Accounting Firms

EY secures new ESG revolving credit facility

EY’s performance against these metrics will be verified annually by external auditors and will determine the interest rate applicable under the RCF

EY has announced that it has secured an environmental, social and governance linked revolving credit facility (ESG-linked RCF) in the UK, as part of what it calls its “commitment to accelerating progress on carbon reduction, diversity and social mobility”.

The new facility is linked to three ESG targets: A 35% reduction in EY’s air travel emissions by 2025, to grow the number of EY volunteers in the EY Ripples programme by 75% to 2025, and for new partner admissions to be 40% female & 20% underrepresented minorities by July 2025.

EY’s performance against these metrics will be verified annually by external auditors and will determine the interest rate applicable under the RCF – which can go both up or down.

In addition to EY achieving its carbon negative status globally earlier this year, the UK firm has set a target to reduce its air travel emissions by 35% by 2025.

Hywel Ball, EY UK chair, said: “Today’s announcement is a further commitment from EY to tackling climate change, inequality and building sustainable, purpose-led growth. Achieving our environmental, social responsibility and diversity goals are key to the success of our business and have the potential to make a significant impact to the communities that we operate in.

“We’re determined to accelerate the pace of change and the new ESG-linked RCF will help to support our progress by holding the business to account and linking our targets to clear commercial outcomes.”

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