PwC and SAP Announce New Innovation Strategy to Assist Organisations in Achieving ESG and Net-Zero Goals
PwC and SAP SE have come up with a new co-innovation strategy to make sustainability a standard part of how businesses run.
The approach aims to develop trustworthy solutions to critical environmental, social, and corporate governance (ESG) business concerns. It includes carbon measuring, reporting, and steering, as well as supply chain decarbonisation, climate risk assessment, and competitive analysis.
The new ESG strategy is built on the existing partnership between PwC and SAP, which has helped clients in over 80 countries with business transformation solutions.
The strategy comprises co-innovated solutions developed with PwC's extensive ESG and accounting knowledge to enable businesses to apply trustworthy, auditable, and verifiable ESG indicators into their operations. The SAP Cloud for Sustainable Enterprises solution, the SAP Sustainability Control Tower solution and the SAP Product Footprint Management solution are used in the solutions.
PwC and SAP work together to help organisations use the solutions they need to meet compliance standards while also driving growth to meet the ever-increasing expectations of consumers and investors.
The strategy put together by PwC and SAP includes solutions for an enterprise-wide ESG strategy. These solutions include trading optimisation, tax credit recognition, third-party risk management, and competitive analysis. There will also be a discussion on the top three challenges for ESG, net zero, and sustainability reporting:
Reporting and disclosure helping to satisfy requirements to materially report and disclose investor-grade carbon measuring data to meet the demands of investors, lenders, regulators and customers
Operationalising sustainability to support the incorporation of ESG measures, especially carbon issues, directly into business functions, such as trading, capitalisation and tax
Supply chain risk management, monitoring and compliance extending support for ESG measures to cover the impact of suppliers on organisational performance
PwC Germany's award-winning Climate Excellence solution, built on the SAP Business Technology Platform, has already proved the strength of the two organisations' collaboration in bringing ESG innovation to market.
The European Financial Reporting Advisory Group (EFRAG) and the International Sustainability Standards Board (ISSB) have reporting and auditing requirements that companies must meet. PwC and SAP are committed to helping companies meet these requirements. They also support companies in complying with a related ruling proposed by the U.S. Securities and Exchange Commission (SEC). Solutions from PwC and SAP make it possible for customers to have the real-time, data-driven environment they need to run and grow the sustainable businesses 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 set up, and building trust requires more transparency. This belief is at the heart of our new co-innovation strategy with SAP, which expands our work together to put more of a focus on developing ESG solutions. PwC has been working hard to help companies do what they need to do to reach 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 organisations' challenges in meeting their ESG and sustainability commitments.”
"Transparency is the key to every organisation's ability to reach its sustainability goals and drive positive change," said Christian Klein, CEO and member of the Executive Board of SAP SE. Our partnership will bring together PwC's deep knowledge of the industry and its knowledge of what customers want with our leading portfolio of sustainability technologies. The resulting ESG transparency will help companies reinvent their business models and deliver the sustainable outcomes the world urgently needs.”
Click here to learn more about PwC and SAP’s ESG co-innovation strategy