PwC Consulting adds Sphera's ESG platform to its offerings

PwC has entered a partnership with Sphera, a provider of environmental, social, and governance (ESG) performance and risk management software, to offer Sphera’s software to its client base.

The alliance will scale the implementation of Sphera’s software solutions, which provide advanced ESG tracking and reporting. PwC’s clients will be able to access the leading ESG solution platform in concert with the Big Four firm’s industry expertise and strategy and technology consulting capabilities.

“PwC is excited to team with Sphera to bring its industry leading capabilities to market around the critical topic of sustainability, reflecting the firm's values across a host of environmental, social, and governance challenges,” said Neil Dhar, vice chairman and co-leader of PwC's consulting business. “With increasing complexity surrounding regulatory requirements, such as SEC climate disclosures and the EU taxonomy system, there's a clear need to supply verifiable data to the market.”

Stakeholders are increasingly demanding transparent and auditable reporting for corporate efforts in climate change, social responsibility, and governance. Sphera says ESG performance metrics underpinned by robust evidence and reporting will increasingly determine cost of capital, employee retention, shareholder trust, and customer loyalty.

In response, consulting firms continue to upgrade their sustainability groups. As part of its “New Equation” strategy, PwC trumpeted ESG as a strategic priority internally and as a consulting offering. Rival Deloitte recently announced a $1-billion investment into its sustainability practice.

“With recent regulatory changes implemented and more to come, global companies need to be focused on actively managing and mitigating ESG risk,” said Paul Marushka, Sphera’s CEO and president. “Sphera's vision is for all businesses to view ESG and sustainability strategies not just as a compliance exercise but as a tool for innovation, and we are excited to collaborate with PwC to help companies deliver on their ESG ambitions.”

Sphera is based in Chicago and provides software and consulting for ESG, operational risk management, and environment, health, and safety. The firm was last year acquired by Blackrock in a deal valuing Sphera at $1.4 billion.