McKinsey & Company Publishes 2022 ESG Report
The report details McKinsey’s measurable progress toward accelerating sustainable and inclusive growth in line with its aspirations—catalyzing decarbonization, building inclusive economies, institutions, and workforces, and setting the standard for accountability and compliance
McKinsey & Company released its 2022 ESG Report, “Creating a more sustainable, inclusive, and growing future for all.” The report outlines how McKinsey has partnered with its clients and communities to drive positive, enduring change and measure its impact around the world.
“As a proudly global firm, we feel a deep responsibility to the societies where we work and live,” said Bob Sternfels, Global Managing Partner of McKinsey & Company. “While the events of 2022 challenged governments, businesses, and citizens alike, we remain resolute in our long-term aspiration to accelerate sustainable and inclusive growth. We hope the stories in this report will inspire even bolder aspirations and innovations in the years ahead.”
The impact of the firm’s work is significant and measurable. McKinsey clients contribute 20 percent of global GDP growth, create one million jobs per year, and make up 80 percent of reported CO2 emissions reductions.
Report highlights include McKinsey’s progress in 2022 toward:
Catalyzing Decarbonization
McKinsey aspires to become the largest private sector catalyst for decarbonization, and partners with a range of companies to help them innovate, cut emissions, and transition to sustainable growth models.
- More than 3,500 McKinsey colleagues worked on over 1,600 sustainability engagements with more than 600 clients across nearly 60 countries and in every industry.
- McKinsey continued to progress toward its net-zero goal, introducing an internal carbon fee on all air travel.
- McKinsey launched fresh solutions like Frontier, an advance market commitment for carbon removal, and Catalyst Zero, an innovative tool to help clients decarbonize at unprecedented speed and scale.
See related article: McKinsey and Moodys Team to Help Banks Build Climate Resilience
Accelerating Inclusive Growth
McKinsey is partnering with clients to help build inclusive economies, institutions, and workforces that reflect its communities.
- Leap by McKinsey colleagues helped McKinsey clients build nearly 200 new businesses—creating more than 20,000 jobs and $140 billion in value.
- McKinsey committed $2 billion to social responsibility efforts by 2030 and has so far contributed nearly $620 million in cash and in-kind support toward that commitment (including more than $275 million in 2022).
- McKinsey’s global workforce was 48 percent women, and 52 percent of client-serving colleagues in the US were from racial or ethnic minority groups.
Setting the Standard for Accountability and Compliance
McKinsey is leading with integrity and setting the standard for accountability and compliance in its profession.
- Since 2018, McKinsey has spent nearly $700 million on strengthening risk management teams, capabilities, and processes.
- 100 percent of new clients were vetted against McKinsey’s industry-leading CITIO (Country, Institution, Topic, Individual, and Operational) client service framework, which also guides the firm’s approach to engagements.
- 100 percent of McKinsey colleagues completed comprehensive training on firm policies and professional standards.
The Report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards. It also includes McKinsey’s disclosure against the World Economic Forum International Business Council’s (WEF IBC) Stakeholder Capitalism metrics and serves as McKinsey’s fifth Communication on Progress (CoP) to the UN Global Compact alongside the CoP questionnaire. McKinsey is also reporting in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
