KPMG announces it will be net-zero carbon by 2030
KPMG announced its intention to become a net-zero carbon organisation by 2030, as part of its continued focus on delivering growth in a sustainable way and providing climate solutions for member firms, clients and society.
To underpin this goal, the global organisation has signed up to a series of new climate actions, including a 1.5°C science-based target, which will focus on achieving a 50% reduction of KPMG’s direct and indirect greenhouse gas (GHG) emissions by 2030.Additionally, KPMG firmsincluding KPMG in Cyprus, have collectively committed to:
- 100% Renewable Electricity (RE) by 2022 in its Board Countries, and by 2030 for the wider network
- Offsetting any remaining GHG emissions through externally accredited voluntary carbon offsets, to mitigate the remainder it cannot remove from its operations and supply chain.
KPMG has taken a rigorous approach, using in-house experts to project KPMG’s path to decarbonisation and, from this, has developed a carbon forecasting model for KPMG firms that enables bottom-up target setting.This model maps the impact and sources of emissions and how a change in policy, for example on business travel, can have a significant impact on greenhouse gas emissions.
To remain confident that KPMG firms’ climate actions are creating impact, the global organisation will also track progress against the new commitments by measuring and reporting to CDP (formerly the Carbon Disclosure Project) and the Science Based Targets Initiative.The organisation will be working closely with its people to educate colleagues on the new commitments and mobilise teams to support the journey towards a more sustainable future.
Global Chairman & CEO of KPMG International, Bill Thomas said: “We have made real, and valuable, progress in our efforts to help KPMG member firms and clients grow sustainably, but the size of the challenge we all face globally on climate means we must go further.I am pleased that our new commitments will help to accelerate our ambitions to deliver on a more sustainable future, inspiring confidence among our teams and stakeholders and empowering them to change how we shape our future.Our carbon reduction plan will aid not only our own progress towards reducing the effects of the climate on tomorrow’s world, but it will also contribute to our clients’ efforts to reduce their end to end carbon footprint. With this new set of global commitments across KPMG, I am confident that we are making the right decisions today to make a difference tomorrow.”
This decision builds on previous progress from KPMG in reducing its collective impact on the planet. Prior to the COVID-19 pandemic, the global organisation had reduced its net carbon emissions per FTE by around one-third over the last decade, performing better than its targets. It is also currently on track to meet its 2020 renewable energy target of 60%.
KPMG firms are working with clients across the world to support them in decarbonising their businesses and supply chains, and embedding ESG in everything they do. Launched earlier this year, KPMG IMPACT brings together KPMG firms’ expertise in supporting clients to address the biggest challenges facing our planet, with the aim of delivering growth with purpose and achieving progress against the United Nations Sustainable Development Goals (SDGs).
Richard Threlfall, Global Head of KPMG IMPACT said: “I am delighted to see KPMG enhancing our collective commitment to the global climate agenda by adopting science-based targets with this carbon reduction plan. KPMG shares the same responsibility as the clients we serve, to rapidly reduce and eventually reverse our contribution to global warming. By further extending our own commitments in this space, I believe we are better placed to work and collaborate with clients to help them decarbonise their businesses too.”
Maria Papacosta, Board Member and Head of Marketing & Communications at KPMG in Cyprus stated: “KPMG in Cyprus is taking part in this very important initiative and undertakes several activities towards this direction over time. In addition to the targets set on a global level, at a local level the Company works systematically to achieve better management of the environmental impact resulting from its operations, by participating in various recycling and green energy saving actions.”