with a wide range of stakeholders on the quest to develop a common set of non-financial reporting metrics.

• We support the establishment of the International Sustainability Standards Board (ISSB), as well as the announcement from the Global Reporting Initiative (GRI) and the ISSB on their intention to coordinate their work programmes and standard-setting activities.
  
• We have also continued our collaboration with the World Economic Forum International Business Council to promote the universal set of ESG metrics that it published in 2020, and are on our own journey towards increased transparency, which includes reporting on the 21 core stakeholder capitalism metrics in our Global Annual Review.

We also continue to engage with major global organisations including the G20, OECD, UN, EU on advancing globally accepted non-financial reporting standards.