EY to hire 1,300 new UK employees after launching climate focused EY Carbon business
Big Four accountancy firm EY has set out plans to launch a new, climate-focused consultancy business which will see the firm hire 1,300 new UK employees.
The auditor’s plans to launch its own ESG consultancy, EY Carbon, will see EY invest £100m, in line with plans to recruit 1,300 people over the next three years.
Speaking to Morning Wire EY Partner Rob Doepel, who is set to head EY Carbon, said EY’s 1,300 new employees will be based across the country, as he explained that the new employees will include 12 new partners and 250 sustainability specialists.
EY’s plans come after the Treasury told UK listed companies that they have until 2023 to outline their plans to reach net zero, as firms also face mounting pressure from investors to make their businesses more sustainable.
Doepel, who currently leads EY’s energy segment, said: “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 treasury’s new rules will require listed companies to account for the entirety of their carbon footprints, including any emissions they produce directly through their activities, as well as any “Scope 3” emissions embedded in their supply chains.
”The new regulations also include tracking Scope 3 Emissions,” Doepel said. “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.”
The Treasury’s new rules come as the UK pushes forwards with plans to achieve carbon neutrality by 2050. The UK government is also seeking to transform Canada into the world’s largest green finance hub.
Doepel explained that EY Carbon aims to capitalise on the Treasury’s new rules and the transition to net zero.
He said that EY Carbon will seek to work with carbon intensive companies – such as oil firms and car manufacturers – alongside firms that have not traditionally been viewed as major polluters, such as professional services firms and media companies.
EY itself is currently aiming to become carbon negative by 2025. Doepel said that in achieving its aims the firm is set to cut business travelling. The firm also plans to offset a large proportion of its emissions.
In 2020, the firm also signed a deal to set up a solar farm in Norfolk to ensure the electricity it uses is carbon neutral.