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KPMG announces new climate commitments

KPMG announces new climate commitments

KPMG has announced its intention to become a net-zero carbon organisation by 2030.

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Simon Nicholas

Partner: Audit and Advisory

KPMG in the Isle of Man

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KPMG has announced its intention to become a net-zero carbon organisation by 2030, as part of its continued commitment to the planet and the communities in which it operates.

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 firms have collectively committed to:

  • 100% Renewable Electricity (RE) 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.

Simon Nicholas, Partner at KPMG in the Isle of Man, commented, “KPMG works hard to understand and develop solutions to address some of society’s greatest challenges. Without doubt, one such challenge is our changing climate. As a global organisation, we are making real, and valuable, progress on this critical issue but the size of the challenge we all face means we must go further. As a proud business partner with UNESCO Isle of Man locally, this announcement is evidence of KPMG’s global commitment to deliver on a more sustainable future for everyone, focusing on delivering growth in a sustainable way and providing climate solutions, not just for KPMG, but for society too”.

He continued, “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. 

The announcement 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). 

Commenting on the announcement, 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 the carbon reduction plan that has been announced today. 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”.

Richard Threlfall will be the keynote speaker at a UNESCO Isle of Man webinar, ‘Building a sustainable future’, on 25 November. To find out more, please contact webinars@kpmg.co.im.

© 2021 KPMG LLC, an Isle of Man limited liability company and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance.

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