Deloitte China acquires the advisory business of Carbon Care Asia to expand its services in Climate change and Sustainability
Published: 17 February 2022
Deloitte China announces today an agreement to acquire most of the advisory business of Carbon Care Asia (CCA), a leading sustainability consultancy based in Hong Kong. Climate change and sustainability are global priorities. This acquisition presents a major milestone for Deloitte China to boost its professional capabilities against the soaring demand for sustainability and carbon advisory services in Hong Kong and in the Greater Bay Area.
"As a leading global professional services organization, Deloitte is committed to building a more sustainable future and helping businesses address evolving challenges wrought by climate change," says Deloitte China Southern Region Managing Partner Edward Au. "Driven by our Inspire HK strategy, we've been investing heavily to make Sustainability an integral part of our firm's business and culture through various initiatives. Today, we are very pleased to welcome aboard the Carbon Care Asia team, whose extensive expertise and experience will further accelerate our sustainability growth agenda."
Founded in 2008, CCA is a renowned Hong Kong-based sustainability consultancy company with a regional footprint in Singapore and Australia. Its team of specialists in ESG reporting, net zero carbon solutions, climate scenario analysis, sustainability research and high-level training for sustainability professionals focuses on helping companies manage climate risks, enhance brand value, and create business opportunities on the path to achieving the Paris Climate Agreement and the United Nations Sustainable Development Goals. Its broad client base includes more than 250 MNCs, private enterprises, and institutions in Hong Kong and across Asia Pacific.
Carbon Care Asia CEO Albert Lai says, "CCA was founded with a strong mission to achieving a zero-carbon economy for all by promoting sustainability practices and raising climate competence in business, government and community organizations. Over the years we've continued to invest in R&D and talent development to become one of the leading providers of sustainability consultancy services in the region, having served more than 100 listed companies in sustainability reporting and carbon strategy. This deal represents the next milestone for Carbon Care Asia, and we're excited to be joining Deloitte China and working together to make a bigger impact in pursuit of our mission."
With the acquisition, most of CCA's advisory operation, all of its clients, and selected professionals will be integrated into Deloitte China’s Climate Change and Sustainability team to form Deloitte CarbonCare Asia. Bringing together Deloitte's multidisciplinary services model, diverse clients, and CCA's team of highly experienced ESG and carbon specialists with an established market network, this new service brand represents Deloitte’s additional drive to deliver an integrated value proposition that helps companies meet rising market and regulatory expectations around sustainability and climate action.
"We've witnessed an increasing demand in the past couple of years, as companies rush to embed climate risk into their business strategies, risk management and governance frameworks," says Deloitte China Hong Kong Climate and Sustainability Leader Mohit Grover. "This surge is driven by a combination of market forces, including government regulation, shareholder pressure, and stakeholder expectations. From Hong Kong's Climate Action Plan 2050 to international initiatives like the Task Force on Climate-Related Financial Disclosures and International Sustainability Standards Board, increased market awareness, the wider scope of sustainability requirements, and convergence in reporting standards will continue to propel demand for integrated sustainability solutions."
According to the 2022 Deloitte CxO Sustainability Report, 97% of the 2,083 C-level executives surveyed globally say their company has already been negatively impacted by climate change, citing operational impacts (48%), regulatory uncertainty (47%), and pressure from civil society (42%) as the three biggest issues. The China's Turning Point report published by the Deloitte Economic Institute estimates that the Chinese economy risks losing more than RMB50 trillion in present value terms by 2050 if China and the rest of the world do not significantly reduce emissions from current levels.
"Countries and businesses worldwide are increasingly embracing a low-carbon economy and more sustainable development models, which will catalyze rapid growth across all aspects of the ESG industry," says Deloitte China Strategic Accounting Solutions Leader Francesco Nagari. "Our acquisition of CCA will enable us to enhance our sustainability service portfolio in scale and quality, focusing on areas like integrated reporting, sustainable finance, supply chain management, and the circular economy. Together with CCA, we are well-positioned to help our clients, stakeholders, and society move towards a more sustainable future."
Deloitte’s commitment to sustainability drives us to manage our operations responsibly and champion environmentally sustainable initiatives across the organization and supply chain globally. We believe we must lead the way to build a better, stronger and more sustainable world.
As part of its efforts to help the world achieve the goals of the Paris Agreement, Deloitte has committed to achieving net-zero greenhouse gas (GHG) emissions by 2030 and launched the WorldClimate program to drive responsible climate choices within its organization and beyond.