- Ambition for zero net carbon consumption in 2025 plans to reduce absolute carbon emissions by 40% The EY will present new sustainability solutions to help customers create value through sustainability
EY globally announced that it aspires to achieve a negative carbon footprint by 2021, aiming to substantially reduce absolute carbon emissions and remove or compensate for larger amounts of carbon than it emits. In this context, it presented the seven key elements of its plan to achieve a negative carbon footprint in 2021, reduce total carbon emissions by 40%, and achieve zero net carbon consumption (net-zero) in 2025.
EV's commitment to sustainability is an integral part of the wider corporate strategy “NextWave” and the organization's ambition to create long-term value for all stakeholders.
This announcement follows the achievement of a global carbon neutral balance by EY in December 2020, and demonstrates the agency 's commitment to the environment and the achievement of long – term and sustainable development. The key elements of EY's new ambition are the following:
Reducing emissions from business travel by 35% by 2025, compared to 2019. Reducing the total use of electricity by offices and the supply of 100% renewable energy to meet the remaining needs of EY, with participation, in parallel , in RE100, a group of major companies committed to the use of energy from renewable sources by 2025. The conclusion of Virtual Power Purchase Agreement (PPAs), for the introduction into the national grids of a larger amount of electricity than consumed by EY. The use of tools that will allow EY teams to calculate and then reduce the amount of carbon emitted during the execution of projects for EV customers. The adoption of nature-based solutions, as well as carbon reduction technologies, to remove from the atmosphere or compensate for more carbon than EY emits each year. Invest in services and solutions that help EY customers reduce their business dependence on coal, in a profitable way, and provide solutions to challenges and opportunities related to sustainability. The claim of EY by 75% of its suppliers, to set sustainability targets on a scientific basis, by 2025 at the latest.
New sustainability solutions, to support customers in achieving their goals
As EY moves to ensure greater sustainability for the organization, its teams around the world are developing a range of new customer sustainability solutions to support them on their own paths to sustainability. These solutions will help customers seize the business opportunities associated with sustainability and carbon offset, while protecting and creating more value for businesses. This is in line with the approach taken by EV teams to achieve a negative carbon footprint.
EY continues to invest in technology and transform its operations. For example, during the pandemic, EY teams worked with clients to help implement workplace change, including flexible working and increased use of remote work technologies, which are expected to help reduce business travel. EY also works closely with customers in the airline and hospitality industries to achieve this goal and find innovative solutions.
The announcement of a negative carbon footprint comes in the wake of other actions taken by EY to reduce the organisation's environmental impact and promote sustainable development. It is noted that EY plays a leading role in the International Business Council of the World Economic Forum, which has developed a basic set of joint measurements and disclosures on the non-financial performance of companies, for investors and other stakeholders.
Referring to EV's goal of achieving a negative carbon footprint, Stavros Pantzaris , Chairman of the Board of Directors of EV Cyprus, said: “Tackling climate change is inextricably linked to building a better working world. All of us at EY understand the importance of tackling this great challenge and that is why we have set such ambitious goals. At the same time, we invest in new solutions and services to support our customers in fulfilling their vision of sustainability, always tailored to the specific needs of their industry, with the aim of creating value by setting and achieving similar ambitious goals. “
