News: PwC and SAP launch ESG Innovation Strategy
Joint Press Release - PwC and SAP SE (NYSE: SAP) earlier this month announced a new co-innovation strategy to make sustainability an integral part of standard business operations. The strategy is directed at creating trusted solutions to address key environmental, social and corporate governance (ESG) business challenges. It covers carbon measuring, reporting and steering as well as supply chain decarbonization, climate risk and competitive analysis.
The new ESG strategy builds on the strength of the existing alliance between PwC and SAP, which has successfully delivered business transformation solutions to clients in more than 80 countries.
The strategy includes co-innovated solutions, created with PwC's deep ESG and accounting expertise, aimed at enabling businesses to apply ESG metrics through their operations that are trustworthy, auditable and verifiable. The solutions leverage the SAP Cloud for Sustainable Enterprises solution, along with the SAP Sustainability Control Tower solution and the SAP Product Footprint Management solution. Together, PwC and SAP help organizations leverage the solutions they need to fulfill compliance requirements and drive growth to support the ever-increasing expectations of customers and investors. They also assist customers in shaping the future of their net zero strategy and sustainability reporting.
PwC and SAP's strategy includes solutions encompassing an enterprise-wide ESG strategy, ranging from trading optimization and tax credit recognition to third-party risk management and competitive analysis. Three top challenge areas for ESG, net zero and sustainability reporting will also be addressed:
- Reporting and disclosure helping to satisfy requirements to materially report and disclose investor-grade carbon measuring data to meet demands of investors, lenders, regulators and customers
- Operationalizing sustainability to support the incorporation of ESG measures, especially carbon issues, directly into business functions, such as trading, capitalization and tax
- Supply chain risk management, monitoring and compliance extending support for ESG measures to cover the impact of suppliers on organizational performance
Solutions like PwC Germany's award-winning Climate Excellence tool, based on SAP Business Technology Platform, have already demonstrated the strength of the collaboration between the two organizations in bringing ESG innovation to market.
PwC and SAP are dedicated to helping organizations respond to the reporting and auditability requirements imposed by the European Financial Reporting Advisory Group (EFRAG) and the International Sustainability Standards Board (ISSB). They also support companies in complying with a related ruling proposed by the U.S. Securities and Exchange Commission (SEC). Solutions provided by PwC and SAP enable the real-time, data-driven environment customers require to operate and grow the sustainable enterprise of the future.
Bob Moritz, Global Chairman, PwC said: "ESG has become a business imperative and is central to PwC's global strategy, The New Equation, which aims to help clients build trust with their stakeholders and deliver sustained outcomes. New ESG reporting and disclosure requirements are being established, and greater transparency is critical to building trust. This belief is core to our new co-innovation strategy with SAP, expanding our collaboration to create a dedicated focus on ESG solution development. PwC has been working intensely to help companies deliver on the requirements needed to achieve their ESG goals. Combining our expertise and reputation for trust and integrity with SAP's technology platform will help bring broader capabilities and solutions to respond to organizations' challenges in meeting their ESG and sustainability commitments."
Christian Klein, CEO and member of the Executive Board of SAP SE, said: "The key to every organization's ability to reach their sustainability goals and drive positive change is transparency. Our collaboration will combine the deep industry expertise and customer insights of PwC with our leading sustainability technology portfolio. The resulting ESG transparency will help companies reinvent their business models and deliver the sustainable outcomes the world urgently needs."
Source: Joint Press Release