KPMG provides updates on ESG-focused ‘Impact Plan’

KPMG International has announced updates on its progress for a wide range of ESG commitments.

Launched in 2021, “KPMG: Our Impact Plan” merges all of the firm’s ESG goals into one global plan, focused on four main areas: “Planet, People, Prosperity and Governance.” The plan will record its global ESG data and compare it with metrics outlined in Measuring Stakeholder Capitalism, a sustainability report penned by the World Economic Forum and International Business Council.

The progress comes amid KPMG entering year three of its $5 billion investment to better position itself for digital transformation in professional services.

“As the world faces one of the most significant periods of unrest for a generation, more than ever, we are acutely aware of our responsibility to support our people, clients and societies to work together to secure a better, sustainable, more united future,” said Bill Thomas, global chairman and CEO of KPMG International, in a statement. “KPMG was among the first in our profession to publicly catalogue our ESG commitments and report against them. As we face ever-increasing challenges in the world, we know we must hold ourselves accountable for the decisions we make which will help shape the future. That is why we are publishing our progress today and will continue to work with stakeholders, colleagues and clients to support the positive changes we need to see in the world.”

KPMG’s ongoing goals for 2022 include:

• (Planet) Setting an Internal Carbon Price that measures the firm’s global carbon impact. KPMG says they’re also committed to a 1.5°C Science Based Targets initiative (SBTi), with the goal of 50 percent emissions reduction by 2030. The firm’s global renewable electricity usage also increased to 74 percent — up from 56 percent in 2020. 
• (People) Launching the KPMG’s Inclusion, Diversity and Equity Collective Action Plan throughout the global organization to fill more than one-third of the firm’s leadership roles with female professionals by 2025. The firm also made investments in employee physical and mental health, as well as tools to upskill education in areas such as ESG and new technology. 
• (Prosperity) Building global ESG hubs and creating ESG accelerators to help support emerging markets, along with training 236,000 employees on ESG transformation, reporting and assurance.
• (Governance) Accepting roles at the International Integrated Reporting Council (IIRC), the Financial Stability Board’s (FSB) Taskforce on Climate-related Financial Disclosures (TCFD) and the Taskforce for Nature-related Disclosures (TNFD), in addition to supporting the newly formed International Sustainability Standards Board (ISSB). 

“It’s incumbent upon business, political and civic leaders to tackle the challenges that impact the future of our planet and threaten our quality of life, now and for future generations,” added Richard Threlfall, global head of ESG and KPMG’s “IMPACT” program, in a statement. “We are wholeheartedly committed to supporting the responsible transformation of organizations — including our own — and encourage one and all to face what seems like an overwhelming challenge with positivity and a sense of collective responsibility.”

More information on the Impact Plan can be found on KPMG’s site here.