20 Apr 2023
LONDON, 19 April 2023 – Ahead of Earth Day, PwC is building on more than a decade at the forefront of climate-related initiatives by boosting its global nature and biodiversity capabilities as new PwC research, released today, finds that 55% of the world’s GDP is exposed to material nature risk. As part of a global suite of initiatives, PwC will launch a new global Centre for Nature Positive Business and provide nature positive training to help upskill its 328,000 strong global workforce in order to better understand nature impacts and work towards nature positive outcomes with clients.
The nature imperative: an increased proportion of the world’s GDP is exposed to material nature risks
The initiatives come as new PwC analysis finds that nature’s decline poses significant risks to the global economy and society-at-large if organisations do not transform their practices now. More than half (55%) of the world’s gross domestic product (GDP) – equivalent to an estimated US $58 trillion – is moderately or highly dependent on nature, rising from US $44 trillion in 2020. All 163 economic sectors analysed by PwC have a portion of their value chain that is highly dependent on nature. The health of natural ecosystems and biodiversity have far reaching implications, with more than half (50.6%) of the market value of listed companies on 19 major stock exchanges exposed to material nature risks.
Will Jackson-Moore, PwC’s Global Sustainability Leader, PwC UK, said:
“The declining health of our natural ecosystems presents one of the most pressing challenges to our planet today. Shifting demographic and industrial practices and a changing global climate threatens to erode the foundation of our economies, livelihoods, health and quality of life worldwide. This presents huge risks to business and society at large. Of the 163 economic sectors analysed by PwC, all of them have a portion of their value chain that is highly dependent on nature. The imperative is clear: if organisations are to mitigate their impacts on nature, manage the risks and deliver sustained outcomes – not just for their operations but our planet and society at large – they need to transform their business models now. We’re committed to helping our clients on that journey.”
PwC to boost its capabilities to help accelerate a nature positive and net zero transition
PwC's new Centre for Nature Positive Business will bring together and further expand key nature capabilities across the world in areas such as biodiversity, water, regenerative agriculture and forestry. PwC will also double the size of its team of nature specialists over the next 12-months, from 500 to 1,000. PwC’s nature specialists work on a variety of topics including nature positive strategy and transformation, nature risk management and reporting, nature technology, data and measurement, and nature finance and fund management.
PwC to upskill global workforce while continuing to expand global partnerships with leading organisations
To equip PwC’s global workforce with the skills needed to understand nature impacts and embed nature positive outcomes in service offerings to clients, PwC will offer nature and biodiversity training to upskill its 328,000 strong workforce, with bespoke online learning to be made available across its network through its global Sustainability Academy. PwC has also conducted a global assessment to identify which of its offices are in or adjacent to key biodiversity areas, while the network is in the process of conducting an assessment to identify nature-related impacts in its supply chain. The business community has an essential role to play in a global transition towards a nature positive and net zero future, and PwC’s diverse client base and international reach across 152 territories positions it with a real opportunity to make a tangible impact.
To drive the development of frameworks, standards and methodologies that provide the architecture necessary for rapid system-wide change, PwC will also continue to collaborate with a range of organisations on industry-leading initiatives. PwC is currently supporting the Science Based Targets Network (SBTN) by seconding experienced staff to conduct validation of newly developed corporate nature targets, working with the Taskforce on Nature-related Financial Disclosures (TNFD) to improve market access to nature-related data, and with the World Business Council for Sustainable Development (WBCSD) on sector-based TNFD piloting. In addition, PwC has collaborated with the World Economic Forum to develop guidance on how businesses can implement the Global Biodiversity Framework, and with the WBCSD to develop insights on ecosystem valuation, natural climate solutions and nature-based solutions.
Emma Cox, PwC’s Global Climate Leader, PwC UK, concluded:
“The launch of PwC’s new global Centre for Nature Positive Business represents an exciting opportunity for businesses to better understand and assess their nature impacts and contribute to the development of sustainable ecological futures. Climate change and nature are inextricably linked, and as the challenges facing the environment continue to rise, so too will the impacts felt by ecosystems around the world. By boosting our capabilities to help clients develop and implement nature positive strategies as part of their broader sustainability strategies, we will help a growing number of businesses transform their operating models, and in doing so, help to build a net zero, nature positive world.”
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2023 PwC. All rights reserved.