While the debate on climate change and global warming gets hotter, many global corporate majors are launching novel initiatives to deal with the issue head on. The latest to join the list is Ernst & Young (EY) which has announced plans to be carbon neutral by the end of 2020, by reducing and offsetting its emissions.
EY’s global chairman and CEO Carmine Di Sibio has detailed the plan in a letter to its employees, clients and alumni. The letter talks about commitment to carbon neutrality and how it will mark a key milestone in EY’s sustainability journey.
The CEO says that the topic of preserving the environment has come up in every conversation he has had with the people, clients and other stakeholders over the last few months, including alumni. The stakeholders increasingly expect the organisation to lead transformative change and help build a sustainable economy. EY clients are focused on what they can do to reduce their carbon footprint as part of both their short- and long-term strategies.
There are important opportunities in climate action. This is not only the right thing to do, but it will also drive growth for the business. EY wants to be a world leader in sustainable business solutions, practices and operations, and becoming carbon neutral is an important step. It is one of the ways the firm will create long-term social value.
Building on the progress
The firm has already taken the following steps to address the issue of climate change:
Apart from the above, EY US entered into a renewable energy Virtual Power Purchase Agreement to finance and construct two large-scale Texas-based wind farms; setting the US firm up to be “100 percent renewable” and “net zero carbon” starting in 2020, while also providing a net saving in energy costs to the business.
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 percent 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.
According to the company, a range of other initiatives are in development which will be announced in the coming months.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Supreme Court says it may consider interim bail for Arvind Kejriwal due to ongoing Lok Sabha polls
May 3, 2024 4:57 PM
10% discount on fare on Mumbai Metro lines 2 and 7A on May 20
May 3, 2024 2:40 PM