Deloitte has made a $1 billion investment in its Sustainability & Climate practice, which will fund client-related services, data-driven research, and assets and capabilities.

The global practice helps clients redefine their strategies, embed sustainability into their operations and meet tax, disclosure, and regulatory requirements.

Following the announcement of the investment, Jennifer Steinmann has been appointed as the firm’s first global sustainability and climate leader.

Steinmann said: “Deloitte is committed to helping clients move from sustainability and climate commitments to action.

“We will do so by working with organizations to create a transformation plan as well as helping drive collaboration across a broader ecosystem ― of suppliers, clients and customers, policymakers, and alliance partners across industries.”

Alongside the investment, the company has expanded its global Sustainability & Climate practice by launching the Deloitte Center for Sustainable Progress (DCSP).

The center is designed to help clients transform at scale by providing holistic, results-orientated thought leadership, data-driven analysis, and accountability reporting.

In addition, Deloitte has strengthened its World Climate strategy, which encourages individuals to make responsible climate choices by offering a curriculum of sustainability training courses to all 345,000 professionals along with its clients and suppliers.

Punit Renjen, Deloitte global CEO, said: “Taking action on climate change, and sustainability more broadly, is not a choice. It’s an imperative. And we all have a role to play. But it’s the business community that’s best positioned to lead the way on this.

“This is why we developed Deloitte Sustainability & Climate. It is our way of not only holding ourselves accountable for accelerating progress on the UN Sustainable Development Goals and commitments of the Paris Agreement, but effectively facilitating action across the business community.”

Last month, a Deloitte survey of 300 senior finance, legal and sustainability executives found 82% believe they will need additional resources to generate ESG disclosures, as leaders work towards “more reliable and timely” data.