KPMG

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Carbon per FTE (full-time-equivalent employee) — the diagnostic measure for people-leveraged businesses where headcount, not capital, drives delivery. Captures the office, energy and travel footprint per person.

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KPMG UK has achieved its target of 100% renewable electricity, with all electricity now backed by Renewable Energy Guarantees of Origin (REGOs). The firm continues to purchase renewable energy for its managed estate and purchases additional Guarantees of Origin for landlord-managed offices. 378 solar panels at the Canary Wharf head office have generated over 107,500 kWh of renewable energy since October 2024. A gas reduction roadmap to 2030 is being pursued through boiler efficiency upgrades, building management system improvements, and ongoing review of renewable gas options through the Environmental Working Group. The target is 100% electric company cars by end of 2030.

KPMG UK explicitly states it does not use carbon offsets towards carbon reductions. The firm's stated approach to decarbonisation focuses on operational efficiency, renewable energy procurement, supply chain engagement, and internal carbon price-funded projects rather than offsetting. There is no mention of carbon removals (DAC, BECCS, biochar, etc.) in the current disclosure.

• Fleet electrification — 100% electric company cars by end of 2030, interim milestone 2027

  KPMG UK has had a CO2e cap in place for new company cars for many years. In FY24 a new interim milestone was introduced to phase out all existing petrol and diesel cars and replace them with hybrid or electric cars by September 2027, with a full transition to 100% electric company cars by end of 2030. Interim milestones to phase out diesel/petrol fleet up to 2030 have been established, and an EV charging point roll-out is underway across KPMG UK sites.

• Internal Carbon Price (ICP) to fund decarbonisation investments across buildings and technology

  An Internal Carbon Price was first set in FY22, designed to drive positive decision-making on business travel and utilities consumption and to fund emissions reduction initiatives. In FY24 KPMG UK conducted a review of ICP terms of reference and investment principles to expand the scope of projects that can be funded via the ICP, ensuring it continues to support the firm's commitment to become a net zero business. The ICP is discussed and reviewed by the Environmental Working Group and Environment Steering Committee, with investments reported to the Operations Executive.

• Business travel reduction via hybrid working, Smart Travel Policy, and rail-mandate

  KPMG UK's hybrid working model is described as a purposeful choice to reduce travel demand. The firm introduced a Smart Travel Policy encouraging use of rail over more carbon-intensive modes, added additional rail-mandated routes, and supports colleagues to make sustainable travel choices. Business travel emissions increased 4.7% in FY24 due to targeted international travel needs, but remain 40% lower than pre-pandemic FY19 levels. The Internal Carbon Price (ICP), introduced in FY22, is designed to drive positive decision-making on business travel and utilities consumption.

• Office energy efficiency — LED upgrades, BMS, boiler replacement, hybrid working

  KPMG UK manages energy consumption through its ISO50001 Energy Management System and ISO14001 Environmental Management System. In FY24 gas consumption decreased 33% and electricity consumption decreased 6.3% year-on-year, with overall office energy down 14% vs FY23. Investments include LED lighting upgrades, boiler/water heater/chilled water pump replacement in Leeds, air handling unit motor upgrades at Canary Wharf, and continued floorspace reduction. Engineers benefit from an auto-approval mechanism for projects with a three-year payback.

• Office energy efficiency: BMS, LED upgrades, boiler finetuning

  KPMG manages energy consumption through its ISO50001-certified Building Management System (BMS), controlling key engineering equipment. FY2023 projects included ongoing LED lighting upgrades, boiler finetuning, and a pilot of improved-efficiency air handling units at Canary Wharf. Modified temperature controls reduced heating and cooling energy. Gas consumption decreased by 10% year-on-year, while the firm targets switching to renewable gas across its estate by 2030.

• Business travel reduction via hybrid working and greening travel strategy

  KPMG's hybrid working model enables colleagues to split time between home, office and client sites, reducing the need for commuting and some business travel. The firm uses Microsoft Teams for remote collaboration and supports colleagues through a greening travel strategy. An Office Concierge app launched in 2022 tracks transport mode and distance for commuting. Despite a sharp rebound in travel in FY2023 (air travel up to 20,838 tCO2e), overall travel remains below pre-pandemic levels. The Internal Carbon Price implemented in 2022 is designed to drive conscious decisions about business travel.

• Internal Carbon Price to drive capital allocation for emissions reduction

  KPMG implemented an Internal Carbon Price (ICP) in 2022, setting a price per tonne of carbon emitted to fund emissions reduction initiatives. The ICP is used to drive positive decision-making in business travel and utilities consumption, and investment in client services, training and operational efficiencies. The Environmental Management Group (EMG) examines ICP investments as part of its eight annual meetings. The specific price per tonne is not publicly disclosed in this report.

• Hybrid working model to reduce office energy and commuting emissions

  KPMG's hybrid working model enables colleagues to split time between home, office and client sites, reducing total building occupancy and associated energy consumption. The firm uses collaboration technologies such as Microsoft Teams to support remote working. Whilst gas and electricity consumption increased in FY2022 as offices returned to more normal hours, the hybrid model is designed to limit the long-term growth of office energy use relative to headcount.

• Office energy efficiency — boiler upgrades, LED lighting, and pump improvements

  KPMG focused on reducing gas consumption (one of its highest carbon impacts) by upgrading boilers at its Canary Wharf Head Office to improve efficiency. Continued LED lighting upgrades at Canary Wharf and Birmingham offices, and installed new pumps at Leeds office to improve heating and cooling efficiency. Engineers benefit from an auto-approval mechanism for projects with a three-year payback, enabling continual improvement across the estate. These measures accompanied ISO 50001 recertification in September 2022.

• Office energy efficiency — LED, BMS upgrades, Air Handling Unit improvements

  KPMG UK implemented energy efficiency improvements across its office estate including a Building Management System upgrade in its Leeds office, LED implementation at Canary Wharf Head Office, and upgrades to Air Handling Units. Engineers benefit from an auto-approval mechanism for projects with a three-year payback. Natural gas consumption fell from ~11.4m kWh to ~8.4m kWh and electricity from ~18.4m kWh to ~16.8m kWh year-on-year.

• GHG measurement using GHG Protocol and BEIS conversion factors

  KPMG uses GHG Protocol standards and guidance documents, applying carbon conversion factors issued annually by the UK Department for Business, Energy & Industrial Strategy (BEIS). The firm uses electronic data collection and extrapolation for data gaps. It holds ISO14001 and ISO50001 certifications to strengthen energy monitoring and reporting. SECR-compliant disclosures cover Scope 1, 2 and selected Scope 3 categories.

• Business travel reduction through hybrid working and collaboration technology

  The firm deployed a predominantly remote-working model in 2021 due to COVID-19. From September 2021, KPMG entered a 'Reconnection Phase' with employees attending offices four days a fortnight. Microsoft Teams achieved 99% uptake as the default communication tool. Business travel emissions fell from ~14,472 tCO2e in 2020 to ~1,171 tCO2e in 2021, with air travel reducing from ~12,809 tCO2e to ~1,033 tCO2e.

• Business travel reduction through remote collaboration technology

  KPMG deployed remote collaboration technology across the firm in FY2020. In the first half of the year this reduced business travel; by the second half it became the default method of business communication. This drove a ~63% reduction in air travel emissions (from 34,957 tCO2e to 12,809 tCO2e) and total Scope 3 emissions fell from 44,557 tCO2e to 17,005 tCO2e year-on-year. The firm views remote working as both a pandemic response and a longer-term tool to reduce travel emissions.

• Office energy reduction through ISO 50001 and estate management

  KPMG achieved ISO 50001 Energy Management System certification in November 2019, enabling systematic monitoring and reporting of energy consumption. Electricity consumption fell 20% in FY2020 due to reduced office estate use during COVID-19. Natural gas consumption was 11.35 million kWh in 2020 vs 12.03 million kWh in 2019. The firm actively manages its office estate and collaborates with landlords on renewable energy in leased buildings.

• Responsible Supply Chain Programme — 189 suppliers engaged, 25% Scope 3 reduction target

  KPMG UK has operated a Responsible Supply Chain Programme since FY12, engaging top suppliers to manage the carbon impact of its supply chain. The SBTi-approved target is to reduce absolute Scope 3 supply chain emissions by 25% by 2030 from a 2017 baseline, engaging 100+ suppliers. As of FY24, 189 suppliers have been engaged on climate. The new Responsible Supply Chain Programme launched in FY24 includes two strategic pillars: 'Climate and Decarbonisation' and 'Nature, Waste and Lifecycle Management'. Training sessions on Reducing Carbon Emissions and Setting Science-Based Targets have been delivered to suppliers, and CDP disclosure is facilitated for key suppliers.

• Supply chain decarbonisation: Sustainable Procurement Programme with 161 suppliers

  KPMG has operated a Sustainable Procurement Programme for over a decade, engaging top suppliers to manage carbon impact across the supply chain. In 2021 the programme was expanded to more than double the number of suppliers engaged, and by FY2023, 161 suppliers are engaged on climate. The firm has seen a 55% decrease in supply chain emissions since 2019. The SBTi near-term target includes a 25% reduction in Scope 3 supply chain emissions by 2030 (2017 baseline). The Sustainable Procurement Steering Committee met three times in FY23 to oversee climate-related supplier strategy.

• Greening travel strategy and individual traveller carbon dashboards

  KPMG launched individual traveller dashboards in FY2022, allowing colleagues to see the carbon impact of their own travel and compare against peers. The firm supports colleagues in making sustainable travel choices through its greening travel strategy. Business travel (air, car, rail) is the dominant Scope 3 category; Scope 3 emissions rose sharply in FY2022 (9,798 tCO2e vs 1,908 tCO2e in 2021) as COVID travel restrictions were lifted, highlighting the materiality of this lever.

• Collaboration with building landlords on renewable energy in leased assets

  KPMG collaborates with its landlords in leased buildings on renewable energy performance. Given the firm's large office footprint (right-of-use assets of £455m, primarily office buildings), engagement with building owners is a key lever for reducing Scope 3 upstream leased asset emissions. This dependent lever supplements the firm's direct renewable electricity procurement through Guarantees of Origin.