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  • Spotlight on Climate change: PwC
    been made by 158 countries Our analysis of these pledges shows that although they don t reach the two degrees goal they are a step change from business as usual Many of the INDCs are explicit about goals in particular sectors including power generation transport steel and any binding global agreement will have a major effect on global business and regulation Business should expect further regulation of emissions increases in the direct or implied price of carbon and more incentives for investment in low carbon infrastructure The Paris summit will bring even more public attention to energy transition the latter being an area explored in detail in PwC s recent Global Power Utilities Survey The coal industry will be the most likely loser even though it is still expected to be a major component of the energy system in 2030 As PwC s Low Carbon Index points out King Coal is being targeted as major economies cap and regulate it in their INDCs In fact coal is being challenged not just by regulators and clean energy advocates but also by oil and gas companies who position natural gas as a stepping stone to a clean energy economy Close The low carbon transition will also have major ramifications for the financial services sector in terms of direct investments and the potential for stranded fossil fuel assets The scale of investment in the low carbon transition implied by the INDCs is estimated to be up to 700bn each year in the EU and China alone Finance is essential for meeting both ambitious renewable energy targets and to accelerate a low carbon transition for example in the transport sector And as PwC CEO Dennis Nally highlighted in a recent blog post resource scarcity and climate change now constitute business critical risks that all companies need to consider when planning future growth So how much attention should your company pay to the Paris climate summit Our recent CEO pulse on Climate Change found that many are more focused on energy prices and national regulation than COP21 But 77 did say that a clear consistent and long term national government policy framework would drive real climate change action in their sector And it s clear that a binding agreement will have a knock on effect by boosting national state and regional regulation that no company can ignore A successful Paris agreement will be important for business in another more expansive way it will elevate sustainability thinking and planning within every organisation and make the UN s new Sustainable Development Goals SDGs resonate at board level In September over 20 global organisations wrote an open letter to the FT and New York Times urging business to get behind the SDGs PwC was one of that number again recognizing the role business has in driving change At present the majority of companies we talked to for PwC s recent Sustainable Development Goals survey say they understand the importance of the UN s 17 main goal but by

    Original URL path: http://www.pwc.com/gx/en/research-insights/spotlight/climate-change.html (2016-02-10)
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  • Water: the challenges for business: PwC
    Switzerland United Kingdom United States Complete list of PwC territory sites Water the challenges for business Business leaders say water is their top risk Water stress and business growth align Talk to your neighbours Business shares a water basin with other users collaborate with them to share and manage water better Water is fundamental to business Business needs water to heat cool clean and as an ingredient too But get it wrong the consequences can be devastating and costly to the bottom line and to reputations Water needs to be managed well More than oil or talent water is perhaps the most problematic of resources Enough water of the right quality needs to be in the right place at the right time Water scarcity and water stress issues eg drought flood and inconsistent supply as well as pollution impacts on business as usual and adds cost whether it s directly felt in operations or it s further along in the value chain It also needs to be managed well not only at the point the business wants to use it but also as it discharges it back into the environment The challenge is only going to increase The Organisation for Economic Cooperation and Development OECD projects that under business as usual water demand will increase by 55 globally by 2050 The increase will mainly come from manufacturing 400 electricity 140 and domestic use 130 Add in competition from agriculture to feed growing populations and a potential 40 supply gap by 2030 seems very real So where do you start to strengthen your resilience to water related challenges and risks Identify and understand how water related risks will impact your operations and your growth strategies Take action to reduce and better manage your water use as water enters and leaves your

    Original URL path: http://www.pwc.com/gx/en/services/sustainability/water/challenges.html (2016-02-10)
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  • A closer look at the different water challenges faced by industries: PwC
    PRI Energy Utilities Mining Energy Utilities Energy production uses a lot more water than you might first think All sources of energy require water at some point in their production whether it s in the extraction of raw materials eg oil and coal for cooling in thermal processes eg nuclear for irrigation in the cultivation of crops for biofuels and powering turbines for hydro power As the demand for energy increases the UN predicts an 85 increase in water consumption by the energy sectors resulting in a 40 short fall between supply and demand by 2030 Energy and water are inseparably linked For water utility companies investing in infrastructure for water is costly but fundamental for business for both business and society to thrive The OECD estimates that by 2025 water will make up the lion s share of global infrastructure investment For just the OECD countries and Russia China India and Brazil water spending will top 1trillion nearly triple the amounts needed for investments in electricity or transport The way water is valued doesn t help rarely is it priced to reflect all costs associated with extracting transporting chemically treating and distributing it So while prices are kept low a it s taken for granted and consumption patterns are difficult to change as there is little incentive and b it s harder to invest in expensive new technology that might introduce cost efficiencies over the longer term Mining Mining and extractive industries have a close relationship with water and put in place innovative processes to reuse and recycle the water they use On one hand their operations need water for mineral processing and metal recovery and to control dust On the other to avoid tensions with other water users they need to ensure they are not depleting or polluting the water resources on which other businesses and local communities also rely Effective water management is central to the viability and acceptance of a modern mining operation and to securing water extraction and other necessary licenses Regulations are often tight and water quality is monitored closely to avoid issues Retail Consumer The retail and consumer R C industries use water in many ways to heat cool clean and as an ingredient and many are reliant on irrigation for agricultural commodities in their value chain as well The OECD predicts that water demand from manufacturing will increase by 400 by 2050 R C companies therefore not only need to be proficient water stewards and work well with their neighbours in the water basin they share but also supportive of the needs of their value chain Many companies outsource their factories to countries where costs are lower And we ve noted that countries important to a company s growth often happen to be areas that also suffer water stress or have greater unpredictability in their weather patterns Maintaining supply may mean a revision in the business model or investment in water management technologies etc for industries in their value chain There s

    Original URL path: http://www.pwc.com/gx/en/services/sustainability/water/industry.html (2016-02-10)
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  • Prince of Wales: “We are failing to run the global bank”
    global bank 23 Mar 2015 Royal plea for the finance world to fundamentally address sustainability The Prince of Wales s Accounting for Sustainability A4S project has released four new guides in a bid to encourage companies to embed social and environmental issues at the heart of their strategic operational and financial considerations The four guides cover the principles metrics and approaches of making sustainability a core part of ordinary business methodology They include examples of practical applications and a maturity scale for companies to measure the progress against The A4S guides were developed by the initiative s select group of CEOs Of the sixteen companies listed as involved at least eight are utilities companies or companies who work with land and property making sustainability key and obvious areas for consideration in core business strategy But other businesses are involved too Unilever M S and Bupa demonstrating that the framework for considering these issues is not pertinent only to businesses with direct and heavy involvement in for example natural resources One guide entitled Natural and Social Capital Accounting covers the importance of the finance function in placing sustainability squarely at the centre of the business The finance arm of businesses it says plays a crucial role because they are often right in the middle of many strategic management and operational decisions In stark financial terms said the Prince of Wales all the evidence demonstrates that we are failing to run the global bank that we call our planet in a competent manner The guides aim to address this virtually unchecked consumption of key commodities by making natural and social resources more visible and more easily understood so that a company s impact on the environment and society in which it operates can be quantified and its future viability assessed The group

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/world-watch/accounting-sustainability-prince-charles-a4s-guide.html (2016-02-10)
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  • Global tax: Global Green Policy Insights: PwC
    and inclusion Analyst relations Alumni Member firms worldwide Live events and discussions Strategy Research insights View featured Browse by issue Browse by industry Browse by service Monthly highlights Spotlight The CEO agenda CEO insights blog Careers About PwC Technology careers Employer of choice Our history PwC Professional Employability Aspire to lead PwC s series on leadership and gender equality Country job search Explore careers with Strategy Press room Facts and figures Press contacts Analyst relations Global International PwC Sites Commonly visited PwC sites Global Australia Brazil Canada China Hong Kong France Germany India Italy Japan Mexico Middle East Netherlands Russia Singapore South Africa South Korea Spain Sweden Switzerland United Kingdom United States Complete list of PwC territory sites Global Green Policy Insights This bimonthly publication provided up to date news alerts on green tax and regulation developments around the world It ceased production in July 2014 Previous issues June 2014 Global Green Policy Insights June 2014 issue April 2014 Global Green Policy Insights April 2014 issue February 2014 Global Green Policy Insights February 2014 issue December 2013 Your environmental tax and regulation update October 2013 Your environmental tax and regulation update August 2013 Your environmental tax and regulation update June 2013 Your environmental tax and regulation update February 2013 Your environmental tax and regulation update View more View less Global tax About global tax Global Tax code of conduct Indirect taxes eBiz 2015 Global VAT online Research insights International tax services International Tax Desks Latin American Tax Group Global R D incentives Research insights Mergers acquisitions Sustainability climate change tax Tax reporting strategy Tax strategy operations Tax technology Tax accounting services Tax reporting compliance Indirect tax compliance Accounting services Tax controversy and dispute resolution How we can help you Overview Life cycle Why PwC Research insights Tax policy administration What

    Original URL path: http://www.pwc.com/gx/en/services/tax/newsletters/global-green-policy-insights.html (2016-02-10)
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  • PE responsible investment - putting a price on ESG value: PwC
    also that it is possible for the value to be quantified and communicated to investors acquirers and wider stakeholders PwC Global PE Responsible Investment Survey 2013 This year we carried out the largest ever survey of the private equity industry s attitude to ESG issues in the PwC Global PE Responsible Investment Survey 2013 More than 100 PE houses in 18 countries responded managing more than 860 billion of assets The PwC Global PE Responsible Investment Survey reveals a belief that ESG issue management is valuable whether it s protecting value through managing risk or generating value by spotting opportunities ESG initiatives PE houses focus on a variety of ESG issues including for example pollution eco efficiency and resource scarcity health and safety anti bribery and corruption measures and human resource management These initiatives can increase the value of the company eg by generating incremental revenue from new technologies improving productivity increasing brand loyalty or reducing reputational risk Across the industry increasing effort is being made to understand ESG issues reduce the associated risks and leverage ESG opportunities not only in portfolio companies but through their supply chains too Focus on risk not opportunity We found that ESG management activities are geared more towards risk rather than opportunity Activity levels are high at acquisition with PE houses sensibly keen to identify potential problems 71 of PE house participants include ESG issues in pre acquisition due diligence A minority are measuring value But ESG activity levels reduce during the hold period with ultimately less than 15 measuring the difference they ve made at exit It means there s much emphasis on monitoring and less on valuation This means the value add of any performance improvement generated through investing in ESG issues is missed PE houses are on a journey In the

    Original URL path: http://www.pwc.com/gx/en/services/sustainability/publications/putting-a-price-on-esg-value.html (2016-02-10)
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  • Business is developing real social values – passing trend, protective instinct or what? :PwC
    incident will today face questioning from the public about its governance risk management and the effective implementation of its corporate values The interdependence of economic players and their fragility have become tangible realities CSR has an impact on financial performance There is widespread acceptance of a causal link between the practice of corporate social responsibility and financial performance over the medium and long term All credit rating agencies now factor so called non financial elements into their models for assessing business performance Over half of the 40 largest listed companies in France for example now index part of executive pay to non financial criteria compared to just four in 2006 Communications evolving to build trust Corporate communications have begun to take account of this stakeholder expectation Business communications are starting to reconcile corporate performance with social responsibilities companies ability to attract talent motivate staff build their customer base and reassure investors depends on it Get talking So are these expectations simply a passing trend Or are they telling us that business is entering a new stage of development in which companies create value over the longer term both for themselves and for their stakeholders These are questions for the board whose main duty is to secure the sustainable long term growth of the business and reconcile the company s economic and financial objectives with its social role Corporate values and their effective expression in behaviour and practice or their integration into the business strategy are still rarely discussed by business directors So the board s first job may just be to talk about them Does management know what s at stake Many businesses do translate social values into concrete often high visibility philanthropy business foundations have been proliferating and corporate support for humanitarian work is increasing While these may be worthy they tend to express a limited social commitment as they have little or no connection to the business s long term goals and strategy When the financial crisis hit budgets earmarked for social projects were tellingly among the first to be slashed This kind of philanthropy no longer satisfies stakeholder expectations or business needs Values need to play a new role as an essential management instrument that can enhance the organisation s culture humanise it and give meaning to its actions in ways that support long term financial performance Focus on values the benefits Support competiveness Underpin the quality and consistency of decisions taken throughout the group Enable better anticipation and management of risk Attract talent Motivate and retain staff Increase productivity and innovation Build a positive public image Reassure investors Building social values into the company s development strategy may finally lead to new stronger growth models Lyonnaise des Eaux for example says that its growth model changed as a result of its sustainable development drive They no longer strive to sell as much water as possible but aim to preserve the resource and some of their pricing systems are no longer based on volume In the current

    Original URL path: http://www.pwc.com/gx/en/services/audit-assurance/corporate-reporting/governance-reporting/business-is-developing-real-social-values.html (2016-02-10)
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  • Climate change impact on supply chain risk: PwC
    last two decades losses have increased markedly averaging tens of billions of dollars annually Every year government representatives from around the world meet at the UN Framework Convention on Climate Change UNFCCC They have agreed to limit the average global temperature rise to 2ºC and identified actions to mitigate and adapt to climate change In spite of these efforts carbon emissions have continued to rise In 2011 emissions levels were the highest ever recorded Can we really limit the temperature increase 2ºC PwC s latest Low Carbon Economy Index suggest that based on current progress this is highly unrealistic One thing is clear though businesses and governments need to start planning for a world with a changed climate In particular industries dependent on food water energy or ecosystem services need to scrutinise the resilience and viability of their supply chains Which supply chains need to strengthen their links What is the likelihood that climate change risk could disrupt certain supply chains To answer this question we have analysed the threats posed by climate change to a selection of commodities agricultural wheat maize and rice energy petroleum and gas mining metal ores We have looked at the two major factors that have the greatest influence on risk exposure The magnitude of impact of climate change on the commodity This depends on i how susceptible a commodity is to the effects of changes in temperature and precipitation rise in sea levels and occurrence of storms and flooding and ii how able the supplying country is to cope with the potential effects of climate change This is based on factors such as political stability governance macro and socioeconomic development of a country The concentration of suppliers In general where a commodity can be sourced from a diverse range of suppliers supply disruption can be lessened as buyers turn to alternative suppliers Conversely where a commodity is concentrated in a small number of suppliers disruption for any one major supplier can have global implications Figure 1 Climate change impacts and diversification selected key commodities We have mapped these factors in Figure 1 It shows the extent to which the top five country exporters of these commodities are exposed to climate change impacts vertical axis and the degree of global supply concentration of these commodities horizontal axis Rattling the supply chains of rice Our analysis which uses projections for the 2040s indicates the following Figure 2 Commodity supply chains at a glance The supply of agricultural commodities maize rice and wheat is more concentrated than that of the other commodities considered petroleum gas and metal ores This is dictated by the climatic conditions in Asia rice North America maize wheat and South America wheat Rice production stood out as the commodity that is both expected to be affected by climate change and highly concentrated in production As the impacts of climate change on rice are increasingly felt in South and South East Asia the global supply of rice could be significantly affected as buyers have

    Original URL path: http://www.pwc.com/gx/en/services/advisory/consulting/risk/resilience/publications/business-not-as-usual.html (2016-02-10)
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