According to the UN, around one million animal and plant species are now threatened with extinction. On top of this, three-quarters of ice-free land and two-thirds of marine environments have been severely altered. And, according to the World Economic Forum (WEF)1, there are significant economic costs of this devastation, with more than 50 percent of global GDP in some way dependent upon nature. On the upside, the WEF2 estimates that transitioning to a nature-positive economy could create 400 million new jobs and generate US$10 trillion in annual business value.
At KPMG we understand that nature and biodiversity represent financial risk as well as opportunity, and acknowledge that these risks need to be quantified and understood. We also recognize that circular economies — economic systems aimed at eliminating waste and re-using scarce resources — are critical to our ability to minimize our impact on nature and biodiversity.
KPMG is proud to be a founding member of the Informal Working Group developing the Taskforce for Nature-related Financial Disclosures (TNFD), and to provide pro bono expertise to this taskforce from our sustainability experts in KPMG IMPACT. The objective of the TNFD is to create a resilient global economy in which capital supports nature and people to flourish — in line with the UNFCCC Paris Agreement and the UN SDGs.
1. Source: World Economic Forum, The New Nature Economy Report
2. Souce: World Economic Forum, The New Nature Economy Report
KPMG is committed to the push to protect biodiversity and to work with, rather than against, planetary boundaries. To do this, we’re striving to gain a better understanding of our impact on nature and to improve our biodiversity performance.
Using insights from the 2020 Circular Transition Indicators (CTI) Framework, which we played a central role developing with the World Business Council for Sustainable Development, we will continue to move towards eliminating use of single-use plastics, reducing water and paper use, and reusing or recycling electronic waste. Prompted by the IBC Stakeholder Capitalism Metrics, KPMG firms have also started identifying which of our offices are either in or adjacent to key biodiversity areas, and in areas of high and extremely high water stress, to ensure we adopt best practice.
Over the next 12 months, we will further develop our approach to managing these issues and will adopt targets and metrics appropriate to our sector and our impact. While that work is underway, we will continue to ensure we build awareness of our personal and professional impact on our natural world, and encourage our people to empower change, by engaging in activities that make a lasting, positive impact on the environment.
KPMG in Malaysia plays an active part in helping to save our marine ecosystem, through the Eco Dive program. Our efforts help to monitor coral reef health, nurture younger people to become eco ambassadors, and raise public awareness about the plight of coral reef conservation.
KPMG Australia responded to the devastating 2019-2020 bushfires that ravaged the country. It established a pro bono fund to provide critical support to federal and state government, as well as raising more than US$200,000 for the Australian Red Cross. Our people also worked with local businesses, sporting organizations and other groups to boost communities affected by the fires.
KPMG firms around the world are building staff champion networks, to encourage sustainable lives at work and at home. Starting in Turkish firm, ‘Climate Warriors’ are focused on raising awareness and funds that have been used to provide permanent protection for 12,000 acres of rainforest, locking in two million tonnes of carbon — the equivalent to the average annual footprint of 400,000 people. And, two aspiring future KPMG leaders from KPMG in the US, took part in ClimateForce: Arctic 2019, an expedition to the Arctic, led by Polar explorer Robert Swan, great grandson of KPMG founder Sir William Peat. During the expedition they learned more about environmental issues such as climate change science, and have returned to KPMG as Environmental Champions, driving change in support of a more sustainable future.
Our Impact Plan represents the collective environmental, social and governance commitments of independent KPMG firms, affiliated with KPMG International Limited. The data represented in Our Impact Plan is aggregated data from KPMG firms for the 12 months to 30 September 2020 unless stated otherwise. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. Where the term “ KPMG,” “ firm,” “ we” or similar references are used without definition, they are meant to collectively refer to KPMG International Limited and the independent KPMG firms.