Green Consultancy to Be Set Up by E&Y
Ernst & Young is one of the Big Four auditors and one of the largest international professional service providers. It shares its place with three other auditing giants KPMG, Deloitte, and PricewaterhouseCoopers (PwC). It is now preparing to diversify its area of expertise and wants to launch an environmental consultancy.
The environmental consultancy owned by Leo, brother of Mayor Boris Johnson was acquired by PricewaterhouseCoopers in 2009. Deloitte also purchased the decarbon8 green technology advisory business. All these big auditing companies have already stepped towards widening their activities.
Ernst & Young in its endeavor to keep pace with them has also decided to start a new venture which would primarily focus on companies which fall under the domain of clean energy businesses. This sector is a growing one and the demand for auditors are likely to grow immensely in the coming years. Hence, Ernst & Young has decided to concentrate on it. It will mostly take on the role of advising these companies. There is a proposal to hire more than 300 advisers to initiate a smooth practice.
E & Y has formed a ‘cleantech’ organization which has approximately 100 staff members working for it. This group has been formed from the staff brought from its consulting, corporate, tax, and audit divisions. Times reported that in the next three years this group is expected to expand considerably.
According to Steven Lang who is going to be the head of the new organization in UK stated that ‘clean technology’ had already been successful in harnessing impressive quantities of capital and the figures are predicted to accelerate in the coming years. The specialist group of Ernst & Young is all set to advise corporate, companies, government organizations, and investment funds.