Our Net Zero Commitment will require us to transform our business model to decarbonise our operations and our value chain, and to engage with clients and suppliers to support them in tackling their climate impact.
Specifically, the PwC Net Zero ambition comprises the following commitments.
- We will reduce our gross emissions in line with a 1.5 degree climate scenario1, starting with a 50% reduction in all scope 1 and 2 emissions by 2030 (compared with a 2019 base) and a 50% reduction in business travel emissions (scope 3) over the same period2. In addition, we will transition to 100% renewable electricity where possible.
- We will from 2022 offset all remaining emissions related to scopes 1 and 2 and to scope 3 business travel3.
We will engage our entire value chain, which includes working with our suppliers, encouraging them to set net zero plans. It is part of the Global PwC Commitment to ensure that 50% of our purchased goods and services suppliers (by emissions) have set science-based targets to reduce their own climate impact by 2025.
Our scope 3 emission reduction and offsetting commitment is currently limited to business air travel. Going forward, we are planning on widening this to take into account our emissions from all business travel, this will include flight data broken down by class, road and rail travel, and hotels. In addition, we would also like to open up our scope 3 to include emissions beyond business travel, such as staff commuting and the procurement of IT, catering and other services from our suppliers. We recognise that these other sources of scope 3 emissions are potentially a significant proportion of our total emissions, and we are actively exploring new approaches to measure our total scope 3 emissions profile and total carbon footprint. As accurate data becomes available, we will consider expanding the scope of our gross emissions reduction and offsetting commitments as part of our Net Zero ambition.
Beyond setting actions to achieve net zero within our own operations and value chain, we will also expand our services to clients to support their own efforts to help make a net zero future a reality for all. Building on existing advisory client work in sustainability and net zero transformation, we will integrate climate and sustainability considerations across our services, including assurance and tax.
1. PwC’s gross emission reduction targets have been validated by the Science Based Target Initiative (SBTi), which aligns PwC’s approach to SBTi’s highest ambition level and emphasises our commitment to decarbonising the way we operate and decoupling our business growth from emissions.
2. Scope 1 comprises direct emissions emitted through owned or controlled assets. Scope 2 encompasses indirect emissions associated with the energy (mainly power and heating) that PwC buys. All remaining indirect emissions from activities within our value chain fall under scope 3.
3. A carbon offset is generated by an activity that either prevents the release of, reduces, or removes GHG emissions from the atmosphere. Emission reduction projects around the world generate carbon offsets from activities such as renewable energy, biogas and reforestation.
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