- EY recently announced it is planning to be carbon neutral by the end of 2020 by reducing and offsetting its carbon emissions
EY recently announced it is planning to be carbon neutral by the end of 2020 by reducing and offsetting its carbon emissions. This commitment reflects EY’s focus on becoming a more sustainable organization by improving environmental performance and driving long-term and sustainable growth.
In order to achieve carbon neutrality, EY is focusing on areas including reducing travel emissions, sustainable procurement practices, and purchasing more renewable energy to power EY offices such as wind or solar energy. Plus the company will also purchase carbon credits to offset the EY carbon footprint and invest in projects that reduce carbon emissions or remove carbon from the atmosphere like reforestation projects.
And in addition to the work it is undertaking to achieve carbon neutrality, EY is also expanding its global sustainability strategy which will focus on helping clients innovate and use technology to reduce their own carbon emissions while driving sustainable economic growth.
“Protecting the planet for future generations is an important issue for EY people and becoming carbon neutral this year is a real step forward on the EY sustainability journey. As an organization that spans more than 150 countries, with varying views and ambitions on climate change, we recognize this is no easy feat. However, with over 284,000 EY people who are dedicated to our purpose of building a better working world, EY has a once-in-a-lifetime opportunity to take immediate action to create sustainable, inclusive growth for generations to come,” said EY Global Chairman and CEO Carmine Di Sibio in a statement.
EY has already been taking action when it comes to reducing its environmental impact such as designing its environmental strategy in alignment with the United Nations Global Compact (UNGC) environmental principles, including measurement and reporting of the EY carbon footprint over the past 10 years. The company also issued a global environmental statement in 2018, setting the expectation that the global EY network bears a collective responsibility for minimizing its environmental impact. Between 2017 and 2019, EY decreased office energy emissions by over 11% while continuing to grow its business thus resulting in a 25% reduction in energy emissions per full-time employee. And over the past 15 years, its market-leading EY Climate Change and Sustainability Practice has supported EY clients’ decarbonization and sustainability journeys by helping them implement a range of solutions crossing sustainability, supply chains, and reporting.
Some of the other projects include the company playing a leading role in the World Economic Forum’s International Business Council and developing a core set of common metrics and disclosures on non-financial factors to their investors and other stakeholders. And the company also introduced a global supplier code of conduct and procurement environmental criteria to improve the sustainability of products and services. Plus they also collaborated with hotel suppliers to reduce waste, emissions, and water use from EY people.
“EY has the potential to become a world leader in sustainable business and becoming carbon neutral is an important step toward making that a reality. By supporting a culture of disruptive innovation, EY can find creative solutions that address global environmental challenges and drive growth that is truly sustainable. EY people are a driving force behind our focus on the environment and have sent a clear message that we must work together to build a more sustainable and better working world for EY clients and communities,” explained Steve Varley, EY Global Vice Chair – Sustainability-elect and EY UK Chairman.
EY US entered a Virtual Power Purchase Agreement (VPPA) to finance and construct two large scale Texas wind farms to become 100% renewable in 2020. And EY UK is currently in the process of contracting directly with a solar farm developer and seeking to sign a 10-year agreement for 100% of its UK power demand.
Over in India, EY has planted 1 million trees since 2010. And in a number of countries, including in Costa Rica EY has already achieved carbon neutrality. Through EY Ripples, EY worked with impact entrepreneurs to help scale a variety of environmental enterprises around the world including bringing clean and affordable energy to off-grid families in Sierra Leone and providing solar power for communities in Kenya.
