EY Carbon to recruit 1,300 people and invest £100 million
Big Four firm EY has launched a new sustainability service offering. EY Carbon will support companies as they push ahead with net zero plans.
The move comes in response to Chancellor Rishi Sunak’s announcement in 2021 that all UK-listed businesses and financial institutions would be mandated to publish net zero plans in the coming two years. EY Carbon will advise and support firms as they move to comply with these demands, providing their net zero plans ahead of independent scrutiny and verification.
EY Carbon will be led by newly the consultancy’s newly installed Managing Partner for Sustainability, Rob Doepel. He will lead 250 dedicated sustainability professionals in the UK, including 12 partners.
Doepel commented, “Sustainability is one of the defining issues of our generation and EY has a significant contribution to make in addressing today’s environmental challenges by supporting our clients and our communities. I’m incredibly excited and proud to be leading this effort across EY. While we have seen a number of large, medium and small businesses sign up to net zero targets, the new requirement for UK listed businesses to publish their plans by 2023 is a significant shift.”
The move will mean that businesses will need to move from purpose statements and pledges, to the detailed transition plans that will lead to positive action being taken – while also mandating the tracking of Scope 3 Emissions, and indirect emissions that occur across its supply chain. Accurately tracking and recording these will present a real and significant challenge for businesses running up to the 2023 deadline – and external expertise from the likes of EY Carbon will be crucial in meeting those challenges head on.
EY Carbon is being backed by over £100 million of investment by EY in the UK. The firm has stated its ambition to recruit more than 1,300 professionals over the next three years.
Hywel Ball, EY UK Chair, remarked, “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.”
“The significant investments we are making in EY Carbon will help support our clients to not only adapt their own operations but also identify and unlock the business opportunities created by decarbonisation – ultimately helping to protect and create long-term value for all their stakeholders.”
Earlier this month, research and advisory firm Verdantix named EY a global leader for ESG and sustainability consulting services, ahead of rivals including the Big Four, McKinsey and Bain.
Practice what you preach
As part of EY’s continued commitments to reduce its own environmental impact, the firm became carbon negative in 2021. Ball added the firm is on track to “reach net zero by 2025.”
Among other initiatives the firm is signed up to, meanwhile, in 2020, EY also announced a 10-year zero carbon Power Purchase Agreement (PPA), which supports the building of a new solar power station project in Norfolk. This will ensure that most of the electricity EY uses in the UK continues to be zero carbon, while also generating a significant surplus of renewable energy that will be fed back into the grid.
