Saturday’s Earth Day observance included a PwC announcement that it is building on more than a decade at the forefront of climate related initiatives by boosting its global nature and biodiversity capabilities.

It comes as new PwC research finds that 55 per cent of the world’s GDP is exposed to material nature risk.

The firm’s global suite of initiatives will include the launch of a new global Centre for Nature Positive Business and provide nature positive training to help upskill its 328,000 strong global workforce in order to better understand nature impacts and work towards nature positive outcomes with clients.

PwC said their analysis finds that nature’s decline poses significant risks to the global economy and society-at-large if organisations do not transform their practices with some urgency.

More than half (55 per cent) of the world’s gross domestic product – equivalent to an estimated $58 trillion – is moderately or highly dependent on nature, rising from $44 trillion in 2020.

All 163 economic sectors analysed by PwC have a portion of their value chain that is highly dependent on nature.

The health of natural ecosystems and biodiversity have far reaching implications, with more than half (50.6 per cent) of the market value of listed companies on 19 major stock exchanges exposed to material nature risks.

Arthur Wightman, Sustainability Leader, PwC in the Caribbean, said: “PwC’s new global Centre for Nature Positive Business represents an exciting opportunity for organisations to better understand and mitigate their impacts on nature, manage risks and deliver sustained outcomes.

“By boosting our capabilities to help clients develop and implement nature positive strategies as part of their broader sustainability strategies, PwC will help a growing number of businesses transform their operating models and transition to a nature positive and net zero future.”

PwC's new Centre for Nature Positive Business will bring together and further expand key nature capabilities across the world in areas such as biodiversity, water, regenerative agriculture and forestry.

PwC will also double the size of its team of nature specialists over the next 12-months, from 500 to 1,000.

The firm’s nature specialists work on a variety of topics including nature positive strategy and transformation, nature risk management and reporting, nature technology, data and measurement, and nature finance and fund management.

To equip PwC’s global workforce with the skills needed to understand nature impacts and embed nature positive outcomes in service offerings to clients, PwC will offer nature and biodiversity training to upskill its 328,000 strong workforce, with bespoke online learning to be made available across its network through its global Sustainability Academy.

PwC has also conducted a global assessment to identify which of its offices are in or adjacent to key biodiversity areas, while the network is in the process of conducting an assessment to identify nature-related impacts in its supply chain.

To drive the development of frameworks, standards and methodologies that provide the architecture necessary for rapid system-wide change, PwC will also continue to collaborate with a range of organisations on industry leading initiatives.

PwC is currently supporting the Science Based Targets Network by seconding experienced staff to conduct validation of newly developed corporate nature targets, working with the Taskforce on Nature-related Financial Disclosures to improve market access to nature-related data, and with the World Business Council for Sustainable Development on sector-based TNFD piloting.

In addition, PwC has collaborated with the World Economic Forum to develop guidance on how businesses can implement the Global Biodiversity Framework, and with the WBCSD to develop insights on ecosystem valuation, natural climate solutions and nature-based solutions.