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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 services.1
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 the 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, we have also been at the forefront of the TNFD’s data and measurement efforts, leading the TNFD Data & Measurement Working Group and Data Catalyst initiative, and facilitating collaborative discussions at the UNFCC’s COP28.
Building on the momentum of the Science Based Targets initiative, the Science Based Targets Network (SBTN)2 aims to set the standard for ambitious measurable corporate action on nature. PwC is supporting this important initiative with guidance, frameworks and dashboards to help validate freshwater and land targets.
In December 2022 at the UN Biodiversity Conference (COP15) in Montreal, the Global Biodiversity Framework (GBF) was finalised and adopted. The GBF is the biodiversity equivalent of the 2015 Paris Agreement on climate change. Just as the Paris Agreement led to a wave of climate action, the GBF will accelerate changes in policies, stakeholder expectations and the market environment relating to nature. PwC China - in collaboration with the World Economic Forum - launched The Post-2020 Global Biodiversity Framework and What it Means for Business, a white paper that introduces the most business-relevant aspects of the Post-2020 GBF and six key business- and regulatory-driven approaches that need to be scaled up to achieve its targets. The paper includes case studies of companies already taking action to mitigate nature-related risks, while investing in new business opportunities that contribute positively to the targets of the GBF. We facilitated discussions at COP16 in Cali, Colombia and showcased work we have been doing with our clients on nature.
- Business for Nature is a global coalition of 100+ partner organisations and companies aiming to create a nature-positive economy worldwide by 2030. As the official knowledge partner to the ‘It’s Now for Nature’ campaign, PwC UK created the Nature Strategy Handbook that identifies key steps and features of a nature strategy.
1The Taskforce on Nature-related Financial Disclosures, Data Catalyst
2Science Based Targets Network
Working with our clients on their nature-related challenges
“By boosting our capabilities to help clients develop and implement nature-positive strategies as part of their broader sustainability strategies, we are helping a growing number of businesses transform their operating models, and in doing so, help to build a net zero, nature-positive world.”
The PwC network has doubled its number of nature specialists from 500 to over 1,000 in a year, with specialisms including biodiversity, water, deforestation, marine resources and regenerative agriculture.
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.
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 global Centre for Nature Positive Business here.
We are committed to upskilling our 370,000+ strong community of solvers on nature and biodiversity, to allow consideration of these matters within the work we do for our clients.
- 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 Fund.1 The Fund works to reduce poverty, protect and restore biodiversity and reduce the impact of climate change in six environmentally critical landscapes. PwC Canada has been administering British Columbia’s Clean Coast Clean Waters program2 which since 2020 has removed 215 derelict vessels and cleaned up more than 2,100 tonnes of marine debris from more than 6,400 kilometres of shoreline, while creating or maintaining nearly 2,400 well-paying jobs.
¹UK Government. Biodiverse Landscape Fund. 2022 Website
2British Columbia's Clean Coast Clean Waters program
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.
Working to understand and address our own impacts and dependencies on nature
As well as supporting our clients with nature matters:
We are proud to be an inaugural TNFD Early Adopter.3 We joined other organisations committing to make nature-related disclosures based on TNFD recommendations.
We have undertaken further work this year to deepen our understanding of our nature-related dependencies and impacts by beginning to apply the TNFD framework to our business.
We’ll use the findings at both network and territory levels, as we work to enable our operations to be resilient against environmental hazards, and to better inform how we can manage our dependencies and reduce our impacts.
- You can read about our analysis and the steps we are taking in our 2024 PwC Network Environment Report.
Our focus on natural climate solutions
Each year, once our PwC firms have reduced their emissions in line with our near-term science-based targets, they offset any scope 1, 2 and scope 3 business travel emissions they have not yet eliminated. They do this by purchasing high-quality carbon credits.
We’re committed to at least 50% of our portfolio coming from natural climate solutions (NCS) and have exceeded this commitment for the last five years. In FY24, 87% of our portfolio came from projects that protect and restore the environment through natural climate solutions. This gives us an opportunity to address climate impacts, and the interlinked threats of biodiversity and nature loss. You can learn more about our carbon offsets here.
To help increase the supply of high integrity and high quality NCS credits, PwC joined the LEAF (Lowering Emissions by Accelerating Forest finance) Coalition in 2021 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. In December 2023, we joined other members to sign the first deal under the Coalition. LEAF credits will continue to form a significant part of our portfolio in the coming years.
Managing nature risks: From understanding to action
Read PwC's analysis of the nature risk that organisations could be facing. Business relies heavily on nature to supply much-needed goods and services. Recognizing those dependencies is the first step toward managing the risks and opportunities they create.
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