Professional services firm PwC Australia recently announced the formation of a new dedicated Energy Transition business, aimed at helping to facilitate Australia’s transition to a decarbonized economy by 2050.

The launch of the new practice comes as Australian companies prepare to ramp investments on their energy transition strategies, with PwC anticipating that businesses will spend over $3.5 billion on advisory services in this area by 2030. The recently elected Australian government under Prime Minister Anthony Albanese has pledged to significantly strengthen the country’s climate commitments, including raising Australia’s emissions reduction goal to 43% by 2030 and plans to enshrine its interim and 2050 net zero targets in legislation.

Pete Calleja, Managing Partner of PwC’s Financial Advisory Business, said:

“For our nation to reach net zero by 2050, we must cut through the inertia and take accelerated action. PwC is doubling down on its support for clients transitioning to a decarbonized economy, bringing critical mass to the challenge.”

PwC stated that a “rigorous recruitment drive” is underway to grow the business, which launches with 132 experts. The new Energy Transition team will sit within PwC’s Financial Advisory business, and feature energy transition and/or ESG specialists, including existing and new partners, and employees from PwC’s deals, infrastructure, consulting, and assurance businesses.

The business will be led by Varya Davidson, who was recently PwC’s Energy, Utilities, and Resources Consulting leader. Additional appointments include former Rio Tinto General Manager of Strategy and Operations Leigh Staines, and Rothschild Australia’s former Managing Director, Head of Utilities, Transport and Infrastructure, Danny Bessell.

Davidson said:

“It’s a privilege to be charged with leading PwC Australia’s Energy Transition capabilities and services, tackling all of the complexities and ambiguity of climate change and related social challenges in collaboration with our clients. This is pioneering work, and bringing our cross-functional capabilities together into one focused business will benefit our clients greatly.”