PwC 2024 Review: Revenue Growth, AI Innovation & Net Zero
PwC's 2024 Global Annual Review is in, highlighting the firm's impressive performance, ongoing projects and its emphasis on innovation, AI and sustainability.
This path mirrors its commitment to a more sustainable, tech-savvy future.
Here, we delve into how PwC has managed to align its commercial expansion with significant reductions in emissions over the past year and its strategies for future improvements.
Enhanced performance and global growth
PwC has reported a robust increase in its financial figures for 2024, with a global revenue surge of 3.7% culminating in US$55.4bn.
Revenue growth varied by region, demonstrating the different economic contexts and strategic priorities in each area:
- Europe, Middle East, and Africa (EMEA) led with an 8.6% increase
- followed by Central and Eastern Europe (CEE) at 5.5%
- The Americas rose by 3.4%, which includes a 2.9% growth specifically in the US
- and Asia Pacific faced some hurdles, with a decrease of 5.6%.
Such growth is underpinned by PwC's extensive client base, which includes 86% of the Fortune Global 500 firms.
With more than 180,000 clients worldwide, serviced from 656 cities across 149 countries, and supported by 370,000 employees, PwC's network is vast and robust.
Focusing on innovation and AI
Strategic investments in innovation continue to play a vital role in PwC's agenda.
The firm channelled a substantial US$3.6bn into improving client services through eight acquisitions and seven strategic alliances over the past year.
Particularly noteworthy is the nearly US$1.5bn dedicated to the development and scaling of AI-based solutions.
These initiatives aim to boost operational efficiency and enhance insights globally.
One of the significant innovations of 2024 was the introduction of 'ChatPwC', an AI platform aimed at refining internal communication and collaboration.
With the deployment of ChatPwC, more than 200,000 PwC employees now access information swiftly, aiding client support with advanced data-driven insights.
The integration of AI technologies across PwC's operations demonstrates its endeavour to stay at the forefront of tech trends, although these advances will also need to address their environmental footprint concerning energy use and data centre requirements.
Strong push towards emissions reduction
In the realm of sustainability, PwC's dedication shines through its ambitious goals to mitigate environmental impacts and foster resilience against climate change.
The 2024 PwC Network Environment Report proudly outlines its targets to achieve net-zero greenhouse gas emissions, backed by the science-based criteria set by the Science Based Targets initiative (SBTi).
The firm's strategic measures have already reduced direct operational emissions — Scope 1 and Scope 2 — by 73% relative to its 2019 levels.
Business travel, a major emissions sector, now accounts for 48% of PwC’s total emissions.
The company has been actively reducing travel where possible through optimal flight class use, leveraging local resources and mixing virtual with in-person meetings, effectively decreasing business travel emissions by 5% compared to last year and 14% since 2019.
Moreover, PwC has been working meticulously to cut emissions related to its purchased goods and services.
It engages key suppliers to adopt science-based emissions targets, aligning with its overarching net-zero goals. Despite less than 10% of suppliers currently having validated targets, PwC remains committed to expanding these sustainable practices.
We remain committed to a sustainable future. That’s why sustainability is at the heart of our global strategy.
We are not just adapting to change; we are driving it. Together, we can and will make a difference.
Case Study: PwC Malta addresses Scope 3 emissions
Business travel is vital for PwC Malta's operations and client relations, yet it poses a considerable challenge as it represents the largest source of controlled emissions, contributing to 48% of the firm's total Scope 1, 2 and 3 emissions in FY24.
This percentage encompasses not only air travel but also ground transportation options like taxis, rental cars and trains, in addition to accommodation costs related to business trips.
Malta's geographic isolation, lacking direct land connections to mainland Europe, complicates efforts to reduce these emissions.
To tackle this issue, PwC Malta has committed to minimising these emissions by travelling “smarter” and “less.”
By optimising transportation methods — such as choosing more efficient flight options — and engaging clients early in the planning process, PwC aims to reduce travel frequency while maximizing productivity.
The firm prioritises virtual meetings whenever feasible and increasingly utilises hybrid models to facilitate both in-person and remote participation.
These strategies have led to a 5% decrease in business travel emissions compared to the previous year and a 14% reduction since 2019.
As part of its net-zero strategy, PwC Malta is also focusing on emissions from purchased goods and services.
By collaborating with suppliers and promoting the adoption of science-based targets, the firm seeks to lower emissions throughout its supply chain.
Despite facing challenges with local suppliers who may lack resources for setting science-based targets, PwC remains ambitious in its long-term goal: ensuring that half of its suppliers achieve emissions targets that align with its net-zero commitment.
The urgency of a net zero transition is clear, and it demands our collective action.
At PwC, our mission is to not only lead by example but also empower our clients to navigate the intricacies of the path towards a more sustainable future.
Working together, we can transform challenges into opportunities and pave the way for businesses to thrive without compromising the opportunities of tomorrow.
Proactive environmental strategy moving forward
As business and sustainability demands evolve, PwC embeds environmental considerations deeply within its core services, helping clients align with regulatory standards and optimise their operational sustainability.
Through resources developed alongside global entities like the World Economic Forum, PwC strengthens its clientele's ability to address and adapt to climate-related challenges, ensuring long-term business viability.
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