PwC’s latest insights on the BITCI Low Carbon Pledge

PwC’s sixth annual report on the BITCI Low Carbon Pledge outlines how companies engage with evolving decarbonisation and reporting agendas. As BITCI prepares to launch the next evolution of the Pledge, the report reflects on the journey of the Low Carbon Pledge and its signatory companies.

Over six annual Low Carbon Reports from 2019 to 2024, the carbon, sustainability and ESG operating environments have significantly changed for signatory companies. The Government’s commitment to ambitious near-term carbon reduction targets and sectoral carbon budgets aligned with longer-term net zero ambitions is putting pressure on companies to manage the shift to a low-carbon economy.

Ireland’s growing Climate Tech impact

Ireland’s Climate Tech sector, with over 300 companies innovating in various fields beyond energy, is making a significant global impact. The country’s entrepreneurs are addressing local challenges while scaling their solutions internationally.

Reporting and data

The report highlights the critical role reporting plays in driving ambition and activity for decarbonisation. The number of respondents publicly reporting non-financial data now stands at 93%, an 8% increase from last year. This rise is driven by the obligation to report, which 92% of respondents are subject to, up 14% from last year.

The outlook

While challenges remain — particularly in data collection, reporting readiness, internal resourcing and mitigating Scope 3 emissions — companies are increasingly integrating decarbonisation considerations into their business models. For example, 29 respondents have developed new products and services with reduced environmental impacts. Meanwhile, 55% of respondents reported on climate-related risks this year, indicating an understanding of the potential physical and transition threats posed by climate change.

Encouragingly, respondents are increasingly monitoring climate metrics and performance, with 47% linking employee and director compensation and bonuses to climate performance.

As BITCI launches the next evolution of the Low Carbon Pledge, continued progress is evident against BITCI’s ambition for companies to set science-based emission reduction targets by 2024. 58% of respondents have fully set SBTs and had them approved by the Science Based Targets initiative, an 8% increase from last year. A further 23% have either set SBTs and are awaiting approval or are in the process of setting SBTs, meaning 82% of signatories are well-positioned to set SBTs by 2024.

Although the signs are positive, the business community must continue to embrace and lead the decarbonisation agenda.

How we can help

Our dedicated Environmental, Social, and Governance (ESG) team has extensive experience working alongside businesses to undertake tech-powered transformations that deliver sustainable outcomes and create real value. Together, we can make your climate actions count — contact us today.