In practice, this means that EY, is now removing or offsetting globally carbon emissions equivalent to its total footprint each year.

EY's carbon footprint has been reduced dramatically in 2020. In addition to the reduction in flights made by company executives due to COVID-19, this reduction came from a number of initiatives, such as reducing office electricity consumption and increasing the share of electricity from renewable energy sources.

Moreover, cooperation with the profit-for-purpose organization South Pole, which invests in nature-based solutions and technologies that remove or compensate for carbon emissions, has contributed to achieving this ambitious goal. The investments by EY through South Pole that will help preserve the natural environment include:

Kariba Forest Protection in Zimbabwe, which prevents more than 3.5 million tons of carbon dioxide from being emitted into the atmosphere annually by preserving more than 73,500 square kilometers of forest

Guanaré Forest Restoration in Uruguay, where the reforesting of degraded grasslands is improving soil quality and biodiversity

EY has also invested in wind, solar and hydroelectric power, including the Renun River hydro plant in North Sumatra and the Koru wind farm in Turkey.

Supporting clients

Meanwhile, EY is supporting its customers in their transformation to become more sustainable, making significant progress since the appointment of Steve Varley as the first global Vice Chair for Sustainability. Under his chairmanship, the S30 forum, convened by Prince Charles, brings together 30 of the world's top sustainability officers and is already developing our proposal to help clients create value from sustainability.

Commenting on the achievement of carbon neutrality, Stavros Pantzaris, Chairman of the Board of EY Cyprus, said: “This is a major accomplishment for which we should all feel proud. Addressing the consequences of climate change is a challenge that all of us at EY take very seriously. We are committed to intensify our efforts, setting even more ambitious targets. We will also continue to support our clients globally in their own pursuit of their sustainability agendas.”