McKinsey & Company have released its Social Responsibility Report 2020: Delivering on our Purpose. The report details the firm’s progress against its commitments to addressing some of the world’s most pressing societal and environmental challenges – including COVID-19, racial and social inequity, and climate change – through its expertise, network and capabilities.
McKinsey Global Managing Partner Kevin Sneader said: “As I look back on 2020, I am immensely proud of the way that McKinsey colleagues rose to the challenges presented by the pandemic while confronting the many other issues that emerged during a year like no other. Drawing on the values on which the firm was founded almost 100 years ago, we are committed to raising our ambitions and continuing to find new opportunities to support our people, build a more diverse, inclusive and sustainable firm, and deliver on our purpose.”
Report highlights include:
- In 2020, we provided $150 million in cash and in-kind support as part of the firm’s broader goal to provide $2 billion toward social responsibility efforts by 2030. McKinsey colleagues devoted over 220,000 hours last year, supporting 600 nonprofits around the world through pro bono engagements and board service.
- We made progress on our 10 actions, a set of commitments we pledged in June 2020 to work toward racial and social equity with our clients, in our communities, and within the firm. Among other accomplishments, our McKinsey Black Network designed and led the process to donate $5 million to more than 35 community-based organizations globally working to create educational opportunities and combat racism. Since September, more than 7,000 executives from over 350 organizations have been trained by the firm’s Black Leadership Academy, a program designed to accelerate the progression of Black leaders within their organizations, at no cost to participants.
- We expanded our environmental commitments and launched McKinsey Sustainability. Building on McKinsey’s existing environmental commitments to reduce emissions, transition to 100 percent renewable electricity by 2025 and remain carbon neutral, we committed to reaching net-zero climate impact as a firm by 2030, and set science-based targets by 2025, which have been validated by the Science Based Targets initiative, to reduce the firm’s greenhouse gas emissions in line with a 1.5-degree pathway.
This report serves as McKinsey’s third Communication on Progress. McKinsey has aligned its global social responsibility efforts with each of the 17 Sustainable Development Goals adopted by the UN member states in 2015, with a focus on three themes: economic opportunity for all, environment, and equity. We are committed to helping address societal challenges through both our client work and pro bono efforts and will continue to report on our progress.
Link to download report: https://www.mckinsey.com/about-us/social-responsibility/2020-social-responsibility-report