PwC

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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• · CarbonPlan OffsetsDB
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• · EPA Green Power Partnership

The Group has transitioned to 100% renewable electricity since 2022 and will endeavour to maintain continued security of supply. This is achieved through Energy Attribution Certificates (EACs) using the 'Market based' approach to calculating Scope 2 emissions, which reflects the renewable electricity contract. The UK continued to source 100% of its electricity from renewable sources in FY2025. The PwC Network target is to transition to 100% renewable electricity in all territories by FY30.

The Group offsets 100% of residual emissions it cannot eliminate every year using high-quality carbon credits. By FY30, PwC has an ambition to transition the whole of its carbon credit portfolio to more substantive carbon removal and other market solutions as they become available. Currently the portfolio comprises conventional offsets; the transition toward durable removal credits (e.g. DAC, BECCS equivalents) is aspirational and subject to market development. There were no reservations on the limited assurance engagement for FY24 GHG data by Crowe U.K. LLP.

• Carbon offset offtake agreement providing short-term carbon price volatility protection

  The Group has secured an offtake agreement that provides short-term protection against volatility in carbon offset prices and will continue to manage these costs proactively. 100% of Scope 1, 2 and 3 market-based emissions are offset. The Group closely monitors the evolving carbon cost landscape including carbon taxes, emissions trading schemes and potential broader carbon adjustments, integrating these developments into financial planning and decision-making.

• Office energy efficiency programme driving Scope 1 and 2 reductions

  The UK achieved an 82% reduction in Scope 1 and 2 absolute emissions from the FY19 base, well ahead of the 50% by FY30 target. Energy efficiency is delivered through a combination of improved real estate stock, building management systems, PIR sensors, heat recovery systems, and strategic reduction of conditioned space during low-occupancy periods. Total UK energy consumption is 31 million kWh in FY2025. The Group has 19 UK offices at 30 June 2025.

• Business travel reduction targeting 50% cut from FY19 base by FY30

  Business travel represents the dominant Scope 3 emissions category at 107,110 tCO2e in FY2025, comprising primarily air travel (77,229 tCO2e). The Group has achieved a 5% reduction against baseline, with an 8% decrease year-on-year, driven by changes in the Middle East and a shift to lower carbon-intensive travel. PwC remains committed to reducing flights and decoupling business growth from environmental impact, recognising that travel is essential for serving regionally dispersed clients in the Middle East.

• Business travel reduction via Thoughtful Travel programme

  Business travel is the largest Scope 3 emissions contributor (116,853 tCO2e Group FY24). PwC has a target to reduce absolute business travel emissions 50% from FY19 base by FY30. The Thoughtful Travel programme embeds travel emissions in monthly business performance updates, introduces individual carbon travel statements for partners and directors, and sets premium economy as the default for long-haul daytime flights. Travel emissions per FTE have decreased since FY19, though absolute emissions grew 4% YoY as post-COVID travel fully returned, particularly in the Middle East.

• Office energy efficiency and real estate optimisation

  The UK energy reduction programme spans all 19 offices and focuses on consolidating and redesigning office space, operating more efficiently, investing in new technology, and encouraging employees to act sustainably. UK total energy consumption decreased 9% in FY24, driven by continued focus on lighting and heating optimisation. Scope 1 emissions are down 37% from FY19 baseline, 84% reduction in Scope 1 and 2 combined (market-based) against the 50% FY30 target.

• Employee commuting and working-from-home emissions management

  Employee commuting and working from home (extended Scope 3 Cat 7) totalled 23,919 tCO2e Group in FY24, up 25% from FY19 baseline of 19,106 tCO2e. The Group provides hybrid working options to reduce commuting emissions and supports employees to work sustainably through the Sustainable Living at Home guide, Sustainability Champions programme, and energy saving webinars. Over 150,000 hours of ESG learning have been undertaken since FY21.

• Business travel reduction via Thoughtful Travel programme and hybrid working

  Business travel is the dominant source of Scope 3 emissions for the Group (36,436 tCO2e in FY2023, 51% below 2019 baseline). The UK Firm operates a comprehensive 'Thoughtful Travel' programme to challenge travel-related planning and choices across the business through improving management information. The Group embraces a hybrid way of working with clients, where face-to-face meetings complement virtual engagement. Travel dashboards have been rolled out to senior leadership in each territory, and in the Middle East, the firm engages with suppliers to support lower carbon intensive travel arrangements.

• Office energy efficiency and building optimisation

  The UK Firm has invested heavily in energy-efficient offices through energy savings projects and refurbishments. Key initiatives include LED lighting upgrades (Newcastle and Edinburgh), temporary office closures over Christmas saving ~230,000 kWh, shifting evening cleaning to daytime to enable earlier lighting shutdown, and a UK-wide heating and cooling optimisation strategy enabling building management systems to run reactively. Together these saved approximately 690,000 kWh of energy per year. The energy management system is certified to ISO 50001 since 2012 and the environmental management system to ISO 14001 since 2008.

• Fugitive emissions and stationary fuel reduction

  Scope 1 emissions totalled 376 tCO2e in FY2023, down 55% from the 2019 baseline of 841 tCO2e. This includes fugitive emissions (refrigerant leaks) of 71 tCO2e and natural gas/biogas of 305 tCO2e. Gas consumption increased 14% in FY2023 due to an extended cold spell and running tri-fuel generators to reduce reliance on grid electricity. The Group has transitioned away from biodiesel (0 tCO2e in FY2023 vs 19 tCO2e in 2019 baseline). Heating and cooling optimisation and energy efficiency investment continue to drive down Scope 1 emissions over time.

• Office energy efficiency — LED upgrades, temperature management, building consolidation

  The UK Group's energy programme spans all 19 offices and focuses on consolidating and redesigning office space, operating more efficiently, and investing in new technology. In FY2022, an LED lighting upgrade at the Embankment Place office achieved 35% efficiency improvement. Server room temperatures were raised by 2°C, and a programme to replace old laptops with 32% more efficient models commenced (10% replaced by June 2022). A new Belfast office using fully electric heating eliminated gas demand and is 37% more energy-efficient per floor area than its predecessor. Overall gas consumption decreased 18%.

• Business travel reduction — managing road travel and encouraging sustainable commuting

  The primary driver for the increase in carbon emissions in FY2022 was the rise in business travel by road, with total distance travelled being twice that of 2021 but still only a fifth of pre-COVID-19 levels. Road Scope 3 emissions increased 297% to 813 tCO2e. The UK Group is focused on managing business travel levels and encouraging employees to operate sustainably as part of its broader energy programme targeting net zero by 2030.

• Carbon offsetting — 100% of extended carbon footprint offset via VCS/REDD+ credits

  Each financial year the UK Group offsets 100% of its extended carbon footprint as reported in the non-financial scorecard. All offsets are Verified Carbon Standard (VCS) credits sourced from REDD+ projects, retired on behalf of PwC by a registered broker. This approach has been maintained consistently and covers residual emissions not yet eliminated through operational reductions.

• Business travel reduction — road travel down 93% in FY2021

  Road-based business travel emissions fell 93% in FY2021 (from 2,821 tCO2e to 205 tCO2e) primarily due to COVID-19 restrictions with staff working from home. Total energy from road business travel fell from 9 million kWh to 1 million kWh. The UK Group's SECR report specifically tracks road travel emissions under Scope 3 as a key lever.

• Carbon offsetting — 100% offset of extended carbon footprint annually

  Each financial year the UK Group offsets 100% of the extended carbon footprint as reported in the non-financial scorecard. All offsets are Verified Carbon Standard (VCS) and from REDD+ projects, retired on behalf of PwC by a registered broker. This is a transitional measure alongside the firm's Net Zero 2030 ambition.

• Office energy efficiency and smart building management systems

  PwC UK has invested in energy efficiency across its office estate, including upgrades to lighting and refurbishments at Embankment Place, and installation of energy-saving technologies such as light sensors and zonal air conditioning in the new Watford office. Building management systems were updated to optimise energy consumption as part of a review of energy savings opportunities. Since 2007 energy consumption has been reduced by 61%.

• Business travel reduction — road travel scope 3 tracking and reduction

  PwC UK tracks and reports road business travel emissions as part of its SECR disclosure. In FY2020, road business travel emissions fell to 2,821 tCO2e from 3,713 tCO2e in FY2019 (a 24% reduction), partly reflecting COVID-19 lockdown effects in Q4 FY2020. Business travel is converted from car mileage claimed through expenses using UK Government GHG conversion factors. Further travel emissions (air, rail) are reported in the separate non-financial scorecard.

• Office energy efficiency — DALI lighting, smart sensors, iBMS, biogas trigenerators

  PwC UK's energy programme spans all 21 UK offices and focuses on consolidating and refreshing office space, operating more efficiently, and investing in new technology. The new Birmingham office opened in FY2020 with a DALI addressable lighting system, LED lighting, smart sensors and an enhanced building management system (iBMS), reducing electricity consumption by 34% in first six months. The More London office installed trigenerators running on 100% biogas (providing 25% of electricity demand) and a first phase of photovoltaics to reduce grid reliance.

• Carbon offsetting — 100% of extended carbon footprint offset annually via VCS and REDD+

  Each financial year the UK Group offsets 100% of its extended carbon footprint as reported in the non-financial scorecard. All offsets are Verified Carbon Standard (VCS) credits and REDD+ projects, retired on behalf of PwC by a registered broker. This approach has been maintained for several years as a bridging measure while operational emissions continue to fall.

• Client sustainability services and advocacy driving broader decarbonisation

  The Group has made strategic investments to scale sustainability services offerings, bringing together sustainability specialists to help clients navigate physical and transition climate risks, and identify net zero transformation opportunities. The Group also engages with its clients, suppliers and regulators to address challenges including reviewing nascent climate technology start-ups as reported in the Net Zero Future50 report and supporting clients to drive investment in renewable technology.

• Supply chain engagement: 50% of suppliers by emissions to set SBTi targets by FY25

  The PwC Network target is for 50% of purchased goods and services suppliers (by emissions) to have set science-based targets to reduce their own climate impact by FY25. The Group has 28% of supplier emissions covered by SBTis; the UK has exceeded its target but the Middle East and Channel Islands lagged due to lower market adoption. The Group continues to advocate for SBTi adoption through contract terms and one-to-one engagement. Purchased goods and services represent 205,843 tCO2e in FY2025.

• Supply chain decarbonisation via SBTi supplier engagement (Cat 1 purchased goods)

  Purchased goods and services (extended Scope 3 Cat 1) totalled 192,974 tCO2e Group in FY24. PwC has set a target to procure 50% of purchased goods and services (by emissions) from suppliers with SBTi-validated targets by FY25. As of FY24, 22% of supplier emissions are covered by SBTis at Group level (50% for UK). PwC advocates for validated carbon reduction targets through supplier outreach forums and one-to-one engagement. The UK launched engagement-level carbon footprinting tools in FY24.

• Client climate services and ESG advisory as transitional opportunity

  PwC has invested in scaling its sustainability services, providing tailored net zero transformation and sustainability reporting support to clients. The Group identifies supporting clients in addressing climate risk as a transitional opportunity, with potential for revenue growth from an increasing market share of sustainability-related services. Investments in ESG capabilities, platforms, and sustainability specialists enable the Group to support clients' net zero journeys and help them comply with evolving climate regulation. This is framed as both a commercial opportunity and a reputational lever.

• Supply chain decarbonisation: engaging suppliers to set SBTi-validated targets

  The Group's strategy includes engaging with suppliers to make their own SBTi-validated reduction targets, with a commitment that 50% of the Group's suppliers (by emissions) will have set their own science-based target by 2025. The UK Firm's Supply Chain Sustainability programme is designed to drive down carbon emissions through collaboration and innovation to measure, report and set targets. Key suppliers are selected on the basis of spend, sustainability impact, and modern slavery risk. A free SME support programme was offered to over 100 small and medium-sized enterprise suppliers, covering 15% of total spend, providing Net Zero training materials and carbon footprinting tools.

• Supply chain green lease engagement with office landlords

  PwC UK engaged office landlords to assess opportunities for 'green leases', including energy efficiency improvements and switching to renewable energy sources. This is a dependent lever as it relies on landlord cooperation across the 20-office estate.