The science is more conclusive than ever – even with the actions being taken today, the planet will continue to heat up for many decades to come. As the most recent Intergovernmental Panel on Climate Change (IPCC) report highlights, “global warming of 1.5°C and 2°C will be exceeded during the 21st century unless deep reductions in carbon dioxide (CO2) and other greenhouse gas emissions occur in the coming decades.” This latest report, published in August 2021, underlines that we can and must act now to avoid the worst impacts of climate change.

Momentum is building toward decarbonization, but for some industries it will be harder to abate than others in the timeframes needed. Infrastructure, investment, business models, supply chains and technology will take time and decisive effort to evolve, meaning it will take some longer than others to reduce carbon to the levels required to cap warming at 1.5° C.

Those who can go further and faster must do so now. Those who can go beyond neutral or zero should accelerate their actions to do so. Where possible, these efforts should come with a commitment by business to help others do the same – collaborating with customers, suppliers, communities, and competitors to accelerate their transitions to a low-carbon future.

“As the risks posed by the climate crisis become ever clearer, business needs to change, and change fast,” says Carmine Di Sibio, EY Global Chairman & CEO. “Immediate and collective action is needed to avoid the worst impacts of climate change. Net zero targets must be set and delivered, and those who have the ability to go even further must do so.”

How EY achieved carbon negative status

EY is delivering its four-point carbon ambition, launched in January 2021, and continues to actively reduce its absolute emissions in line with its Science Based Targets Initiative (SBTi) validated 1.5°C pathway. This will bring EY to the more ambitious target of net zero in FY25, requiring EY teams to reduce their emissions in line with its approved science-based target, while continuing to offset more carbon than the remaining balance.

FY21 emissions have been reduced, globally and across all scopes, both by the significant reduction in business travel due to the COVID-19 pandemic and the ongoing process of our seven-point carbon action plan, which will continue to focus on the active reduction of emissions.