KPMG launches multi-year program to accelerate global solutions for Environmental, Social and Governance issues

Economy News Friday October 15, 2021 14:14 —PRESS RELEASE LOCAL

KPMG launches multi-year program to accelerate global solutions for Environmental, Social and Governance issues
  • KPMG Regional ESG Hubs to be established in Europe, Asia Pacific and the Americas to support clients on their ESG journey
  • KPMG Emerging Markets Accelerators to deliver region-specific support and financing expertise to help developing nations
  • Collaborations with University of Cambridge Judge Business School and New York University (NYU) Stern School of Business Executive Education to provide comprehensive ESG training for all colleagues
  • KPMG firms will co-create and deliver ESG services with an ecosystem of world-leading alliances

As part of its ongoing multi-billion-dollar investment program, KPMG plans to spend more than US$1.5 billion over the next three years to focus on the Environmental, Social and Governance (ESG) change agenda. The ESG strategy is designed to support KPMG firms' clients in making a positive difference. is underpinned by KPMG's recognition of its responsibility to improve its impact on the world and the ESG commitments outlined in KPMG: Our Impact Plan.

The collective investment will focus on training and expanding KPMG's global workforce, harnessing data, accelerating the development of new technologies and driving action through partnerships, alliances and advocacy. The key to the transformation will be embedding ESG across the global organization and client solutions to drive measurable change.

The new global ESG strategy focuses on five priority areas:

  • Solutions
  • Five newly dedicated Hubs are to be established to provide world-class expertise and solutions on key ESG issues. These will focus on:

    • Global Decarbonization, helping large multinational businesses meet their net-zero commitments and plan their decarbonization journey
    • Global ESG Advisory, backed by KPMG Advisory teams, offering market-leading ESG expertise, including leadership on societal issues and solutions
    • Three KPMG Regional ESG Hubs, established in Europe, Asia Pacific and the Americas, to give KPMG firms' clients easy access to world-class insights and expertise across the ESG agenda

    KPMG will invest in its leading climate and ESG solutions and technologies, including Climate IQ, a digital tool that helps organizations identify opportunities and risks arising from climate change. To complement the technological investments, the global organization 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.

  • Talent
  • 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:

    • The University of Cambridge Judge Business School partnership will build ESG skills, including the development of a learning framework and solutions to be applied across the KPMG global organization, led by the business school faculty and other experts associated with the school, beginning with hundreds of KPMG's most senior partners and with the ambition to reach all KPMG people around the globe. 
    • The NYU Stern Executive Education collaboration will see the co-creation of a sustainability program for KPMG in the form of executive education.
  • Supporting developing nations
  • KPMG will launch KPMG Emerging Markets Accelerators for developing nations in the Eastern Mediterranean, Africa, Asia Pacific and Latin America. The goal of these Emerging Markets Accelerators is to ensure areas of the world lacking expertise and resources will have a trusted advisor to support their economic and social development in line with the UN Sustainable Development Goals.

  • Collaborations and alliances
  • KPMG recognizes that the world's issues will not be solved by any one organization alone, which is why the firm is building on its collaboration with external organizations including UNESCO, Enactus and the Global Reporting Initiative.

    Through our ecosystem of alliances, including Microsoft and ServiceNow, KPMG is co-creating new tools and solutions that will provide critical insights based on data that organizations can use to map their ESG journeys and implement vital changes to meet their commitments.

  • Listening and advocacy
  • To help support the advocacy pillar of its global ESG strategy, 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. The program will generate actionable insights to help accelerate the journey toward a more sustainable future.

    Bill Thomas, KPMG's Global Chairman and CEO, said: "How you grow matters, and what worked for us and other businesses in the past will not work in the future. The world faces crises on multiple fronts, which is why we're putting the Environmental, Social and Governance agenda at the heart of everything we do. ESG will be the watermark running through our global organization; from empowering our people to become agents of positive change, to the services with our clients and our partnerships with critical stakeholders. KPMG has the global scale, expertise, technology and relationships that give us the ability and responsibility to use our position to provide solutions and services to overcome the challenges facing our planet and society."

    Richard Threlfall, Global Head of ESG and KPMG IMPACT, said: "It is incumbent on all of us ? as businesses and as individuals ? to play our part in tackling the challenges that threaten the future of our planet and the quality of life of people throughout the world. 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."

    KPMG's global ESG strategy comes less than a year after the organization launched KPMG: Our Impact Plan, which lays out the global organization's commitments on ESG themes, with the ultimate goal of making an even greater positive impact on the world. KPMG was the first professional services organization to transparently report against the World Economic Forum's Sustainable Metrics. The plan sets out a range of science-based targets, including a pledge to become a net-zero carbon organization by 2030. The execution and acceleration of KPMG: Our Impact Plan is a key priority for the global organization as it delivers on its commitments to tackle issues ? from the climate crisis to social mobility and community engagement.

    Charoen Phosamritlert, Chief Executive Officer, KPMG in Thailand, Myanmar and Laos said "In Thailand, ESG is at the heart of what we do - we believe that only in a sustainable and inclusive society can we all grow together. KPMG in Thailand's ongoing 'KPMG Care & Share' is aimed at helping the wider community we live and work in, and our program includes a wide range of activities that cover all aspects of ESG. Our environmental initiatives focus on carbon footprint reduction and lowering energy consumption - by going paperless, reducing single-use plastics and recycling them into useful equipment for hospitals. In the social aspect, we promote education through scholarships and computer donations to schools in underprivileged communities. Furthermore, through KPMG in Thailand's partnership with Chulalongkorn University, we offer an annual knowledge sharing and mentorship program called 'Up Academy'. 2020's theme - 'Youth ESG' - was aimed at nurturing an ESG mindset. Now, with the impact of COVID-19, we aim to help alleviate the strain it has caused by consistently raising money to support various hospitals that helped contain the spread of COVID-19, including donating beds for field hospitals, PPE equipment and supporting healthcare professionals. For governance, we conduct our operations in compliance with the highest standards and regulations, ensuring consistency in delivery of our services. Moreover, our KPMG Institute continuously develops our people by equipping them with future skills and providing constant learning programs to increase their potential as well as promote integrity in all their actions. All these concerted efforts will enable us to deliver tangible value to society."

    To find out more about how KPMG is bringing to life this investment for our clients and our people visit our website, KPMG.com.

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