Yahoo Finance EY to hire 1,300 in net zero drive
Consultancy firm EY is recruiting more than 1,300 people as it launches a new sustainability offering to help support businesses prepare for net zero.
EY Carbon is being backed by over £100m ($135.6m) of investment by EY in the UK. The new sustainability service offering's aim is to advise and support listed businesses as they prepare their net zero plans ahead of independent scrutiny and verification.
Chancellor Rishi Sunak has set out plans for the UK to become “the world’s first net zero-aligned financial centre”.
Under the proposals, there will be new requirements for UK financial institutions and listed companies to publish net zero transition plans that detail how they will adapt and decarbonise as the UK moves towards a net zero economy by 2050.
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To guard against greenwashing, a science-based "gold standard" for transition plans will be drawn up by a new Transition Plan Taskforce, composed of industry and academic leaders, regulators, and civil society groups.
Leading EY Carbon is EY’s newly appointed managing partner for sustainability, Rob Doepel. He will manage a team of 250 sustainability professionals in the UK, including 12 partners.
Doepel said: “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.
"It is an extremely positive step in the fight against climate change but means that businesses will need to move from purpose statements and pledges to the detailed transition plans that will lead to positive action being taken.
“The new regulations also include tracking Scope 3 Emissions. In addition to the emissions a business produces from its own operations, a listed business must track indirect emissions that occur across its supply chain. Accurately tracking and recording these will present a real and significant challenge for businesses as we move towards the 2023 deadline.”
EY Carbon plans to recruit more than 1,300 professionals over the next three years to help listed businesses develop net zero plans.
Net zero means not adding to the amount of greenhouse gases in the atmosphere.
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Achieving it means reducing emissions as much as possible, as well as balancing out any that remain by removing an equivalent amount.
Under the 2015 Paris Agreement, 197 countries agreed to try to keep temperature rises "well below" 1.5°C to avoid the worst impacts of climate change.
Experts say that to achieve this, net zero must be reached by 2050.
Hywel Ball, EY UK chair, said: “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. Innovative thinking, transformational business models and rapid action are what’s needed to fast track the UK to a more sustainable future.
“It is also vital for businesses to have robust controls and assurance in place to mitigate the potential for greenwashing, enabling them to demonstrate the genuine strides they are making to minimise their impact on the environment."
