Our role in supporting others to think and act green
EY has a privileged position as a trusted advisor to many of the key stakeholders – from institutional investors to global enterprises - who can make a difference to climate change. We have a responsibility to help safeguard and grow their interests, while also considering the long-term value that they can create for everyone that they impact. This must include a point of view on climate change.
The seriousness and scale of the risks posed by climate change highlight the need to accelerate change as the UK transitions to a low carbon economy. It’s going to require more than awareness and aspiration: action, new ideas, business models and technology will be needed. Employing 17,000 people in the UK & Ireland, across sectors and skills, EY can play a crucial role by not only making changes to our own business, but also supporting our clients as they make changes to theirs.
The opportunities available to companies who commit to reducing emissions cannot be ignored. More sustainable business models should help create greater long-term value for all stakeholders, including shareholders, employees and consumers as sustainability and transparency issues rise up their list of priorities.
How we are helping
At EY, we are increasing our investment in the services and solutions that will help organisations transition to a low carbon world. This includes a significant increase in investment in our Climate Change and Sustainability Services capabilities, together with our Strategy, Consulting and Tax Service Lines.
We are using the experience we have gained from our own carbon negative transition and our industry insights to discuss with our clients and wider industry which behaviours need to change, what this means for the status quo and the value that can be generated from making this change.
From an investor perspective, we understand that without reliable climate-related financial information, investors cannot price climate-related risks and opportunities correctly. This is creating the need for companies to improve disclosures in this area, and we are working to help businesses better identify risk and measure non-financial performance.
Through our work with investors and corporates, and our leading role in global sustainability initiatives – including EPIC, Stewardship Reporting, the World Economic Forum (WEF) and Climate Action 100 – we can help clients identify practical solutions, embed sustainability throughout their organisation and deliver against clearly defined outcomes.
Looking ahead to a cleaner future
The science is conclusive: we face significant and irreversible human-made changes to the climate. Action is urgently needed if we are to limit the global temperature increase to 1.5°c above pre-industrial levels, in line with the Paris Agreement.
EY is taking action and supporting others to do the same. While we acknowledge the progress being made – 10 years ago few could imagine an oil major committing to a zero-carbon future through a transition to clean energy – it is important to understand the size of the challenge ahead. Only by all working together – and sharing knowledge and experience – can we successfully build a better working world.