KPMG UK believes sustainable growth is the only way to build a successful business and to have a lasting impact on the world. We started publishing Our Impact in September 2021, bringing together our firm’s commitments in one place, measuring our progress and holding ourselves accountable to drive change. This reports on our impact on the environment, how we are driving prosperity for our people, communities and clients, while also demonstrating our firm’s focus on setting best-practice governance. Among KPMG UK’s commitments, we have an ambition to be Net Zero and we have a near-term science-based target (SBT) for 2030. Using 100 per cent renewable electricity across our estate by 2024 and engaging with our suppliers to make further carbon reductions are just some examples of the ways we are challenging ourselves to achieve our ambitions.
COP28 is a crucial moment for governments and industry to step-up and fast-track the global climate agenda.
Key focus areas for KPMG clients:
1) Scaling renewables – The COP28 Presidency has set out an ambitious set of targets for the summit, including tripling renewable energy deployment, doubling hydrogen production, ending methane emissions and the establishment of a Loss and Damage Fund.
2) Climate and nature nexus – Nature underpins the global economy. More than half of the world’s economies (US$44 trillion) is highly or moderately dependent on nature. Almost every business and financial institution will have dependencies on Nature. This realisation of the risks and dependencies on nature from businesses is increasingly being seen. Companies will fail to meet their net zero targets without properly taking account of their risks and impacts on Nature & Biodiversity. Likewise, climate change is a key driver of Nature & Biodiversity so companies will increasingly be looking to take an integrated approach to these issues.
3) Adaptation finance – Adapting to the impacts of climate is a critical and increasing priority; regardless of current and future action on climate mitigation, we are seeing the effects of climate change now, and the need to adapt is significant and will increase going forward. The cost of inaction is significant and rising. To date however, action on adaptation has been deprioritised relative to action on mitigation, and currently, adaptation finance represents only 10% of overall climate finance.
Further reading mentioned by Richard as below: