Global business services firm PricewaterhouseCoopers (PwC) has unveiled their new landmark global Environmental, Social, and Governance (ESG) strategy, intended to respond to significant changes in the world, including the ongoing pandemic, social instability, technological disruption, and climate change.
Dubbed “The New Equation,” the strategy is based on PwC’s interviews with thousands of clients and stakeholders as well as an analysis of global trends, and builds on over a decade of sustainable revenue growth and investment.
The initiative plans to focus on two critical needs that clients will face in the near future: building trust and delivering sustained outcomes in an increasingly uncertain environment. Both are non-trivial efforts that have come to the fore in recent times, with talent, clients, and stakeholders demanding that businesses adapt to a growing list of expectations. Success is largely dependent on businesses undergoing fundamental shifts in executive thought, organizational culture, business systems, and ambitions.
The firm plans to build trust and deliver sustained outcomes via a multidisciplinary model that brings together a passionate and diverse set of voices. This will enable scaled investments of over $12 billion over the next 5 years, creating over 100,000 new jobs globally as well as growing the skills of PwC partners and employees. The company plans to invest in expanding its Centres of Excellence worldwide in addition to creating a global ESG Academy that will empower employees and partners’ integration of ESG principles into their work. It will continue to invest in implementing quality frameworks in audits, as well as in its use of cloud, artificial intelligence, virtual reality, and other emerging technologies to deliver data-driven insights.
Lastly, PwC plans to build on its commitment to achieve net-zero greenhouse gas emissions by 2030 by transforming its business model to decarbonize its value chain and increase transparency around its own business operations via expanded reporting to regulators and the public.
PwC Global Chairman Bob Moritz said, “There is a strong need for stakeholders from across society to work together. Whether it’s the pandemic, climate change, social injustice or the digital divide, there is a growing expectation that businesses have a role to play in addressing broader societal issues. Our new strategy is about helping clients address their toughest challenges and delivering for society and the planet.”