KPMG International Limited, an Anglo-Dutch multinational professional services network has announced that it plans to spend more than $1.5 billion over the next three years specifically to focus on the Environmental, Social and Governance (ESG) change agenda.

A statement by the group said the collective investment would 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.

“The ESG strategy is designed to support KPMG firms’ clients in making a positive difference. Importantly, this strategy is underpinned by KPMG’s recognition of its responsibility to improve its impact on the world and the ESG commitments outlined in KPMG: Our Impact Plan, “KPMG said.

The statement also noted that the key to the transformation would be embedding ESG in the organisation and client solutions to drive measurable change.

KPMG said the new global ESG strategy focuses on five priority areas such as solutions, talents, supporting developing nations, collaborations and alliances and others.

In his comments, the Global Chairman, KPMG, Bill Thomas, noted that what worked for the company and other businesses in the past would not work in the future.

He explained that the world faces crises on multiple fronts, which is why they are putting the environmental, social and governance agenda at the heart of everything they do.

He further remarked that ESG would be the watermark running through their global organization; from empowering people to become agents of positive change, to the services with clients and partnerships with critical stakeholders.

He added that KPMG has the global scale, expertise, technology, and relationships that give them the ability and responsibility to use their position to provide solutions and services to overcome the challenges facing our planet and society.

The Global Head of ESG, Richard Threlfall, said: “It is incumbent on all of us as businesses and as individuals to play our part in tackling the challenges that threaten the future of our planet and the quality of life of people throughout the world. Our global ESG strategy will help equip our people to make a difference, as well as mobilize data and technology in support.

But we also recognize that the changes society is demanding will be realized most effectively through open collaboration based on trust, and we will continue to seek out opportunities to partner with other organizations that share our sense of purpose to enable a better future for everyone, everywhere.”

Jane Lawrie, global head of Corporate Affairs, KPMG, commented: “We know that KPMG and our profession have an important and pressing opportunity to accelerate the change needed for a sustainable future; that change starts with us. Our Impact Plan, launched in January, lays out how we intend to change our actions and commits to report against our progress so we can be held to account.

“The ESG agenda is as important to our people as it is to clients; these significant changes outlined today further reinforce KPMG’s purpose to Inspire Confidence and Empower Change and act as a north star for how we grow the organization.”

On his part, the Chairman, KPMG Africa, Kunle Elebute, added: “ESG plays a significant role in creating progressive, healthy, diverse and resilient communities for this generation and others to come.”

KPMG in the statement said, “Five newly dedicated Hubsare to be established to provide world-class expertise and solutions on key ESG issues, these will focus on: Global Decarbonization, helping large multinational businesses meet their net-zero commitments and plan their decarbonization journey, and Global ESG Advisory, backed by Advisory teams from KPMG firms, offering market-leading ESG expertise including leadership on societal issues and solutions. Three KPMG Regional ESG Hubs will also be established in Europe, Asia Pacific and the Americas to allow clients easy access to world-class insights and expertise across the ESG agenda.

“KPMG will invest in its leading climate and ESG solutions and technologies, including Climate IQ, a digital tool that helps clients identify opportunities and risks arising from climate change.

“To complement the technological investments, the global organization will also expand its workforce, both for ESG advisory work and to provide assurance on ESG disclosures. Additionally, KPMG will develop its proprietary audit workflow technologyto enable delivery of ESG assurance with the same quality and rigor that KPMG firms apply to financial audit work.

“ESG training will be provided to all of the KPMG organization’s 227,000 people to ensure that everyone is empowered to be an agent of positive change. As part of this training, KPMG is working with two leading global academic institutions, University of Cambridge Judge Business School and NYU Stern Executive Education.”