PwC anticipates ten fold increase in revenues from ESG over next 4 years

Thom Wilkinson, Partner specialising in Property and Environmental Law at Bishop & Sewell LLP

Recently PwC announced that it is upskilling its whole client-facing workforce to help clients address their Environmental, Social and Governance (ESG) challenges. Over 100,000 current employees across the Big Four form have already taken part in ESG training, writes Thom Wilkinson, a Partner in solicitors Bishop & Sewell’s Property and Environmental Law team.

‘The New Equation’ strategy as this process is called is in anticipation of PwC’s ESG revenues growing ten-fold over the next four years.

Reported here their strategy is backed by a £10.5bn investment to help clients “build trust and deliver sustained outcomes”, and PwC has identified ESG as “critical to answering the defining challenges” for global business.

As I wrote here over a year ago the rising importance of ESG is a significant factor both for professional services and lawyers in particular. The recent announcements from the new government in the UK may have done little to focus attention on ESG, but for a firm of the size and scale of PwC committing £10 billion towards its focus most boardrooms up and down the country will now be thinking about their ESG to do list, if they haven’t already.

Will Jackson-Moore, PwC’s Global Head of ESG says: “ESG is the defining business issue. Our global footprint gives us the opportunity – and responsibility – to help answer the challenge at scale. Every aspect is important, but right now the urgent need is to move beyond strategy and deliver the practical steps needed to tackle climate change.

“The focus has to be on net zero transformation of businesses and their supply chains, mobilising sustainable capital, enhancing resilience against climate risks and delivering robust reporting on progress. I am excited about helping our people create value by delivering sustained outcomes for our clients and stakeholders.”

As ever, if you would like to discuss any of the points raised in this article, please do get in contact, quoting reference CB355. Thom Wilkinson is a Partner specialising in Property and Environmental Law and is contactable on Tel: +44 (0)20 4513 6073 or email: [email protected]

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