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PwC boosts global nature and biodiversity capabilities with new Centre for Nature Positive Business

Business 18 May, 2023 Follow News

Kelli Koutney

55% of the world’s GDP - equivalent to $58 trillion - is exposed to material nature risk without immediate action

• PwC to double the size of its team of nature specialists over next 12-months

• Initiatives include upskilling 328,000 strong global workforce, assessing PwC’s impact on nature across its supply chain, and embedding nature positive strategies into client services as part of broader climate and sustainability activities

This Earth Day, PwC announced it’s building on more than a decade at the forefront of climate-related initiatives by boosting its global nature and biodiversity capabilities as new PwC research finds that 55% of the world’s GDP is exposed to material nature risk.

As part of a global suite of initiatives, PwC will launch a new global Centre for Nature Positive Business and provide nature positive training to help upskill its 328,000 strong global workforce in order to better understand nature impacts and work towards nature positive outcomes with clients.

The nature imperative: an increased proportion of the world’s GDP is exposed to material nature risks

The initiatives come as new PwC analysis finds that nature’s decline poses significant risks to the global economy and society-at-large if organisations do not transform their practices now. More than half (55%) of the world’s gross domestic product (GDP) – equivalent to an estimated US $58 trillion – is moderately or highly dependent on nature, rising from US $44 trillion in 2020. All 163 economic sectors analysed by PwC have a portion of their value chain that is highly dependent on nature. The health of natural ecosystems and biodiversity have far reaching implications, with more than half (50.6%) of the market value of listed companies on 19 major stock exchanges exposed to material nature risks.

Kelli Kourtney, Sustainability Leader, PwC Cayman, said:

“PwC’s new global Centre for Nature Positive Business represents an exciting opportunity for organisations to better understand and mitigate their impacts on nature, manage risks and deliver sustained outcomes. Climate change and nature are inextricably linked, and as the challenges facing the environment continue to rise, so too will the impacts felt by ecosystems around the world. Within the Cayman Islands we have our own unique challenge in finding a balance between development and conserving our beautiful Islands, especially our mangrove forests. The ability to store carbon in mangrove forest ecosystems is four times greater than in other tropical forests around the world.

She continued, “By boosting PwC’s capabilities to help clients develop and implement nature positive strategies as part of their broader sustainability strategies, we will help a growing number of businesses transform their operating models, and in doing so, help to build a net zero, nature positive world. PwC’s diverse client base and international reach across 152 territories positions it with a real opportunity to make a tangible impact.”

PwC to boost its capabilities to help accelerate a nature positive and net zero transition

PwC’s new Centre for Nature Positive Business will bring together and further expand key nature capabilities across the world in areas such as biodiversity, water, regenerative agriculture and forestry. PwC will also double the size of its team of nature specialists over the next 12-months, from 500 to 1,000. PwC’s nature specialists work on a variety of topics including nature positive strategy and transformation, nature risk management and reporting, nature technology, data and measurement, and nature finance and fund management.

PwC to upskill global workforce while continuing to expand global partnerships with leading organisations

To equip PwC’s global workforce with the skills needed to understand nature impacts and embed nature positive outcomes in service offerings to clients, PwC will offer nature and biodiversity training to upskill its 328,000 strong workforce, with bespoke online learning to be made available across its network through its global Sustainability Academy. PwC has also conducted a global assessment to identify which of its offices are in or adjacent to key biodiversity areas, while the network is in the process of conducting an assessment to identify nature-related impacts in its supply chain. To drive the development of frameworks, standards and methodologies that provide the architecture necessary for rapid system-wide change, PwC will also continue to collaborate with a range of organisations on industry-leading initiatives. PwC is currently supporting the Science Based Targets Network (SBTN) by seconding experienced staff to conduct validation of newly developed corporate nature targets, working with the Taskforce on Nature-related Financial Disclosures (TNFD) to improve market access to nature-related data, and with the World Business Council for Sustainable Development (WBCSD) on sector-based TNFD piloting. In addition, PwC has collaborated with the World Economic Forum to develop guidance on how businesses can implement the Global Biodiversity Framework, and with the WBCSD to develop insights on ecosystem valuation, natural climate solutions and nature-based solutions.

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