KPMG Pledges US$1.5 Billion Over the Next Three Years to Focus On ESG Effortsby Fintech News Singapore October 6, 2021
KPMG plans to spend more than US$1.5 billion over the next three years specifically to focus on the Environmental, Social and Governance (ESG) strategy as outlined in “KPMG: Our Impact Plan”.
The plan sets out a range of targets, including a pledge to become a net-zero carbon organization by 2030.
KPMG will set up five new hubs to provide expertise and solutions on key ESG issues, focusing on helping large multinational businesses meet their net-zero commitments and plan their decarbonization journey.
The hubs will also provide global advisory backed by teams from KPMG firms.
Meanwhile, three KPMG regional ESG hubs will also be established in Europe, Asia Pacific and the Americas to allow clients easy access to insights and expertise across the ESG agenda.
KPMG added that it will invest in its climate and ESG solutions and technologies, including Climate IQ, a digital tool that helps clients identify opportunities and risks arising from climate change.
To complement the technological investments, the global organisation will also expand its workforce, both for ESG advisory work and to provide assurance on ESG disclosures.
Additionally, KPMG will develop its proprietary audit workflow technology to enable delivery of ESG assurance with the same quality and rigor that KPMG firms apply to financial audit work.
ESG training will be provided to all of the KPMG organization’s 227,000 people to ensure that everyone is empowered to be an agent of positive change.
As part of this training, KPMG is working with two leading global academic institutions, University of Cambridge Judge Business School and NYU Stern Executive Education:
KPMG said that it will also launch KPMG Emerging Markets Accelerators for developing nations in the Eastern Mediterranean, Africa, Asia Pacific and Latin America.
The firm will be building on its collaboration with external organisations including UNESCO, Enactus and the Global Reporting Initiative.
Through alliances with Google Cloud, Microsoft and ServiceNow, KPMG is co-creating new tools and solutions that will provide critical insights based on data that clients can use to map their ESG journeys and implement vital changes to meet their commitments.
KPMG is also launching a new campaign called ‘Voices for a Sustainable Future’, offering a platform to amplify the views of established and new thinkers, giving voice to critical issues — from climate change to gender and race equality.
“Our global ESG strategy will help equip our people to make a difference, as well as mobilize data and technology in support.
But we also recognize that the changes society is demanding will be realized most effectively through open collaboration based on trust, and we will continue to seek out opportunities to partner with other organizations that share our sense of purpose to enable a better future for everyone, everywhere.”
said Richard Threlfall, Global Head of ESG and KPMG IMPACT.