Leading the ESG and NET Zero Conversation

It’s clear we’ve reached a turning point globally on the imperative of ESG [Environmental, Social and Governance]. It’s no longer just a consideration for governments and businesses to address, instead it’s gone much further, making its way into every aspect of our lives. As PricewaterhouseCoopers (PwC) in the Caribbean continues the roll out of ‘The New Equation’ – its strategy to help clients build trust and deliver sustained outcomes – the strategy identifies ESG as critical to answering the defining challenges for global business and commits PwC to supporting the transformation needed in the global economy.

Failing to tackle climate change, is failing the environment and communities for generations to come. It’s within that background that last year PwC announced it received validation for its science-based targets and reaffirmed its commitment to achieve net zero greenhouse gas (GHG) emissions by 2030.

* The Science Based Targets initiative (SBTi) validated PwC’s targets to reduce greenhouse gas emissions by 50 per cent in absolute terms from 2019 levels by 2030 in line with a 1.5 degree scenario.

* PwC’s targets go beyond scope 1 & 2 emissions to include PwC’s largest indirect scope 3 emissions.

* PwC commits to decarbonising the way it operates and decoupling its business growth from emissions.

Gerry Mahon, Partner and Net Zero leader for PwC in the Caribbean, commented: “Like our clients, we need to build trust with our stakeholders and deliver sustained outcomes – and tackling our climate impact is critical to both. We’re proud of the progress PwC has made to reduce our operational carbon footprint and with initiatives like ESG Week, we can continue to support the creation of a sustainable tomorrow for generations to come. No one individual, organisation or government can tackle these problems alone. We need collective awareness and action to create change.”

It’s also under the backdrop of ESG that the investment in wellbeing continues to increase. The Our Be Well, Work Well programme is about forming everyday healthy habits that help fuel six dimensions of wellbeing — Physical, Emotional, Mental, Spiritual, Financial and Social — which are proven drivers of performance, fulfilment and engagement. This goes beyond the traditional employee wellness programmes focused mostly on physical health; it’s a holistic approach to a more happier and healthier life.

On Monday, October 24, PwC in the Caribbean launched its inaugural ESG Week aimed at educating and upskilling its partners and people led by its regional ESG leaders. They’re taking part in a number of sessions in all areas of ESG, all done virtually to maintain a sustainable, low-carbon event while embracing digital technologies such as the PwC metaverse.

On 27 October, PwC in the Caribbean hosted a webcast for business and government leaders throughout the region on the topic: ESG and Net Zero: Securing a sustainable future for the Caribbean.

Arthur Wightman, ESG Leader for PwC in the Caribbean, said: “This audience is integral to helping make a big difference to securing a sustainable future for the Caribbean. No one entity can make a real and lasting change without the other. At PwC we believe ESG has to be a priority for every government and business across the Caribbean. Together we have a greater impact and can make a big difference. The time to act is now.”

PwC has committed to transforming its business model to decarbonise its value chain, increasing transparency, and supporting the development of robust ESG reporting frameworks and standards. The PwC network is also engaging its clients and suppliers to support them to tackle their climate impact. (PR)