EY announces carbon negative status in step towards 2025 net zero

Multinational professional services network EY has become one of the first organisations of its kind to achieve carbon negativity.

A significant step towards its ambition of becoming net zero by 2025, EY has achieved the status by reducing its total emissions and offsetting and removing more carbon than it emits.

EY global FY21 emissions amount to 394,000 tons of CO2, which is reduced by 60 per cent compared to FY20 – around 976,000 tons of CO2e – and a 71 per cent decrease from FY19, the baseline year, when 1,354 tones of CO2e were emitted.

The organisation says this has been achieved through a significant reduction in business travel due to the COVID-19 pandemic and the ongoing delivery of the EY seven-point carbon action plan.

As the organization resumes business travel and returns to offices and clients, it says its teams will continue to keep emissions below the Science Based Targets Initiative (SBTi)-validated 1.5°C pathway in FY22 and beyond.

The network’s seven-point carbon action plan includes reducing electricity use, using nature-based solutions and carbon-reduction technologies and requiring its suppliers to set and achieve their own Science Based Targets by 2025.

Carmine Di Sibio, EY global chairman and CEO, said: “EY is leading the way in sustainable business by achieving carbon negative status. Businesses need to take the lead and the reality is that carbon neutrality simply isn’t enough if we are to deliver a sustainable planet for future generations.

“Today’s announcement will make a real difference as the world transitions toward a low-carbon future and EY will continue to take actions that create long-term value for EY people, clients and communities around the globe.”

Hywel Ball, EY’s UK chair, said: “Transitioning to a more sustainable and low carbon economy will take a collective effort from every corner of the business community. Innovative thinking, transformational business models and rapid action are what’s needed to fast track the UK to a more sustainable future.”