EY has announced its ambition to be carbon negative (reducing more carbon than emitted) in 2021 by setting targets to significantly reduce its absolute emissions and removing and offsetting more carbon than it emits.
In a new statement on sustainability, published this week, EY set out components of its plans to not only become carbon negative but to reduce total emissions by 40% - consistent with a science-based target - and achieve net zero in 2025.
This new ambition builds on the global organization’s achievement of carbon neutrality in December 2020 and underscores the EY commitment to the environment and to driving long-term, sustainable growth.
Ronald Attard, EY Malta Country Managing Partner and Central, Eastern and Southeastern Europe & Central Asia (CESA) Strategy and Transactions Leader, says: “Sustainability has been high on our agenda for the past few years and we understand that the global challenges we face require bold action to be taken today for a better tomorrow. To combat climate change, we are undertaking major steps that go beyond our successful 2020 carbon neutral plan and that is to become carbon negative this year and net zero in 2025. We realize that these challenges are different and more difficult for certain industries here in Malta, but this is where our local experts can come in an assist with new solutions and services to help our clients become more sustainable too.”
Some of the key elements of the ambition include: Reducing business travel emissions by 35% by FY25 against a FY19 baseline; Reducing overall office electricity usage and procuring 100% renewable energy for remaining EY needs; earning membership to the RE100 - a group of influential organizations committed to renewable power, by FY25; Providing EY teams with tools that enable them to calculate, then work to reduce, the amount of carbon emitted when carrying out EY client work; Using nature-based solutions and carbon-reduction technologies to remove from the atmosphere or offset more carbon than EY emits, every year.
Carmine Di Sibio, EY Global Chairman and CEO, says: “We believe that combatting climate change is a vital element of building a better working world. While this challenge is unique and different for each organization, we are inspired by those that are setting ambitious targets despite the difficulties they face. EY people are passionate about tackling big challenges and with the power of 300,000 of them, we will not only transform EY to become a leader in sustainability, but also help EY clients do the same.”
Alongside the work it is undertaking to become more sustainable, EY teams are developing a new set of global sustainability solutions for EY clients aimed at helping them on their own sustainability journeys. The solutions will be focused around value-led sustainability, helping EY clients capture the business opportunities from sustainability and decarbonization, while also protecting and creating value. This follows the approach EY teams have taken to achieve these sustainability targets and carbon negative ambition.