We are very proud to announce that EY is officially carbon negative – a major step on our journey to net zero in 2025.
EY reached carbon negative by significantly reducing emissions in line with our science-based target and offsetting and removing more carbon than we emit. Our carbon ambition now has the effect of removing carbon from the atmosphere instead of adding to it. And our seven-point action plan will continue to reduce our emissions even more as we head toward net zero in 2025.
“This is an important moment for EY and one we can all be very proud of,” says Global Chairman and CEO Carmine Di Sibio. “Our carbon ambition is a prime example of how we are Building a better working world by acting now to protect and preserve our planet. Throughout our journey, we’ve been inspired by the many EY people who are leading the change by reducing their personal impact on the climate.”
“As a member firm of Ernst & Young Global Limited, SGV & Co. will further strengthen our own carbon reduction and sustainability programs, through SGV’s Sustainable Actions for Value-creation and Enablement (SAVE) Council, to align closely with EY’s carbon-negative ambition. With EY’s quantifiable and actionable science-based targets, our over 5,000 professionals will be further inspired to find creative approaches to making a sustainable difference that will redound to future generations. This program also falls within the ambition of SGV’s Purpose to create long-term value for stakeholders,” says SGV Chairman and Managing Partner Wilson Tan.
EY’s journey to net zero began when we launched our carbon ambition in January, committing to become carbon negative in FY21 and reach net zero in 2025. This built on our carbon neutral achievement in December 2020.
Achieving net zero
- We continue to reduce emissions through our seven-point action plan
Thanks to EY’s action plan, EY’s global FY21 emissions reduced by 60% compared to FY20 – a 71% decrease from the FY19 baseline year. Reduced business travel, due to the COVID-19 pandemic, was a significant contributor. However, even as EY people return to offices and resume business travel, emissions will remain within our science-based target range. This means EY will remain carbon negative as we work toward net zero in 2025, and beyond.
- We invest in nature-based projects that offset the emissions we cannot eliminate
EY works with South Pole, a leading global climate solutions provider, to invest in worldwide projects that offset or remove carbon through reforestation, regenerative agriculture, biochar and forest conservation.
“While we recognize our emissions are small on their own, we will use our own experience, market-leading services and solutions to support others decarbonize, and help them protect and create value from becoming more sustainable,” says Global Vice Chair – Sustainability, Steve Varley. “We also use our convening power to be a catalyst for change by working together with others – including at the forthcoming UN COP26 summit in Glasgow, UK where we believe EY has a critical role to play in translating the COP26 agreements into business.”