Three key trends driving impactful climate action

In a world where environmental concerns continue to shape the communities where we live and work, the importance of addressing these issues has never been more evident. At PwC, we understand that our responsibility extends beyond reducing our greenhouse gas emissions. It involves recognizing the significant impact of these issues on different segments of our society, leading by example with multi-faceted and tailored approaches and putting purpose at the forefront of our strategies.?

As part of the global PwC network, we committed to achieving net zero greenhouse gas emissions (GHG) with 2030 goals and have implemented a six-pronged framework where collaboration – with businesses, nonprofits, clients and our people – is the anchor. We believe it’s our responsibility to use our position in the business community to champion more transparent practices and disclosures, as well as forge climate and environmental equity-focused relationships and initiatives to rigorously address the pressing climate issues affecting our society.??

I had the privilege of discussing these topics during Climate Week 2023, where business leaders, policymakers, and other changemakers came together to talk about the climate movement’s successes, challenges, and how we can lead in the future. Here are three big trends driving climate action:??

Equity and climate are interconnected??

Natural disasters such as floods, hurricanes, and wildfires have a disproportionate impact on the most vulnerable members of our society. The EPA reports that Black individuals face a 40% higher likelihood of living in areas with the greatest projected increases in extreme temperature-related deaths. Latino/Hispanic individuals are 43% more likely to reside in areas with the highest projected reductions in labor hours due to extreme temperatures. Additionally, American Indians and Alaska Natives have a 48% higher likelihood of living in areas where the highest percentage of land is projected to be inundated due to sea level rise.?

With the vulnerabilities of these communities increasing as climate issues worsen, it’s clear that climate action requires a deep consideration of the role of equity and diversity and how we’re making that connection. It’s not an all or nothing conversation. Not only do we all have a responsibility to address the root causes of climate, but we should also do so with an understanding of how that impact manifests itself across different parts of society.??

There is power in bringing equity?and climate together. As a part of our climate transition efforts, we’re working with the broader corporate and nonprofit communities to build new climate and environmental equity-focused relationships. As a part of this work, we’re able to better connect our priorities to help drive more sustainable and equitable impact.?

Transparency and disclosure matter more than ever?

For investors and other stakeholders, disclosures are increasingly a factor in long-term organizational stability. While stakeholder needs and expectations add a layer of complexity and challenge for our clients, it also offers an opportunity to build trust and brand reputation.??

This sense of responsibility is what drove our decision to join Amazon’s Climate Pledge earlier this year and release our first U.S. Task Force for Climate-Related Financial Disclosures (TCFD) Report , renewing our commitment to enabling a more sustainable planet, and providing greater clarity around the types of climate-related risks and opportunities we face as a firm. Through transparent reporting, we’re providing stakeholders with the opportunity to voice their input. This allows us the space to continue holding healthy discourse around how we can continue driving quality and ethical behavior while still aligning with our governance structure.???

When organizations prioritize purpose and transform their business to integrate climate actions into everyday operations, they move beyond simply ticking a regulatory box to creating sustainable advantage and lasting stakeholder value.??

There’s power in leading with purpose??

The genie is out of the bottle not just for many investors, but also for employees as well. According to the Society for Human Resource Management (SHRM),?the world’s largest?HR association, 41% of today’s workforce say that the presence of climate initiatives plays a big role in their decision to join or to remain with an employer. The reality is, there are no more sidelines in the climate crisis. Leading with purpose is imperative in determining who moves forward and who falls behind.?

At PwC, we see power in connecting our purpose to our people’s purpose. As part of My+, our reimagined people experience, we are working to create an experience that matches what employees value and allows them to be at their best. Since launching, we’ve worked to build on our culture of belonging, empowering our people to invest time in what matters most to them. For instance, our Environmental Inclusion Network brings people together who have a shared interest in supporting environmental initiatives. Through the group, they are provided with opportunities to drive environmental impact across our firm and make a difference in their local communities.??

Through being authentically transparent with our stakeholders and providing meaningful opportunities for our people, we’ve allowed purpose to serve as our North Star. This approach has empowered us to embrace purpose across our value chain and accountability in all we do. As a result, we’ve been able to better build trust, solve important problems, and advance progress at a larger scale.?

We are at a key inflection point in the climate and broader sustainability movement. Not only has the conversation evolved from a niche issue to a mainstream concern, but we’ve also benefited from the emergence of reporting standards, government regulations, and a greater focus on social concerns. Guided by our purpose, we’ll continue to embrace that obligation and responsibility to help reduce the environmental impact of our operations, build resilience in communities disproportionately impacted by climate and use our knowledge, people and industry influence to address the most pressing issues.?