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articles | 05 March 2020 | EY Cyprus

EY announces commitment to be carbon neutral by end of 2020

EY announces plans to be carbon neutral by the end of 2020, by both reducing and offsetting its carbon emissions. The commitment reflects the EY focus toward becoming a more sustainable organization by improving environmental performance and driving long-term, sustainable growth.

  • First Big Four organization to announce plans to go carbon neutral globally
  • Announcement marks the next step in the EY journey toward becoming more sustainable
  • Commitment extends to supporting EY clients in their sustainability plans
To achieve carbon neutrality, EY will focus on areas including reducing travel emissions, sustainable procurement practices and purchasing more renewable energy to power EY offices, for example wind or solar energy. It will also purchase carbon credits to offset the EY carbon footprint and invest in projects that reduce carbon emissions or remove carbon from the atmosphere, for example reforestation projects.

In addition to the work it is undertaking to achieve carbon neutrality, EY is also expanding its global sustainability strategy which will focus on helping clients innovate and use technology to reduce their own carbon emissions, while driving sustainable economic growth.

This announcement elevates action that EY has already taken to reduce its environmental impact, including:

  • Designed its environmental strategy in alignment with the United Nations Global Compact (UNGC) environmental principles, including measurement and reporting of the EY carbon footprint over the past 10 years.
  • Issued a global environmental statement in financial year (FY) 18, setting the expectation that the global EY network bears a collective responsibility to minimize its environmental impact.
  • Between FY17 – FY19, EY decreased office energy emissions by over 11% while continuing to grow its business, resulting in a 25% reduction in energy emissions per full-time employee (FTE).
  • Over the past 15 years, its market-leading EY Climate Change and Sustainability Practice has supported EY clients’ decarbonization and sustainability journeys by helping them implement a range of solutions crossing sustainability, supply chains and reporting.
  • Played a leading role in the World Economic Forum’s International Business Council and developed a core set of common metrics and disclosures on non-financial factors to their investors and other stakeholders.
  • Introduced a global supplier code of conduct and procurement environmental criteria to improve the sustainability of products and services.
  • Collaborated with hotel suppliers to reduce waste, emissions and water use from EY people.
  • EY people have dedicated time and skills to accelerate environmental sustainability through the EY Ripples program and helped scale nearly 100 impact enterprises focused on critical socio-environmental issues.
In addition, EY around the world is already focused on sustainable solutions. EY US entered into a Virtual Power Purchase Agreement (VPPA) to finance and construct two large scale Texas wind farms to become 100% renewable in 2020. Meanwhile, EY UK is currently in the process of contracting directly with a solar farm developer and seeking to sign a 10-year agreement for 100% of its UK power demand. EY in India has planted 1 million trees since 2010 and in a number of countries, including in Costa Rica, EY has already achieved carbon neutrality.

Through EY Ripples, EY people have worked with impact entrepreneurs to help scale a variety of environmental enterprises around the world including bringing clean, affordable energy to off-grid families in Sierra Leone and providing solar power for communities in Kenya.

Taking this announcement as an opportunity, Stavros Pantzaris, Country Managing Partner of EY Cyprus commented: “EY has the potential to become a world leader in sustainable business. Achieving carbon neutrality is an important step towards fulfilling this ambition and protecting our planet for future generations. EY is working on innovative and creative solutions that address global environmental challenges and drive growth that is truly sustainable. EY people, both globally and in Cyprus, are a driving force behind this effort sending a clear message that we must work together to build a more sustainable and better working world for EY clients and communities.”

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