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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 services1.
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 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 and running the data working group, PwC is playing a key role managing the TNFD’s new ‘Data Catalyst’1 initiative. The Data Catalyst will bring together commercial, not-for-profit, government and academic data providers with emerging nature technology companies to find innovative solutions to address shortcomings in the current nature-related data and analytics landscape. The overall aim is to improve the ease, speed, and scale of adoption of the TNFD framework, which launched in September 2023.
- 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. The SBTN published the first corporate science-based targets for nature in May 2023. PwC is supporting this important initiative as a member of the Corporate Engagement Programme and by seconding experienced staff to conduct target validation during the piloting phase in 2023.
- 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.
- Business for Nature is a global coalition of more than 80 partner organisations and companies aiming to create a nature-positive economy worldwide by 2030. We are working with Business for Nature as an official knowledge partner for its flagship business action campaign.
1The Taskforce on Nature-related Financial Disclosures, Data Catalyst
2Science Based Targets Network (SBTN)
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.”
- 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. We have over 500 nature specialists working with our teams to develop strategies, reporting and other advice that embeds the consideration of nature as a priority. Over the next year we’ve committed to double our number of nature specialists across the network to 1,000.
- 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 new global Centre for Nature Positive Business here.
- We are committed to upskilling our 360,000+ strong community of solvers on nature and biodiversity, to allow consideration of these matters within the work we do for our clients. Bespoke online learning is being made available across our whole network through our Global Sustainability Academy.
- 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 Fund¹. The Fund works to reduce poverty, protect and restore biodiversity and reduce the impact of climate change in six environmentally critical landscapes.
¹UK Government. Biodiverse Landscape Fund. 2022 Website
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 impact on nature
As well as supporting our clients with nature matters, we are taking steps to better understand our own impacts on nature as a business.
- In 2023 we conducted an operational and supply chain impact assessment. We used PwC’s Nature Impact Explorer to estimate the impact of our business, based on our business locations, their scale and our expenditures on goods and services. We used industry and geographical averages to build a picture of our impact profile. This hotspotting exercise has allowed us to estimate the different types of impacts we have, their level of materiality and where they arise across the world.
- We’ve also taken steps to better understand our operational footprint in sensitive areas. This includes our land footprint in biodiverse rich regions and water use in water stressed regions. The details of this analysis is available in our Transparency Report.
- We are already taking some steps towards reducing our impacts across our network and in these sensitive areas. You can read about our analysis and the steps we are taking in our 2023 PwC Network Environment Report.
Our focus on nature-based solutions
- We’re offsetting our emissions through high-quality carbon credits, to reduce our climate impacts today as we move to net zero with 2030 goals. This gives us an opportunity to address climate impacts, and the interlinked threats of biodiversity and nature loss.
- We’re committed to at least 50% of our portfolio coming from natural climate solutions (NCS) and have exceeded this commitment for the last four years. You can learn more about our carbon offsets here.
- To help increase the supply of high integrity and high quality NCS credits, PwC has joined LEAF (Lowering Emissions by Accelerating Forest finance) Coalition and the Natural Climate Solutions Alliance (NCS). 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.
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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