Building on more than a decade at the forefront of climate-related initiatives PwC is boosting its global nature and biodiversity capabilities, as new research by the organisation 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.
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.
PwC will 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 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 will offer online training to its people through its global Sustainability Academy. The organisation 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. The business community has an essential role to play in a global transition towards a nature positive and net zero future, and PwC’s diverse client base and international reach across 152 territories positions it with a real opportunity to make a tangible impact.
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. The organisation 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.