Global professional services firm EY announced today that it has achieved its goal of reaching carbon negative status removing more emissions from the environment than it emits, through reductions in absolute emissions and the use of offsets.
The announcement follows the launch earlier this year by EY of a series of climate goals, which included reaching carbon negative in 2021, and net zero in 2025, including a 40% reduction in Scope 1, 2 and 3 emissions by 2025, on a 2019 baseline. The company outlined its action plan to achieve its goals, including targeting reductions in business travel emissions, procuring 100% renewable energy for its electricity needs, and requiring suppliers to set science-based climate targets, among other initiatives.
Carmine Di Sibio, EY Global Chairman and CEO, said:
“I am proud that 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.”
According to EY, for the FY21 (year end June 2021), the company’s global emissions fell 60% from the prior year to 394,000 tons of CO2e, driven largely by reduced business travel due to COVID-19, and the delivery of EY’s carbon action plan. Despite the pandemic-related reductions, EY stated that it will remain carbon negative as it works towards its net zero goal.
Steve Varley, EY Global Vice Chair – Sustainability, says:
“As governments work to forge greater consensus on action and keeping 1.5C alive, the critical role of business is becoming more urgent. After EY became carbon neutral in 2020, the organization looked at the latest climate data and decided it could, and should, do more. The reality is that becoming carbon neutral is a good first step but it isn’t enough on its own, and those – like EY – who have the ability to go further and faster must do so now. EY is proud to be one of those organizations setting the standard on carbon negativity and we urge others to do the same.”