PwC’s 2024 Review: Growth, Innovation & Net Zero

PwC's 2024 Global Annual Review is in - showcasing the firm’s performance, core initiatives and its focus on innovation, AI and sustainability as it progresses towards a greener, tech-integrated future.

Here, Scope 3 Magazine explores how the company has balanced emission reduction with commercial growth over the last year - and how it plans to build upon this journey.  

Growth and financial performance across regions

PwC achieved notable financial growth in 2024, with global revenues increasing by 3.7% to reach US$55.4bn.

This growth saw regional variations, reflecting the diverse economic landscapes and strategic focuses of each area:

• Europe, Middle East and Africa (EMEA) led with a revenue increase of 8.6%
• Central and Eastern Europe (CEE) followed at 5.5%
• The Americas grew by 3.4%, including a 2.9% rise specifically in the US
• Asia Pacific experienced a 5.6% decline, showing challenges in this market

PwC’s robust client base supports this growth, with 86% of the Fortune Global 500 companies working with the firm.

More than 180,000 clients worldwide are served by PwC's network across 149 countries and 656 cities, engaging 370,000 employees.

Innovation and AI integration

Investment in innovation remains a key driver of PwC’s strategy.

The firm invested a substantial US$3.6bn into initiatives to enhance client services, which included eight acquisitions and seven strategic partnerships. PwC’s commitment to AI stands out, with nearly US$1.5bn allocated to developing and scaling AI-driven solutions to drive efficiencies and insights across its global operations.

A significant AI initiative in 2024 was the launch of ‘ChatPwC’, an AI platform designed to streamline and improve internal communication and collaboration.

This AI tool, now available to more than 200,000 employees across the PwC network, allows PwC staff to access information swiftly and support clients with enhanced data-driven insights. By adopting AI at scale, PwC aims to transform how its teams work while ensuring they stay ahead of technological trends.

However, this push will also have significant environmental effects down the line, from energy usage to data centre capacity.

Commitment to emission reduction

PwC is also emphasising sustainability, with a strong focus on reducing environmental impact and promoting resilience to climate change.

PwC’s 2024 Network Environment Report outlines its goal to reach net-zero greenhouse gas emissions, supported by science-based targets approved by the Science Based Targets initiative (SBTi).

This commitment includes reducing emissions in its direct operations (Scope 1 and Scope 2) by 73% since the baseline year of 2019.

A major source of emissions for PwC is business travel, which accounted for 48% of the company’s overall emissions in 2024. PwC has implemented strategies to reduce travel where feasible, including optimising flight classes, using local resources, and adopting hybrid meetings to cut down on air travel.

These actions helped reduce business travel emissions by 5% from the previous year and 14% from 2019 levels. Given the geographic spread of PwC’s offices, particularly in locations like Malta where reliance on air travel is high, these reductions are a meaningful achievement in the firm’s journey toward sustainability.

PwC is also working to reduce emissions linked to purchased goods and services. The firm has committed to working with its key suppliers, helping them set science-based targets that align with the net-zero objective.

However, less than 10% of PwC’s suppliers have validated these targets, highlighting challenges in ESG maturity among suppliers. PwC is nonetheless determined to increase this percentage as it continues to promote sustainable practices along its supply chain.

Case study: PwC Malta tackles Scope 3 

For PwC Malta, business travel is essential to operations and client service, yet it also presents a significant challenge as the largest controlled emissions source, accounting for 48% of the firm’s total Scope 1, 2 and 3 emissions in FY24.

This figure includes not only flights but also land-based travel such as taxis, rental cars, trains and even accommodation related to work travel. As an island with no direct land connection to mainland Europe, Malta’s reliance on air travel adds unique complexities to lowering emissions.

PwC Malta has committed to minimising these emissions by travelling “smarter” and “less.”

Through optimised transportation choices - such as selecting efficient flight classes - and early client engagement, PwC reduces travel frequency by strategically planning trips to maximise productivity.

Virtual meetings are prioritised where possible and hybrid setups are increasingly used to balance in-person and remote participation, all of which have contributed to a 5% cut in business travel emissions from the previous year and a 14% reduction since 2019.

Further along PwC Malta’s net-zero journey, the firm also targets emissions from purchased goods and services. By engaging suppliers and encouraging them to adopt science-based targets, PwC aims to reduce emissions across its supply chain.

While local suppliers often face challenges in setting science-based targets due to limited ESG resources, PwC’s long-term goal remains ambitious: to see half of its suppliers reach emissions targets aligned with PwC’s commitment to net zero.

A look ahead

Responding to growing demands for sustainable business solutions, PwC has embedded sustainability considerations across its core offerings. 

As regulations evolve, PwC is committed to supporting clients in meeting environmental compliance standards while adapting their business models to operate sustainably. This includes helping clients navigate the regulatory environment and reporting requirements while optimising business resilience.

The report also shows it has committed to supporting clients in managing climate risk by building resources with partners like the World Economic Forum.

These resources aim to help businesses accelerate climate adaptation efforts, as PwC recognises that resilience to climate risks is essential for long-term success. 

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