PwC and Sphera are partnering to build a stronger ESG digital management platform that will help companies increase their ESG efforts and accountability, the organizations say.
The partnership will combine PwC’s range of environmental, social and governance (ESG) professional services and Sphera’s ESG performance and risk management software to grow the offering for businesses. The companies say it will help grow the Sphera platform’s capabilities and create an enhanced digital ESG system.
ESG reporting and risk management has become a key piece of sustainability targets for organizations, especially as pressure from stakeholders for companies to be accountable and regulations in the area increase. A recent survey of 1,250 business leaders from NAVEX found nearly half of them will increase their focus on ESG this year, and 83% say their brand’s reputation is impacted by ESG efforts.
Businesses in more than 80 countries use the Sphera platform to help manage and mitigate ESG risk through its software as a service system and science-based environmental data, the company says. The information can help organizations improve and be transparent with their ESG performance while continuing to meet business objectives.
PwC has provided ESG and sustainability consulting services for more than 20 years. It has helped companies with decarbonization targets by tracking emissions footprints, implementing carbon records and ESG reporting.
Deloitte is investing $1 billion to build an expansive network to help companies make and achieve sustainability goals. The oil and gas industry is increasingly disclosing its ESG efforts and companies like General Motors are asking suppliers to pledge to meet ESG standards.
Even as ESG reporting standards vary, voluntary reporting can be beneficial to organizations, according to Planetly, with efforts being tied to financial and operational successes. PwC and Sphera also say sustainable strategies and ESG transparency can be used as a tool for innovation and business growth.