Arya Ponnuswamy
Global Chairman Bob Moritz of PwC launched an operation to reduce carbon emissions. Their goal was to reduce 50% absolute of their scope 1 and 2 emissions as well as a 50% absolute reduction in scope 3 business travel greenhouse gas emissions by 2030 (this was in comparison to the 2019 base). They vowed to switch to 100% renewable electricity in all territories by 2030. This was done as Bob believed climate change is one of the pressing problems facing our world today. It affects everyone - from families worrying about their children’s futures, to pension funds deciding where to invest. He also believed the business community has a key role in making that happen.
The entire plan to achieve this has been very well planned and thought out. They are a global network, and they have a global supply chain, where they can have a significant impact on driving the transition to a net zero economy. The project also plans to support carbon removal projects, including natural climate solutions. So, for every remaining tonne (CO2 equivalent) that will be emitted, they will remove a tonne of carbon dioxide from the atmosphere, to achieve net zero climate impact by 2030. The process to do this fairly simple with their expanse of network and funding from wealthy organizations such as the IFRS (International Financial Reporting Standards), ISSB (International Sustainability Standards board), RE100 climate group and the United Nations Race to Zero campaign.
They kept their word by installing the Net Zero economy index that tracks the rate of decarbonization in each of the G20 economies, highlighting what more is needed to achieve the Paris Agreement. This affects the business at a global scale: not only have they beneficially impacted some of the most important and powerful countries, but they have also done this through the most simple and effective way possible. Their reports are dependent on the BP Statistical Review of World Energy, which is public to everyone online. Their data is already handed out to them. All that is left is to just focus solely on decarbonization.
By analyzing the TFCD report it is clear that with every risk/ opportunity an action has been taken. This includes both categories Transition and Physical. All in all the risk assessment was low considering the actions they promised to take in the future.
Bibliography:
Report of an analysis, TCFD report for the PwC network, October 2021, Bob Moritz https://www.pwc.com/gx/en/about-pwc/assets/network-tcfd-report-2021.pdf
Summary of the analysis, Our TFC report, 2017, TFCD officials that work for PwC https://www.pwc.com/gx/en/about/net-zero/tcfd.html
Website, RE100 Climate group, 2014, Robert Poluch https://www.there100.org/
Website, Race To Zero Campaign, 2019, Mahmoud Mohieldin and Nigel Topping https://unfccc.int/climate-action/race-to-zero-campaign
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