EY has been named a Financial Times Europe Climate Leader for the second time. The annual listing, compiled by the Financial Times and Statista, recognises European companies that have met the climate emergency head-on by achieving the greatest reduction in greenhouse gas (GHG) emissions.
The scoring process was based on companies that had seen the most significant decrease in Scope 1 and 2 GHG emissions intensity, including emissions produced directly by the company, the resources it owns, and the energy used by the organisation. The listing also considered a company’s Scope 3 emissions, measuring each organisation’s performance against Carbon Disclosure Project (CDP) and the Science Based Targets initiative (SBTi) ratings, which are widely considered to be ‘gold standard’ assessments of business climate action.
Net Zero Strategy
EY has taken action across its operations to reduce the firm’s carbon emissions and has set bold global targets to drive further progress.
In 2022, EY was carbon negative for a second consecutive year and the firm is on track to reach its target of becoming net zero globally in 2025.
To support these global goals, EY has established a Net Zero Strategy in the UK, which is based around actions that include reducing air travel emissions, reducing electricity consumption, and reducing the environmental impact of internal emissions. Replacement LED lighting and an upgraded building management system helped us to deliver a 24% reduction in energy consumption in the last financial year, in comparison to the same period in 2019. All of the firm’s UK’s energy consumption is now backed by renewable electricity / biogas certification.
In 2021, EY secured an Environmental, Social and Governance (ESG)-linked Revolving Credit Facility (RCF). This facility was the first of its kind in the UK to be secured by a Big Four professional services organisation and links ESG targets to clear commercial outcomes. In 2020, EY also announced a 10-year zero-carbon Power Purchase Agreement (PPA), which supported the building of a new solar power station project in Norfolk. As a result, most of the electricity that EY purchases directly from energy providers is zero-carbon solar power, while also generating a significant surplus of renewable energy that is fed back into the grid.
In addition to making changes in its own business, EY is also working with organisations as it progresses towards net zero.
Hywel Ball, EY UK Chair, comments: "I’m really proud to see EY recognised for the actions we have taken to reduce our carbon footprint. Sustainability is one of the defining issues of our generation and we have a significant contribution to make in addressing today’s environmental challenges by making changes in our own business, whilst also supporting our clients and our communities to adapt their own organisations. Transitioning to a net zero economy will take a collective effort, from across the private and public sectors – sustainability is everybody’s business, and we all need to play our part.”
Sourced from EY