Ernst and Young LLP sees an opportunity to cut its carbon footprint measurably when pandemic travel restrictions end by not returning to the amount of air travel its accountants and consultants used to do.
The pandemic offers companies like EY the chance to rethink how they conduct business and will accelerate efforts to meet long-term sustainability goals, including diversity and wage gaps, global Chairman and CEO Carmine Di Sibio said Tuesday. For EY, $1 billion worth of air travel amounts to 85% of the firm’s carbon footprint normally.
- “We don’t think we need to be back to spending a billion dollars and creating the carbon footprint that we had. We think we can do our jobs with less of that,” Di Sibio said during an event that focused on a World Economic Forum project on sustainability reporting. “And it’ll be easier for us to be carbon neutral,” he said.
- EY and the other Big Four accounting firms are working with the World Economic Forum to develop a set of 22 metrics that companies can report on to stakeholders. The goal is to provide common metrics so investors can compare and measure company progress in meeting goals relating to the environment, employees, stakeholder communities, and corporate governance, areas often referred to as ESG reporting.