Global professional services firm PwC and Blackstone-backed ESG performance and risk management software, data and consulting services provider Sphera announced today a new alliance, providing PwC’s clients with access to Sphera’s ESG software solutions.

Under the new partnership, PwC will support clients with rapidly implementing and onboarding Sphera’s ESG software solutions, allowing Sphera to more rapidly grow its customer base, and providing PwC clients with access to Sphera’s technology as they face increasing stakeholder demands for transparent, auditable ESG reporting.

Paul Marushka, Sphera’s CEO and President, said:

“With recent regulatory changes implemented and more to come, global companies need to be focused on actively managing and mitigating ESG risk. 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.”

According to the companies, the partnership will be particularly crucial for public companies working to establish a compliance framework to meet evolving regulatory requirements, such as the SEC’s upcoming climate reporting rules and the EU Taxonomy and sustainability disclosure systems.

Neil Dhar, Vice Chairman & co-leader of PwC’s Consulting business, said:

“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. 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.”

Sphera works with organizations around the world to help them surface, manage, and mitigate ESG risk in the areas of Environment, Health, Safety & Sustainability, Operational Risk Management and Product Stewardship. The company was acquired last year by alternative investment manager Blackstone in a deal valuing Sphera at $1.4 billion. Earlier this year, Blackstone announced that it is integrating Sphera’s carbon accounting solutions, contributing to Blackstone’s initiative to reduce emissions across its portfolio.

Eli Nagler, a Senior Managing Director at Blackstone, said:

“Blackstone’s 2021 investment in Sphera, as well as its integration into our portfolio decarbonization program, illustrates our firmwide focus on the increasing importance of ESG issues to businesses globally—from both an investment and risk management perspective. The powerful combination of Sphera’s next generation digital ESG solutions and PwC’s robust consulting business will be a meaningful enabler for the countless organizations implementing and enhancing their ESG strategies.”