Accounting and consulting firm EY will focus on significantly reducing absolute emissions and removing more carbon than it emits, as the company recently announced its objective to become carbon negative in 2021 and net zero in 2025.
Net zero means achieving a balance between the greenhouse gases put into the atmosphere and those taken out.
In a press release, EY said that following reaching carbon neutrality in December 2020, it would reduce business-travel emissions by 35% by 2025 against a 2019 baseline; reduce overall office electricity usage; and require 75% of EY suppliers, by spend, to set science-based targets by no later than 2025.
Dan Scott, EY regional managing partner for the Bahamas, Bermuda, British Virgin Islands and Cayman Islands, said, “Addressing climate change is an urgent issue for the health of our people and communities worldwide.
“This initiative is an important representation of the collaborative efforts companies are making across the globe to address the irreversible impacts of climate change.”
EY’s plan includes using nature-based solutions and carbon-reduction technologies to remove from the atmosphere or offset more carbon than the firm emits every year.
It will also structure electricity-supply contracts, through virtual power purchase agreements, to introduce more electricity than EY consumes into national grids, according to the press release.
The firm said it is committed to helping clients reach sustainability targets by developing solutions focussed around value-led sustainability to capture the business opportunities from sustainability and decarbonisation, while also protecting and creating value.
Eleanor Fisher, partner at EY Cayman and strategy and transactions expert, added in the press release, “EY’s commitment to being carbon negative this year and net zero in 2025 reinforces our dedication to protect the planet for future generations.
“EY in the Cayman Islands is focused on supporting this global initiative through technology and initiatives that will not only improve the way that we work but bring about long-term benefits for our people, clients and broader community,” Fisher said.