Biodiversity is essential for the processes that support all life on Earth. Right now, one million species face extinction, many within decades. Our research shows that US$58 trillion of economic value generation – more than half of the world’s total GDP – is moderately or highly dependent on nature and its services1.
The term “nature-positive” has become a call to action across society and business. But it’s critical that the nature-positive concept is one with real substance. For this reason, as well as addressing our own nature footprint, we at PwC are helping to build the systems and frameworks that will deliver the trusted information needed to underpin a nature-positive transition. We are committed to playing our part in delivering a nature-positive world.
1PwC, 2023, Managing nature risk
Building the foundations for a nature-positive future
- Dan O'Brien, Partner PwC Canada, is a member of the Taskforce on Nature-related Financial Disclosures (TNFD). The mission of TNFD is to develop and deliver a risk management and disclosure framework for organisations to report and act on evolving nature-related risks, with the ultimate aim of supporting a shift in global financial flows away from nature-negative outcomes and toward nature-positive outcomes. As well as participating in the development of the framework and running the data working group, PwC is playing a key role managing the TNFD’s new ‘Data Catalyst’ initiative. The Data Catalyst will bring together commercial, not-for-profit, government and academic data providers with emerging nature technology companies to find innovative solutions to address shortcomings in the current nature-related data and analytics landscape. The overall aim is to improve the ease, speed, and scale of adoption of the TNFD framework, once the Taskforce launches its final recommendations in September 2023.
- Building on the momentum of the Science Based Targets initiative, the Science Based Targets Network (SBTN) aims to set the standard for ambitious measurable corporate action on nature. It brings together specialists from more than 60 non-governmental organisations (NGOs), business associations and consultancies to collectively define what is necessary to do “enough” to stay within Earth’s limits and meet society’s needs. PwC is supporting this important initiative by seconding experienced staff to conduct target validation during SBTN's pilot in 2023.
- The Global Biodiversity Framework (GBF) aims to halt and reverse biodiversity loss, restore ecosystems and protect indigenous rights. Negotiated under the United Nations (UN) Convention on Biological Diversity (CBD) and adopted by 188 countries in Montreal in December 2022, the plan includes putting 30 percent of the planet and 30 percent of degraded ecosystems under protection by 2030. A report by PwC China and the World Economic Forum provides context and potential implications for ten of the 23 proposed action targets that are most likely to result in changes to business strategies or operations across multiple sectors. It presents case studies of companies that are already taking action to mitigate nature-related risks in their operations, while investing in new business opportunities that contribute positively to the targets of the GBF.
Working with our clients on their nature-related challenges
- We’re working with a range of clients across sectors and industries to help them develop and implement nature-positive strategies. This includes testing the application of SBTN and TNFD frameworks. We have over 500 nature specialists working with our teams to develop strategies, reporting and other advice that embeds the consideration of nature as a priority.
- Our diverse network and international reach positions us with the opportunity to support many businesses working towards a nature-positive future. You can read more about our work and services as part of our new global Centre for Nature Positive Business here.
- We are committed to upskilling our people on nature and biodiversity, to allow consideration of these matters within the work we do for our clients. Bespoke online learning is being made available across our whole network through our Global Sustainability Academy.
- We’re also supporting governments in their response to nature decline. For example, PwC UK acts as fund manager for the UK government’s Biodiverse Landscapes Fund¹. The Fund works to reduce poverty, protect and restore biodiversity and reduce the impact of climate change in six environmentally critical landscapes.
¹UK Government. Biodiverse Landscape Fund. 2022 Website
PwC's global Centre for Nature Positive Business
Learn more about how we are bringing together our knowledge to accelerate the global transition to a nature positive and net zero future.
Managing our own impact on nature
As well as supporting our clients with nature matters, we are taking steps to better understand our own impacts on nature as a business.
- Operations: We have conducted a global assessment to identify which of our office locations are in or adjacent to key biodiversity areas and/or protected areas. These are designated areas that have been recognised as contributing significantly to the long term conservation of nature. Similarly for freshwater, we assessed the extent to which our offices are located in water stressed regions. We’ve disclosed the outcomes of these assessments in our WEF Stakeholder Capitalism Metrics Report in our 2022 Global Annual Review.
- Supply chain: We are in the process of conducting a nature supply chain impact assessment using a nature analytics methodology developed by PwC. The methodology uses procurement spend data as an input to estimate the impacts our global supply chain has on nature. This is the first step in profiling the impacts of our buying decisions and will provide a hot-spotting analysis to inform our nature strategy.
Our focus on nature-based solutions
- We’re offsetting our emissions through high-quality carbon credits, to reduce our climate impacts today as we move to net zero by 2030. This gives us an opportunity to address climate impacts, and the interlinked threats of biodiversity and nature loss.
- We’re committed to at least 50% of our portfolio coming from natural climate solutions (NCS). In FY22, 71% of our financial support through our offsetting portfolio was for NCS projects. The projects we, and others, supported have collectively impacted over eight million people. They’ve protected and restored more than 173,000 hectares of land and created more than 8,000 new full time jobs¹.
- To help increase the supply of high integrity and high quality NCS credits, PwC has joined LEAF (Lowering Emissions by Accelerating Forest finance) Coalition and the Natural Climate Solutions Alliance (NCS Alliance). Both of these initiatives focus on supporting nature positive, climate action, by mobilising funds through the voluntary carbon market. They also act as a forum for knowledge sharing and technical capacity building in this space.
¹Climate Impact Partner, 2022
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