McKinsey releases 2023 ESG report

16 May 2024 1 min. read
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McKinsey & Company yesterday released its 2023 environmental, social, and governance (ESG) report, which chronicles how the consultancy has partnered with clients, colleagues, and communities to drive sustainable and inclusive growth.

"From partnering with clients to decarbonize and reskill their workforces, to our pro-bono work helping close the empowerment gap, to our ongoing efforts to make our own firm more diverse and inclusive, it's our privilege to serve our clients and communities," said Bob Sternfels, global managing partner.

In the area of decarbonization, McKinsey says 4,600 employees worked on 1,720 sustainability-related engagements with 761 clients, while 100% of its air travel emissions were covered by a $50 per ton internal carbon fee.

McKinsey releases 2023 ESG report

The firm in 2022 worked with Stripe, Alphabet, Shopify, and Meta to found Frontier, an advance market commitment to buy $1+ billion of carbon removal by 2030. In 2023, McKinsey participated in Frontier’s $156-million in offtake agreements to remove 338,000 tons of CO2 by 2030.

The firm also last year upskilled, reskilled, or supported towards economic inclusion 19 million people through pro bono programs and nonprofit partners. McKinsey also reached near gender parity, with women comprising 48% of its workforce.

On the governance end, McKinsey says it has spent approximately $1 billion on building, enhancing, and operating its risk, legal, and compliance and functions since 2018. The firm also vetted 100% of new clients against its rigorous new client selection policy and had all of its employees complete an annual risk training and code of conduct compliance program.