KPMG to invest $1.5 billion in ESG drive

MANAMA: More than $1.5 billion (BD565.4 million) is set to be invested globally by KPMG in the next three years with a focus on Environmental, Social and Governance (ESG) to help clients make a measurable positive impact in their communities.

The collective investment will focus on training and expanding KPMG’s global workforce, harnessing data, accelerating the development of new technologies, and driving action through partnerships, alliances and advocacy.

“ESG as a framework is constantly evolving to ensure it takes into consideration key market impacts, and potential risks that will impact an organisation and our communities,” noted KPMG Bahrain managing director Jamal Fakhro.

“The impact from the pandemic has significantly amplified the focus on ESG as a topic, particularly when most countries like in Bahrain have had the public, private and civil society sectors come together with the collaboration and support from citizens and residents to overcome their challenges.”

As part of the investment programme, three regional ESG hubs will be established in Europe, Asia Pacific and Americas, to provide insights and expertise in the field.

The global auditing firm will also invest in its climate and ESG solutions and technologies, including Climate IQ, a digital tool that helps clients identify opportunities and risks arising from climate change.

In the Middle East, KPMG will launch Emerging Markets Accelerators to provide access to trusted advisers to support local economic and social development in line with the UN Sustainable Development Goals.

“As advisers within the marketplace, we understand that we have an important responsibility to help accelerate the change that is needed for a sustainable future for businesses, communities and the kingdom as a whole; and we also believe that the change begins with us,” said KPMG head of advisory Jeyapriya Partiban.

“Increasingly, we are witnessing the significance of ESG go up in the priorities of business leaders across the marketplace, and with no surprise we are also seeing this rise as a preference in the mind-set of the future generation of young leaders who enter into the marketplace. For progressive businesses, this is no longer a ‘nice to have’ but a ‘must have’ as a part of their risk and strategic frameworks.”

Source: https://www.gdnonline.com/Details/980467