- EY is one of the first professional services organizations to achieve carbon negativity, says carbon neutrality is not enough
- EY becomes carbon negative by reducing absolute emissions and offsetting and removing more carbon than it emits
The EY organization has gone carbon negative, a major and significant step towards achieving EY’s carbon ambition of becoming net zero by 2025. Going carbon negative means that the EY organization is now reducing its total emissions and offsets and removes more carbon than it emits.
To achieve this carbon ambition, the EY organization has set itself an ambitious goal of significantly reducing its emissions by 40% by 2025 through seven key actions. This represents one of the most ambitious decarbonization plans, not only in professional services, but in the global industry as a whole. EY continued to invest in a carbon offset portfolio.
Carmine Di Sibio, Global Chairman and CEO of EY, said:
“I am proud that EY is leading the way for sustainable businesses by achieving carbon negative status. Businesses need to take the lead and the reality is that carbon neutrality is simply not enough if we are to deliver a sustainable planet for future generations. This announcement will make a real difference as the world moves towards a low-carbon future and EY will continue to take actions that create long-term value for EY people, customers and communities around the world. . ”
Continued reduction in absolute EY emissions
EY’s global emissions for FY21 (394,000 tonnes of CO2e) reduced by 60% compared to FY20 (976,000 tonnes of CO2e), thanks to a significant reduction in business travel due to COVID-19 pandemic and continuous delivery of the EY carbon in seven point action plan. This also represents a decrease of 71% compared to the 1,354,000 tonnes of CO2e emitted in the reference year FY19.
As the EY organization resumes business travel and returns to its offices and clients, EY teams will continue to keep emissions below the 1.5 ° C trajectory validated by the Science Based Targets Initiative (SBTi) in fiscal year 22 and beyond. EY will remain carbon negative as it heads towards net zero in 2025.
Investment in a carbon offset portfolio
The EY organization has invested in a carbon offset portfolio with South Pole, one of the world’s leading providers of climate solutions, which includes several projects that offset or eliminate carbon through reforestation, regenerative agriculture, biochar and forest conservation. Six new projects, invested through the South Pole, including the QianBei reforestation project in China, help eliminate or offset a total of 528,000 tonnes of CO2e, meaning that the EY organization removes an additional 34% of the footprint EY carbon for exercise 21, which makes EY carbon negative.
Steve Varley, EY Global Vice President – Sustainability, says:
“As governments strive to forge greater consensus on action and keep 1.5C alive, the critical role of business becomes increasingly urgent. After EY went carbon neutral in 2020, the organization looked at the latest climate data and decided it can and should: do more. The reality is that becoming carbon neutral is a good first step, but it is not enough on its own, and those – like EY – who have the capacity to go further and faster must do so now. EY is proud to be one of those organizations setting the standard for carbon negativity and we urge others to do the same. ”
By achieving carbon negative status, the EY organization demonstrates its commitment to accelerated climate action and empowers its employees to serve EY customers as they also seek to go carbon free.
Along with the organization’s work to become more sustainable, EY teams have developed a new set of global sustainability services for EY clients to help them on their own sustainability journey. The solutions are focused on value-driven sustainability, helping EY clients seize the business opportunities of sustainability and decarbonization, while protecting and creating value. This follows the approach taken by the EY teams to achieve EY’s negative carbon ambition.
Today’s announcement follows a number of steps the EY organization has taken to reduce its environmental impact and foster sustainable growth. These include two initiatives in collaboration with HRH The Prince of Wales’s Sustainable Markets Initiative; The S30, a group of 30 of the world leaders in sustainable development of the C suite, focused on accelerating the action of companies in terms of sustainable development and joined the “Terra Carta” – a charter that places sustainable development at the heart of the private sector. The EY organization has also joined the Nature-Related Financial Disclosures Working Group, which is committed to shifting financial flows towards positive outcomes for nature.
The EY organization also recently reported for the first time on WEF-IBC Stakeholder Capitalism Metrics – a set of 21 ESG disclosures, against which businesses and organizations can report, covering four key areas; Principles of governance, planet, people and prosperity aligned with the United Nations Sustainable Development Goals.
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Notes to Editors
EY exists to build a better world of work, helping to create long-term value for customers, individuals and society and to build confidence in the capital markets.
Through data and technology, EY’s diverse teams in more than 150 countries build trust and help customers grow, transform and operate.
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Definition of terms
Science-Based Target (SBT). A greenhouse gas reduction target to reduce an organization’s emissions in line with climate science and the Paris Agreement target of limiting global warming to 1.5 ° C above pre-industrial levels.
Carbon neutral. The result of an organization that eliminates and offsets each year emissions equivalent to its carbon footprint.
Carbon negative. The result of an organization both reducing its emissions in line with its 1.5˚C SBT and investing in nature-based solutions and carbon technologies to remove and offset more carbon than it emits each year .
Net zero. The point at which an organization has achieved its SBT of 1.5˚C and removed its residual emissions from the atmosphere.
Ernst & Young Global Limited published this content on 21 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on October 21, 2021 09:03:02 AM UTC.