Give financial markets, clients and our leaders clear, comprehensive, high-quality information on the impacts of climate change.
We recognize that climate risks and opportunities are dynamic and interconnected and that it’s vital to evaluate their potential impact on our business operations. That’s why we report annually to CDP (formerly the Carbon Disclosure Project) on our collective performance and management for climate related issues. For our most recent disclosure, we achieved a B grading — showing we’re taking coordinated action on climate issues.
As part of Our Impact Plan, we will regularly review our climate risk approach and performance and present our progress to the Global Board. As part of this process, we’re now further improving our approach to climate risk assessment and impact reporting, and are playing an active role in the Taskforce for Climate-Related Financial Disclosure (TCFD).
KPMG’s climate-related risks are identified and managed through our Global Climate Risk Action Group, which is chaired by the Global Chief Operating Officer. The group convenes on a quarterly basis to:
- Lead the formal assessment of KPMG’s climate risks under a range of different future climate scenarios
- Lead action to mitigate material climate risks where appropriate
- Make suggestions about the ways in which climate risk could be integrated into governance and risk management for the organization.
Our Global Climate Risk Action Group has identified the potential substantive strategic, reputational and financial climate risk impacts (Regulation, Legal, Reputation and Acute Physical) and opportunities (Market, Technology and Reputation) to our organization. By creating better awareness of the risks and opportunities from climate change through our disclosures, we will drive a more efficient allocation of capital to their mitigation or enablement, improving our financial stability. We’re now in the process of setting specific metrics that inform their measurement.
I saw up close and personal the effects of climate change as part of the 2041 Foundation’s ClimateForce: Arctic 2019 leadership development expedition. I saw shrinking glaciers and heard the sound of ice melting. There was a constant cracking and popping noise. The sound was a persistent reminder that the world is warming. The Arctic is an environment seemingly untouched by humans, yet I still managed to find traces of consumption, from fishing gear to food packaging. Every decision we make as consumers has an impact.
KPMG in the US
*Above image of polar bears taken by Lauren Napheys, Advisory Manager, KPMG in the US on 2041 Foundation’s ClimateForce: Arctic 2019 leadership development expedition
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.