No Match Found
Our carbon emissions are relatively low compared to many sectors, as we set out in our statement on climate-related financial risk, found within our financial statements. However, they’re our biggest environmental impact, and we want to play our part in contributing to the UK Government’s targets of reaching net zero greenhouse gas emissions by 2050.
2022 marked the conclusion of our most recent set of public, five-year environmental targets set against our 2007 baseline, all of which we met.
For more information on our 15 year carbon journey, see our Acting on carbon: lessons learnt document.
Our targets to 2022 were:
These also support the targets for PwC globally.
Between 2007 and 2022 we reduced our overall carbon footprint, including emissions associated with our travel, waste and materials, by 83% , against a target of -40%. Over the same period, we grew our revenue by 84%. Our emissions per FTE from Scope 3 business travel were down by 84% compared to our 2007 baseline. We also completed our five-year programme to have all our UK offices supplied with renewable electricity generated by wind or solar, eliminating our scope 2 emissions. We continue to offset 100% of our residual emissions. Although our emissions increased in 2022, following the easing of pandemic-related restrictions, we remain on track for our commitment to reach Net Zero by 2030.
Our carbon management strategy involves:
We follow a rigorous process to calculate our carbon emissions, using GHG Protocol and Defra guidelines, and we report them transparently each year in our annual scorecard, which is published with our Annual Report. In 2022 we achieved the Carbon Trust’s Route to Net Zero Standard, and in the process, became the first organisation to reach their ‘Advancing’ tier, which recognises our progress on our own journey to Net Zero. Additionally, we were recognised as a carbon management leader by EcoVadis and retained our platinum EcoVadis sustainability rating. We also support the global PwC network response to the CDP.
While we’ve significantly reduced our carbon emissions since 2007, the remaining emissions we produce still contribute to climate change, so we offset them to achieve carbon neutrality, by purchasing credits from carbon offsetting projects.
In 2017, using our Total impact framework, we estimated the societal impact of our total greenhouse gas emissions at £65m. However, only 0.1% of it was attributable to our direct operations, down 45% from five years earlier. The vast majority fell outside of our own operations, and we’re continuing to try to understand ways to reduce this impact with our key suppliers.
Each year we ask our key suppliers to provide us with information which allows us to assess their environmental performance.
To reflect our net zero commitments, we have made additional targets aligned and approved by the SBTi in 2021. One specific item within our Science-Based Targets (SBT) is that 50% of our suppliers (by emissions) have set their own science-based target by FY25 (June 2025). This target covers our purchased goods and services emissions, with the exception of business travel and energy, which are covered under separate commitments.
By January 2023, 16% of our overall suppliers reported that they already have a SBTi approved target in place, and an additional 27% of our suppliers confirmed that they have submitted their target to the SBTi and are awaiting approval.
In addition, we also host a sustainability forum each year, to upskill and encourage suppliers to decarbonise. This year our focus was on the just transition and green skills and was favourably received.