Deloitte pumps $1 billion into sustainability and climate practice

20 April 2022 2 min. read
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Deloitte has announced an investment of $1 billion into its global sustainability and climate practice.

The sizable investment will help the Big Four firm strengthen and expand the practice’s client services, data-driven research, and assets and capabilities as companies and governments accelerate their climate-related commitments.

According to a recent Deloitte report, inaction on climate change could cost the US economy $14.5 trillion by 2070. The analysis notes that if global warming reaches 3 degrees Celsius by the end of the century, every industry and region would be negatively impacted by rising heat levels, rising sea levels, damaged infrastructure, and reduced agricultural productivity.

Deloitte’s sustainability team has a more than 20-year history of helping clients craft strategy, embed sustainability in operations, and meet tax, disclosure, and regulatory requirements. The practice spans teams in advisory, assurance, audit, consulting, finance, and tax services.

Deloitte pumps $1 billion into sustainability and climate practice

“We have the resources, skills, and influence to help build stronger and more sustainable communities,” Punit Renjen, Deloitte Global CEO, said. “And it’s our collective environmental and societal footprint that has the potential to make or break this decade of action. This is why we developed Deloitte Sustainability & Climate. It is our way of not only holding ourselves accountable for accelerating progress on the UN Sustainable Development Goals and commitments of the Paris Agreement, but effectively facilitating action across the business community.”

As part of the investment, the accounting and consulting firm announced the formation of the Deloitte Center for Sustainable Progress (DCSP), which will work with academic, business, and governmental organizations to develop results-oriented research and thought leadership.

Deloitte also said it will offer a robust curriculum of sustainability courses to its 345,000 global employees, as well as to clients and suppliers, delivered virtually and through its network of Deloitte Universities.

The firm has tapped Jennifer Steinmann, a more than 25-year veteran of the company, to lead the global sustainability practice. Steinmann previously served as chief talent officer and deputy CEO of Deloitte US.