NEW YORK, Jan. 16, 2009 (GLOBE NEWSWIRE) -- PricewaterhouseCoopers (PwC) today announced the acquisition of the U.S. operations of Sustainable Finance Limited (SFL). An international advisory firm with operations based in the United Kingdom, the United States and Holland, SFL is focused on environmental and social risk management in the financial sector. The move strengthens PwC's ability to help clients mitigate investment risk and capitalize on opportunities in climate change and carbon markets, water usage, biodiversity impacts and the support of universal human rights. The acquisition follows a year in which PwC more than doubled its sustainability and climate change practice worldwide to 800 professionals.
"We continue to strengthen our ability to deliver value to companies seeking to translate climate change and sustainability challenges into opportunity," says Dennis Nally, U.S. Chairman and Senior Partner of PricewaterhouseCoopers. "This is particularly important as the new Obama administration, which has placed climate change on the top of its agenda, takes office."
"Combining SFL's distinctive suite of intellectual property and capabilities with PwC's unmatched network of clients and professionals will help companies more effectively address one of the most important issues of today," says Matt Arnold, who founded Sustainable Finance Limited with Leo Johnson in 2003.
Arnold will be admitted to the PwC partnership and joins the U.S. firm's Advisory practice as the leader of the climate change and sustainability practice. PwC U.S. will incorporate SFL directly into its U.S. advisory practice.
PwC UK, which is acquiring the UK and European operations of SFL, will admit Johnson into the PwC UK partnership. Sustainable Finance will operate under its existing brand in the UK and Europe.
With the transaction, PwC acquires a firm with an established reputation for its experience and focus on sustainability issues, particularly within the financial sector, to complement PwC's already established climate change and sustainability practice. SFL was instrumental in developing the Carbon Principles - climate change guidelines for evaluating and addressing carbon risks in the financing of electric power projects in the United States. The Principles strive to create industry best practices for evaluating options to meet the electric power needs of the U.S. in an environmentally responsible and cost effective manner.
SFL also helped develop the Equator Principles in 2003, the international industry standard for managing environmental and social risks in project management.
Financial terms of the transaction have not been disclosed.
About PricewaterhouseCoopers
PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.
"PricewaterhouseCoopers" refers to PricewaterhouseCoopers LLP or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity.