The new client-service platform has set itself a bold goal of helping all industry sectors transform to net zero by 2050 and to cut their carbon emissions by half by 2030.
The sustainability offering from the global professional services firm will centre on the "four key levers needed to decarbonise": helping clients drive a ‘brown to green’ transition of the global economy’s existing assets; building tomorrow’s new green businesses and innovations; retiring and repurposing high carbon intensity assets; and scaling nature-based solutions through voluntary and compliance carbon markets.
More than 1,000 McKinsey colleagues have already joined the service.
The launch follows the company’s recent acquisition of strategic economics consultancy Vivid Economics and its climate analytics offering Planetrics (EA 16-Mar-21), described as "one of the largest acquisitions we have made as part of our goal to be the leading management consultancy in climate-related issues in the financial sector".
The 33,000-strong firm is also establishing the McKinsey Academy for Sustainability "to train boards, CXOs, and colleagues on climate change" along with several 'Technology Centers of Excellence' to offer specialised training on climate change and emerging technologies, such as batteries, hydrogen, carbon capture, nature-based solutions and plastics recycling.
Kevin Sneader, McKinsey global managing partner, said that the aim of the new business arm was to be "the largest private sector catalyst for decarbonisation", building on the company’s proven client service and knowledge base.
He commented: "The transition to a net-zero economy will increase the innovation and competition. Those who act now will be advantaged, and we will help our clients ensure they are among the sustainability leaders."
At the same time, New York-headquartered McKinsey has announced a target for its operations to be carbon net zero by 2030 and has joined the Business Ambition for 1.5°C campaign. It reported revenues of $10.5bn in 2019.
Hear from Stefan Kemmer, partner at McKinsey & Company at Environment Analyst's UK Business Summit on 22-23 June, where Stefan will be joining a panel discussion on Demonstrating Leadership in Environmental, Social and Governance (ESG) & Developing Positive Sustainability Strategies.