Professional services giant Deloitte announced today a major investment to expand its Sustainability & Climate practice, allocating $1 billion to expand its capabilities, assets and services to support clients and address their growing sustainability-related needs.

According to Deloitte, the practice will support the firm’s clients in redefining their strategies, embedding sustainability into their operations, meeting tax, disclosure and regulatory requirements, and accelerating their organizational and value chain transformation. Deloitte Sustainability & Climate will span the firm’s advisory, assurance, audit, consulting, finance, and tax services, with the firm aiming to build one of the largest global networks of sustainability experience.

Punit Renjen, Deloitte Global CEO, said:

“We have the resources, skills and influence to help build stronger and more sustainable communities. 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.”

Deloitte’s initiative will include investments in the firm’s client-related services, data-driven research, and assets and capabilities. It will also build on the company’s strategy, unveiled last year, to provide climate training to all of the firm’s 345,000 professionals, as well as to clients and suppliers.

Along with the new investment, the firm also announced the launch of the Deloitte Center for Sustainable Progress (DCSP), which will provide thought sustainability-focused leadership, data driven analysis, and accountability reporting, in collaboration with leading academic, policy, business, and governmental organizations.

Deloitte also announced the appointment of Jennifer Steinmann to the newly created position of Global Sustainability & Climate Leader. Steinmann has been with Deloitte for over 25 years, holding a series of senior positions at the firm including Chief Commercial Officer for Salesforce, Chief Talent Officer and Deputy CEO of the Deloitte US firms. She also served as Chief Transformation Officer – leading Strategy, Innovation, and Technology for the Deloitte US firms.

Steinmann said:

“We believe a better future is possible and getting there will depend on a profound and lasting change in attitude and behavior. Deloitte is committed to helping clients move from sustainability and climate commitments to action. We will do so by working with organizations to create a transformation plan as well as helping drive collaboration across a broader ecosystem―of suppliers, clients and customers, policymakers, and alliance partners across industries.”