Business Focus - PwC

Net Zero by 2030: Be the Change with PwC

By Callum Douglas, Corporate Sustainability Director, PwC China

Only immediate, robust and largescale greenhouse gas (GHG) emissions reductions can slow down the accelerating pace of climate change impacts currently and in the future. While we can no longer avoid climate change - its impacts are now being experienced worldwide - there is a chance to limit the risks to manageable levels within the next decade with swift and ambitious action.

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. “30·60” is now a major focus in China. The country is committed to hit peak emissions before 2030 and carbon neutrality by 2060. China’s ambition will require companies to act now to transform to a lowercarbon business model. PwC’s research report with UNDP China revealed that Climate Action (SDG 13) is now ranked as the 4th highest impacting Chinese enterprises, including bringing business opportunities, over the next five years.

At PwC, we believe the business community has a key role to play in making that happen. That is why we have made a worldwide sciencebased 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. In July 2021, the Science Based Targets initiative (SBTi) validated PwC’s targets to reduce 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 scopes 1 and 2 emissions to include PwC’s largest indirect scope 3 emissions.

Transforming to net zero will require businesses to develop and deliver research, guidance and implementable roadmaps. Many board of directors are now leading in transforming their business model towards net zero, including factoring in ESG considerations into key business decisions like venturing into new markets and new products.

PwC’s net zero commitment is not just about reducing carbon emissions from our own operations. We’re also encouraging our key suppliers to decarbonise and set their own science-based targets for emissions reductions, and incorporating climate change risks and opportunities into our thought leadership, policy work and client services.

There is no doubt that driving net zero will help companies reduce operating costs in the long term, but the most important driving force behind our ambition is about protecting all of our stakeholders from climate risks. The difference with climate change is we know what the impacts will be if we don’t act now. We know the costs are rising, and will continue to rise exponentially with every fraction of increased global temperatures. Managing climate and other environmental risks early, and embedding sustainability into business, is the only way to help sustain long-term viability.

Climate risk brings uncertainties to every business sector including the financial system. ESG is now a strategic priority for PwC China. Achieving our net zero 2030 goal requires sustained efforts internally to continually identify ways to reduce our operational emissions. Externally we continue to share knowledge and work with clients, suppliers, government and other partners to reach our shared vision. By doing so we hope to amplify and accelerate a greener and sustainable economy where everyone can thrive.

PwC - Mainland China, Hong Kong SAR and Macau SAR

PwC Mainland China, Hong Kong SAR and Macau SAR work together on a collaborative basis, subject to local applicable laws. Collectively, we have over 800 partners and more than 20,000 people in total.

We provide organisations with the professional service they need, wherever they may be located. Our highly qualified, experienced professionals listen to different points of view to help organisations solve their business issues and identify and maximise the opportunities they seek. Our industry specialisation allows us to help co-create solutions with our clients for their sector of interest.

We are located in these cities: Beijing, Shanghai, Hong Kong, Shenyang, Tianjin, Dalian, Jinan, Qingdao, Zhengzhou, Xi’an, Nanjing, Hefei, Suzhou, Wuxi, Wuhan, Chengdu, Hangzhou, Ningbo, Chongqing, Changsha, Kunming, Xiamen, Guangzhou, Shenzhen, Macau, Haikou, Zhuhai and Guiyang.

www.pwchk.com