Professional services firm KPMG announced the release of its inaugural Impact Plan, outlining its ESG strategies, commitments and progress. The report consolidates several of the firm’s prior reporting efforts, and includes new goals and commitments including pledges to achieve net-zero emissions by 2030, and invest 30% of reportable spend with diverse suppliers by 2025.
KPMG US also announced a $125 million commitment to support organizations and programs that advance equity and access among underrepresented groups.
Commenting on the release of the Impact Plan, KPMG U.S. Chair and CEO Paul Knopp said:
“This is an important milestone as we consider how our firm supports and advances people both within the firm and beyond, impacts our planet, fosters a prosperous society, and embeds good governance.”
KPMG US’ new report details the firm’s strategies across four pillars, People, Planet, Prosperity, and Principles of Governance, aligned with KPMG International’s “Our Impact Plan,” launched last year, and with a set of universal ESG metrics and disclosures designed to measure stakeholder capitalism by the World Economic Forum (WEF), developed with the participation of KPMG and other major professional services firms.
The firm’s People category includes KPMG’s long-term DEI-focused “Accelerate 2025” strategy, and aspirations to achieve 50% partner and managing director representation from underrepresented groups and a 50% increase in the firm’s Black and Hispanic/Latinx workforce, in addition to the new diverse supplier spend goal.
KPMG US’ Planet commitment includes the 2030 net zero goals, which aligns with KPMG International’s target, and a pledge to continue sourcing 100% renewable energy for operations. Additionally, KPMG has established an internal price on carbon, aimed at helping factor the cost of emissions into business decisions. The carbon price applies to KPMG’s Scope 1 and 2 emissions, as well as to Scope 3 emissions associated with business travel.
KPMG US’ Prosperity initiatives include its new $125 million pledge, which will provide investments from the firm and from the KPMG U.S. Foundation – in honor of KPMG U.S.’ 125th anniversary – supporting “organizations, programs, and initiatives that advance equity and access among underrepresented groups who have historically faced systemic barriers in our communities,” focused on areas including education, community healing, and mental health.
The firm’s Governance commitments include fostering a culture in which its people “behave ethically and feel empowered to speak up without hesitation to address difficult situations,” continuing to enhance the firm’s governance model with a focus on integrity, and lead the profession in audit quality. KPMG also noted that it is playing an active role in sustainability reporting initiatives including the Task Force on Climate-related Financial Disclosures (TCFD), Taskforce on Nature-related Financial Disclosures (TNFD), and supporting the work of the International Sustainability Standards Board (ISSB).
KPMG U.S. IMPACT and ESG Leader Rob Fisher said:
“Fully implementing our ESG strategy will require the entire firm’s continued engagement. We constantly advise clients to embed ESG into all of their operations, and as you will see in the report, we are working to heed our own advice.”