EY is now carbon negative
EY is proud to become carbon negative as it works to reduce its absolute emissions on the journey to net zero in 2025. It is using its experience, services, solutions and people to collaborate with others and help them transition to a low carbon future.
[Sponsored Article]
The science is more conclusive than ever – the planet will continue to heat up for many decades to come. As the most recent Intergovernmental Panel on Climate Change (IPCC) report highlights, “global warming of 1.5°C and 2°C will be exceeded during the 21st century unless deep reductions in carbon dioxide (CO2) and other greenhouse gas emissions occur in the coming decades.” This latest report, published in August 2021, underlines that we can and must act now to avoid the worst impacts of climate change.
Momentum is building toward decarbonization. Those who can go further and faster must do so now. Those who can go beyond neutral or zero should accelerate their actions to do so. Where possible, these efforts should come with a commitment by business to help others do the same – collaborating with customers, suppliers, communities and competitors to accelerate their transitions to a low-carbon future.
EY is delivering its carbon ambition, launched in January 2021, and continues to actively reduce its absolute emissions in line with its Science Based Targets Initiative (SBTi) validated 1.5°C pathway. This will bring EY to the more ambitious target of net zero in FY25.
FY21 emissions have been reduced, globally and across all scopes, both by the significant reduction in business travel due to COVID-19 and the ongoing process of our carbon action plan, which will continue to focus on the active reduction of emissions.
In FY21, EY emitted 394k tons of carbon dioxide equivalents (CO2e) compared to 976k tons of CO2e in FY20 – a decrease of 60%. The FY21 CO2e represents a 71% decrease from the 1,354k tons of CO2e emitted in the FY19 baseline year. However, the EY carbon ambition will help keep emissions below its 1.5°C pathway in FY22 and beyond, and EY will remain carbon negative as more usual business practices return.
To become a carbon negative organization, EY teams have invested in a carbon offset portfolio with South Pole that includes carbon removal projects. The portfolio includes multiple projects around the world that offset or remove carbon through reforestation, regenerative agriculture, biochar, and forest conservation. The projects contribute to removing or offsetting a total of 528k tons of CO2e, representing 34% of the EY FY21 footprint, making EY carbon negative.
“China has pledged to halt the rise of its carbon emissions by 2030 and achieve carbon neutrality by 2060. At the same time, EY is committed to accelerating the Greater China Region’s sustainable development with multiple measures," says Jack Chan, China Chairman and Greater China Regional Managing Partner of EY.
As the climate science clearly shows, it is critical that we reduce the amount of carbon in the atmosphere. But we cannot do it on our own: everyone must play a role, and those of us who can go even further, should do so.
“As businesses look for ways to enhance their competitiveness in green development, EY is ready to navigate with them on this sustainable journey and assist them in creating significant economic benefits and social impact,” Chan adds.
EY’s Climate Change and Sustainability Services (CCaSS) teams understand the challenges and can help businesses to respond by understanding and evaluating the broader value impacts and outcomes, identifying the opportunities, and supporting the reporting of nonfinancial performance risks to their stakeholders. Together, we can rise to the challenge of carbon negative and build a better, and more sustainable, working world.