Our commitment to net zero

Two people discussing a net zero project.

In September 2020, PwC made a worldwide commitment to achieve net zero greenhouse gas (GHG) emissions by 2050, with near-term science-based targets set for 2030. To achieve the commitment all territories need to progress towards net zero. PwC Isle of Man has established a net zero team, with responsibility for the planning and execution of the net zero objective and local territory action plan.

In July 2021 PwC’s targets were independently validated by the Science Based Targets Initiative (SBTi). Our targets are in line with the 1.5-degree scenario to prevent the worst impacts of climate change, as set out in the Paris Agreement. The near-term science-based targets are:

to reduce scope 1 and 2 absolute emissions by 50% from a FY19 base by FY30

to reduce absolute scope 3 business travel emissions by 50% within the same timeframe

transition to 100% renewable electricity in all territories by FY30.

These targets, as well as our long-term science based targets set in January 2025 for 2050, are in line with a 1.5 degree scenario to prevent the worst impacts of climate change, as set out in the Paris Agreement.

How will PwC Isle of Man become net zero

Across four work streams our net zero team will come together to solve, whilst communicating our net zero commitment to our people, clients and stakeholders and empowering our people to make informed decisions about sustainability.

Measurement and disclosure – A priority is enhancing our non-financial reporting across scopes 1, 2 and 3, we will gather our data and quantify our emissions.
Emissions reduction – Reducing carbon emissions is critical to our net zero commitment, with continuous improvements to energy efficiencies, reducing air travel, adopting more sustainable forms of travel and delivering a more virtual client service model as key priorities.
Supply chain – We plan to engage with our suppliers to encourage them to decarbonise and set their own Science Based Targets.
Renewable energy and carbon offsets – In addition, we will continue to offset those scope 1, 2 and 3 emissions we cannot eliminate today through the purchase of high-quality carbon credits, and plan to transition our carbon credit portfolio to 100% carbon removals from FY30.

Our journey to date

Established a net zero team and developed a net zero Territory Action Plan across four work streams
Identified the main sources of greenhouse emissions and quantified our baseline position for FY 2019
Switched to a renewable electricity tariff in FY 2022

Reached 50% reduction in total greenhouse gas emissions by FY 2022
Committed to the global offset procurement process for FY 2023

Provided ongoing communication on our net zero journey to our people.

In addition to setting formal near-term science-based targets for our climate action goals, we will continue to work towards reducing our emissions and enhance our performance across broader environmental impacts beyond the scope of our global net zero commitment.

Reduction in total greenhouse gas emissions

This graph displays actual data from FY 19 - 25 showing that our firm has already achieved a 50% reduction in emissions.

Our forecast from FY 25 - 30 takes into account emissions that we are unable to reduce at this point in time, including shared office gas emissions and off-island business travel. Data excludes suppliers.