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KPMG targets 2030 to achieve carbon neutrality

Professional services firm KPMG intends to become a net-zero carbon organisation by 2030.

The firm said the initiative is part of its continued focus on delivering growth in a sustainable way and providing climate solutions for member firms, clients and communities.

KPMG said it has signed up to a series of new climate actions, including a 1.5°C science-based target that will focus on achieving a 50 per cent reduction of KPMG’s direct and indirect greenhouse gas (GHG) emissions by 2030.

Additionally, KPMG firms have collectively committed to 100 per cent renewable electricity by 2022 in its 22 board countries, and by 2030 for the wider network, as well as offsetting any remaining GHG emissions through externally accredited voluntary carbon offsets to mitigate the remainder it cannot remove from its operations and supply chain.

Mike Morrison, chief executive officer of KPMG in Bermuda, said: “Bermuda represents the perfect ecosystem to become carbon neutral and to test and grow renewable energy sources.

“KPMG in Bermuda supports the Regulatory Authority’s Integrated Resource Plan, a journey towards a sustainable and secure future where the majority of our energy will be procured from renewable sources.

“Investing in renewable energy can be a catalyst for the economy, while helping to protect the future for our community. Our firm is committed to help bring this plan to life.”

Mr Morrison said KPMG in Bermuda focuses on the goals of lower consumption and higher awareness.

He added: “We actively work to reduce our firm’s overall electricity usage and have seen major progress over the last six years, cutting our usage by over one-third.”

Mr Morrison said that during the firm’s recent renovations, it replaced all light bulbs with LEDs, placed sensor lights throughout the building, donated used furniture to local organisations, and chose workstations and carpets made of recycled materials.

He added: “Operating during Covid-19 shifted the reality of the way we conduct business, forcing us to reconsider our amount of international travel.

“How we do business going forward will change, with increased consideration of virtual alternatives and our overall carbon footprint, positively impacting GHG emissions.

“We are excited about KPMG’s global ambition and the opportunities for Bermuda to be a leader in sustainability.”

KPMG said it used in-house experts to project its path to decarbonisation and, from this, has developed a carbon forecasting model for KPMG firms that enables bottom-up target setting.

The organisation said this model maps the impact and sources of emissions and how a change in policy – for example on business travel – can have a significant impact on GHG emissions.

Bill Thomas, global chairman and chief executive officer of KPMG International, said: “We have made real, and valuable, progress in our efforts to help KPMG member firms and clients grow sustainably, but the size of the challenge we all face globally on climate means we must go further.

“I am pleased that the new commitments we have announced will help to accelerate our ambitions to deliver on a more sustainable future, inspiring confidence among our teams and stakeholders and empowering them to change how we shape our future.

“Our carbon reduction plan will aid not only our own progress towards reducing the effects of the climate on tomorrow’s world, but it will also contribute to our clients’ efforts to reduce their end-to- end carbon footprint. With this new set of global commitments across KPMG, I am confident that we are making the right decisions today to make a difference tomorrow.”

Mike Morrison: CEO of KPMG in Bermuda

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Published November 25, 2020 at 8:00 am (Updated November 24, 2020 at 4:35 pm)

KPMG targets 2030 to achieve carbon neutrality

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