PwC snaps up sustainability consultancy

Consultancy giant PricewaterhouseCoopers (PwC) will today accelerate its push into the emerging sustainability services sector with the acquisition of international advisory firm Sustainable Finance Limited (SFL).

PwC will shell out an undisclosed sum for the 10-strong SFL, which was founded in 2003 and boasts operations in the UK, US and the Netherlands.

The company specialises in environmental and social risk management services to the financial sector, providing firms with advice on their sustainability and climate change risks. SFL also helped develop the Equator Principles in 2003, the international industry standard for managing environmental and social risks in project finance, and more recently worked on the Carbon Principles governing investment in US energy projects.

PwC said SFL will operate as a wholly-owned subsidiary of the wider group, continuing to offer its services to existing and new clients, while also supporting PwC's sustainability team on various projects.

Ian Powell, UK chairman and senior partner of PwC, said the deal underlined the company's commitment to bolstering its sustainability services - a strategy that has already seen its sustainability and climate change practice grow four-fold in recent years.

"We believe it is vital for us to accelerate our investment in sustainability services, particularly in the financial services sector as it seeks to rebuild trust and confidence," he said. "This deal positions PwC as a leading provider of sustainability services, with both the strategic expertise and delivery capability to help client explore and assess the extensive business opportunities arising from the urgent transition to a low carbon economy, adaptation to climate change and other sustainability trends affecting water, resources, and labour."