Supply chain traceability platform TrusTrace, announced today that it has raised $24 million through a growth investment led by circular economy-focused investor Circularity Capital.

Founded in 2016, Stockholm, Sweden-based TrusTrace offers a software-as-a-service (SaaS) platform for supply chain traceability and compliance, enabling brands and suppliers to standardize how supply chain and material traceability data is captured, digitized, and shared. With a focus on the fashion industry, the platform helps apparel manufacturers comply with sustainability commitments by tracking and verifying the source and journey of textiles used in manufacture. The data can be used for risk management, compliance, product claims and footprint calculations.

TrusTrace customers include some of the largest global apparel, footwear and luxury brands, including adidas, Brooks Running, Tapestry, and Asics.

The fundraising comes as the fashion industry is under increased scrutiny by regulators, environmental groups and consumers for human rights violations, unsustainable manufacturing processes and waste. For example, in 2023, the European Commission unveiled new proposed rules aimed at supporting the sustainable management of textile waste, and placing responsibility for the full lifecycle of textile products in the hands of producers.

Shameek Ghosh, CEO and Co-Founder of TrusTrace said:

“A growing number of fashion and textile brands are adopting supply chain traceability to support their sustainability goals and ensure competitiveness in the face of mounting regulatory and consumer pressure. The completion of this growth investment is further evidence that businesses see traceability as critical to achieving their sustainability goals.”

According to TrusTrace, proceeds from the new investment will be used to accelerate the company’s global expansion by expanding its presence in key markets, deepening product innovation, and expanding collaborations.

In addition to Circularity Capital, the growth investment included participation from existing investors Industrifonden and Fairpoint Capital.

Anders Brejner, Investment Director at Circularity Capital, said:

“We see a growing number of global fashion brands looking to transition away from today’s linear ‘take-make-dispose’ model of production and consumption to one that is more sustainable and equitable. We believe this is only possible at scale with the right digital backbone to provide transparency and traceability across complex global supply chains.”

Private markets ESG-focused data solutions provider Novata announced today the launch of a new solution, Novata Carbon Navigator, aimed at enabling users to track, measure and report carbon data.

According to Novata, the new solution was developed to address organizations’ needs to monitor and reduce their carbon footprint and meet disclosure requirements, as businesses face increasing transparency and sustainability demands.

Mark Fischel, Carbon Product Lead at Novata said:

“The Novata Carbon Navigator will radically improve the carbon experience for investors and their portfolio companies. Our clients have expressed the need for a simplified carbon solution and the Carbon Navigator, which is both fast and easy to use, meets this demand.”

Key features of the new solution include quick calculation of Scope 1, 2 and 3 emissions in Novata’s ESG platform, simplified tracking of company emissions activities such as energy use and facilities, calculation of emissions from the supply chain by uploading expenses and categorizing vendors, and a shareable audit trail for emissions reporting and meeting regulatory requirements.

Novata is a public benefit corporation founded in 2021 by a consortium including S&P Global, the Ford Foundation, asset management firm Hamilton Lane, and social change-focused investment firm Omidyar Network, and supported and advised by several leading private equity firms and pension funds, to provide private markets investors with a solution for ESG measurement, data collection and benchmarking, and enable reporting on ESG data.

Lauren Peat, Chief Revenue Officer at Novata, said:

“With the Novata Carbon Navigator and our expert ESG Services team, we are now the one-stop solution for data collection and management so our clients can make progress on their sustainability goals.”

Global climate consultancy the Carbon Trust announced today the appointment of UK Climate Change Committee Chief (CCC) Executive Chris Stark, as its new CEO, taking on the role from Tom Delay, who is stepping down after more than 2 decades.

Julia King Baroness Brown of Cambridge and Chair of the Carbon Trust’s Board said:

“Chris Stark has been a leader in the climate action space, both within the UK and globally. His approach has always been underpinned by a combination of pragmatism, integrity and openness. This is fully aligned with both the mission and values of the Carbon Trust, making Chris the right person to lead the organisation into its next stage of development.”

Stark joins the Carbon Trust after more than a decade advising UK governments, including 6 years at the CCC, serving as the UK’s chief climate change adviser, leading independent advice on the UK’s Net Zero target, and the development of multiple pathways to ensure the whole economy could meet this target, and as Director of Energy and Climate Change for the Scottish Government.

Stark will take up the appointment in Spring 2024.

Stark said:

“I’m delighted to join Carbon Trust. Tackling climate change is my life’s work and I believe the Carbon Trust will continue to play a key role in that mission. The organisation has been a climate pioneer over the last 20 years, driving innovation in climate solutions and providing practical support to businesses, governments, and financial institutions to accelerate decarbonisation.

“I’m excited to lead the organisation in the next phase and grow the Carbon Trust’s positive impact even further.”

Financial services and solutions provider Apex Group announced today the launch of Holtara, a new ESG solutions subsidiary, combining the firm’s ESG advisory and reporting platform, focused on serving private markets clients.

The launch of Holtara follows Apex’ acquisition last year of asset management service provider MJ Hudson’s Data & Analytics business, which included the firm’s ESG & Sustainability advisory services and platforms, and the recent launch by Apex of an enhanced set of ESG solutions targeting investors, asset managers and corporates.

Peter Hughes, Founder & CEO of Apex Group, said:

“This is an important milestone in our ESG journey as a Group, and through bringing together the existing Apex ESG offering, and the additional expertise brought in through the MJ Hudson acquisition, under one brand – we can deliver a powerful offering driven by a combination of people and platform.”

Under the new brand, Holtara will offer ESG advisory services with more than 80 specialists focused on topics ranging from carbon and climate, to impact, DEI and supply chain, to help clients determine material ESG themes for their portfolios and to set and manage ESG commitments, in addition to providing ESG Advantage, its platform aimed at streamlining ESG reporting to comply with global regulation and align with industry frameworks.

Holtara will be led by Emma Bickerstaffe, who has been appointed Managing Director and Head of ESG Product. Bickerstaffe joined Apex from MJ Hudson, where she had been serving as Managing Director, ESG & Sustainability. Prior to joining MJ Hudson in 2021, Bickerstaffe served as Managing Director of The Big Exchange, a partnership between asset managers including Standard Life Aberdeen, Columbia Threadneedle and AllianceBernstein offering impact funds to retail investors.

Bickerstaffe said:

“Recent years has seen greater political and shareholder scrutiny of ESG claims, resulting in the urgent need for accurate data, transparent reporting and meaningful sustainability commitments. Today we launch Holtara to ensure ESG can stand up to this scrutiny.

“We recognise the importance of combining platform and people services to not only simplify and streamline ESG reporting, but also to ensure expertise is on hand to help clients focus on the most material topics, verify collected data and prioritise initiatives to improve performance year on year.”

London-based sustainability advisory and solutions firm Anthesis announced today the acquisition of sustainable business transformation-focused consultancy Revolt, in a move described by the companies as creating “one of the leading purpose, brand activation, communications, reporting and strategy teams globally.”

Launched in 2017 by co-founders Alex Lewis and Pete Bardell, London-based Revolt supports C-suite  decision makers with innovative large-scale projects across sustainability and DEI strategy, communications, and creative execution.

Revolt Co-founder, Alex Lewis, said:

“The promise of sustainable impact is within reach, but getting there is difficult for brands and businesses to navigate. Many of those struggling with this complexity find that traditional consultancy and agency models aren’t built to help them adapt. To urgently scale purposeful impact, it is becoming increasingly important for the science, the art, the technical and the strategic to come together. This is why we are delighted that our second chapter will be as part of the Anthesis family. Together, we have a unique opportunity to accelerate this sustainable transformation for clients new and old.”

The deal follows the announced acquisition last year of the acquisition by private equity investor Carlyle of a majority stake in Anthesis, and marks the latest in a string of acquisitions for the sustainability advisory firm, including five transactions last year. Founded in 2013, Anthesis works with companies, cities and other organizations to drive sustainability performance and develop financially-driven sustainability strategies, and currently has over 1,300 specialists across 46 offices in 23 countries.

According to Anthesis CEO Stuart McLachlan, the acquisition of Revolt will provide the firm with “world-class expertise and experience in purpose consulting, strategy and communication,” enabling the combined company to help clients “manage risk and find value for our clients in their transformation journeys.”

McLachlan added:

“Anthesis exists to guide our clients as they transition to decarbonised and more sustainable futures. The development and activation of purpose-led strategies for C-suites and brands will be critical… I’m delighted that we have assembled all these interdependent and vital components into one team focused on delivering positive impact.”

Blackstone-backed ESG performance and risk management software, data and services provider Sphera announced today the acquisition of supply chain sustainability software company SupplyShift, in a move aimed at enhancing its supply chain offering with expanded supplier mapping, scoring and traceability capabilities.

Founded in 2012 by Climate Science and Environmental Economics PhDs Alex Gershenson and Jamie Barsimantov, Santa Cruz, California-based SupplyShift provides a cloud-based end-to-end supply chain data management, responsible sourcing, and supplier engagement platform aimed at enabling businesses to build transparent, responsible, and resilient supply chains, and to measure, monitor and improve their environmental, social and economic impact across the supply chain.

SupplyShift’s supply chain network encompasses over 100,000 suppliers, with the platform enabling buyers and suppliers to share information in order to manage risk and facilitate supplier regulatory compliance.

SupplyShift CEO and co-founder Alex Gershenson said:

“SupplyShift was founded on the idea of leveraging software to drive sustainability initiatives, and for 11 years we have been empowering companies to understand their supply chain ESG risk and performance. We are excited to join the Sphera family and take data availability to a new level through the combination of Sphera’s industry-leading ESG data and SupplyShift’s Scope 3 data collection abilities.”

The transaction marks the latest move by Sphera to boost its supply chain sustainability capabilities, and follows its 2022 acquisition of supply chain risk management (SCRM) software company riskmethods. The acquisitions come as companies globally face increasing regulatory pressure to report on supply chain sustainability metrics, and particularly on their scope 3 emissions, with emerging sustainability reporting standards including the EU’s CSRD and the IFRS’ ISSB standards requiring scope 3 disclosure.

Sphera CEO and President Paul Marushka said:

“SupplyShift has seen tremendous growth with its software solution that allows for direct communication with suppliers and customers and enables the seamless collection of their Scope 3 emissions data, which helps suppliers improve their supply chain ESG performance. As more regulations are passed that demand transparency, the SupplyShift solution will become indispensable in meeting global regulatory requirements and stakeholder expectations.”

Founded in 2016, Sphera offers SaaS software, proprietary data and consulting services, helping organizations around the world to surface, manage, and mitigate ESG risk in the areas of Environment, Health, Safety & Sustainability, Operational Risk Management and Product Stewardship. The company was acquired in 2021 by alternative investment manager Blackstone in a deal valuing Sphera at $1.4 billion.

Eli Nagler, Senior Managing Director, and Kelly Wannop, Managing Director, at Blackstone, said:

“We are excited to welcome SupplyShift to Sphera and continue investing in this company’s innovative solutions. This planned acquisition supports our commitment to Sphera’s accelerated growth and will bolster the company’s supply chain capabilities for its customers moving forward.”

By: David Schatsky, Global Leader, GreenSpace Research & Insights Managing Director, Deloitte

The response to climate change often starts with data and dialogue, but can’t come to life without technology. We should focus on designing and implementing technologies—some newer than others— that can help the systems we use to generate energy, produce food, manufacture goods, construct and operate buildings, and move people and materials to reduce greenhouse gas emissions.

This imperative, and the commercial opportunity it represents, has contributed to a recent surge of investment in technologies for tackling climate change, also known as climate tech. According to new research from Deloitte, from 2000 to 2022, approximately 2,400 climate tech companies were founded, 9,000 funding deals were made, and US$148 billion was invested, with activity picking up markedly after 2013. (See the full report for a description of the research methodology.) And while watchers of venture capital have observed overall investment activity declining over the last 12 months, the change in climate tech investment has been less pronounced, suggesting that while this more nascent market is in flux, it is strong.[1]

The research found that the geography of climate tech entrepreneurship and investment is shifting as well. The United States has been the center of the climate tech entrepreneurship for decades, but recently that geography has begun to diversify. From 2000 to 2004, the US, Canada, and China accounted for two-thirds of climate tech company formations.[2] Then, from 2020 to 2023, six countries accounted for a similar share – the US, Canada, China, the UK, Australia, and India.[3]

Today, eight countries – the US, Canada, China, UK, Australia, Germany, France, and India – are home to around three-quarters of global climate tech firms.[4] The US still leads, as home to more than one-third of them, but its share in the amount of venture funding has declined from 2000-2004 through 2020-2023 while activity in the rest of the world has increased.[5] This trend matches the “rise of the rest” seen in overall startup activity and may also reflect the unique need for climate tech that matches the needs of smaller ecosystems and communities.[6]

In the US, five states – California, Colorado, Massachusetts, New York, and Texas – are home to more than half of US-based climate tech companies.[7] California leads by far, though its share is falling as new policies, regulations and talent pools are emerging in places like Massachusetts and Colorado.[8]

The geographic diversification of climate tech entrepreneurship should be a good thing. While companies can foster knowledge exchange and accelerated innovation if they cluster near one another, geographic diversity can offer new options for investors with varying risk/reward appetites. Entrepreneurs can also take advantage of diverse markets for talent and for customers. Geographic diversity can encourage the development of climate tech solutions that are tailored to local conditions. Finally, the rise of climate tech entrepreneurship in less-developed countries could help attract capital those countries sorely in need.

Enterprises, entrepreneurs, investors, and others with an interest in climate tech should familiarize themselves with the shifting geographic patterns of climate tech entrepreneurship and investment. Enterprises that wish to source a particular decarbonization technology, for instance, may wish to consider geographies that have fostered entrepreneurship and investment in that technology. Information exchange and competition may enrich their options. And climate tech entrepreneurs and investors may want to consider where clusters of similar or complementary technologies are located as they make founding or investment decisions. The challenge of climate change is global, and the knowledge to tackle it is spread far and wide. It makes sense for technology that makes a difference to take on a global profile too.

This article contains general information only and Deloitte is not, by means of this article, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This article is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

Deloitte shall not be responsible for any loss sustained by any person who relies on this article.

About Deloitte 

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms. 

Copyright © 2023 Deloitte Development LLC. All rights reserved.

[1] Crunchbase, “Alarming Decline In Startup Creation Presents Challenges And Opportunities For Entrepreneurs,” July 24, 2023. Dealroom, “Guide: Global – The State of Global VC,” accessed October 3, 2023. Harri Weber, “Making sense of the latest climate tech funding trend stories,” TechCrunch, July 13, 2023. Dealroom, “Guide: Climate tech,” accessed October 3, 2023. According to Deloitte’s analysis of PitchBook global data, 46% fewer companies were founded and 28% less venture capital (VC) was invested in 2022 than in 2021. In comparison, climate tech company founding fell by 63% and funding decreased by 19% from 2021 to 2022.

[2] Pitchbook, GreenSpace Navigator/Deloitte analysis

[3] Pitchbook, GreenSpace Navigator/Deloitte analysis

[4] Pitchbook, GreenSpace Navigator/Deloitte analysis

[5] Pitchbook, GreenSpace Navigator/Deloitte analysis

[6] Richard Florida, “America Is Losing Its Edge for Startups,” Bloomberg, October 9, 2018.

[7] Pitchbook, GreenSpace Navigator/Deloitte analysis

[8] Boston Business Journal, “Viewpoint: Mass. climate-tech ecosystem is here to stay,” February 21, 2023. United States Office of Energy Efficiency and Renewable Energy, “Incubators and Accelerators,” accessed October 3, 2023. Stephanie Copeland, “How Colorado became a global tech hub,” World Finance, accessed October 3, 2023. Gary Polakovic, “Colorado’s emergence as a tech hub has CSU hosting major federal research conference Aug. 30-31,” Colorado State University, August 15, 2022. Christopher Wood, “Study: ‘Colorado Clean Range’ ranks No. 5 nationwide,” BizWest, August 28, 2022.

Business data and analytics provider Dun & Bradstreet and climate data and analytics company Climate Engine announced the launch of D&B Climate Risk Insights, a new solution aimed at helping businesses to understand, prepare for and mitigate climate-related risks.

According to the companies, the new solution comes amid a growing challenge to businesses globally, arising from the frequency and severity of climate-related events affecting supply chains, the financial landscape and the insurance industry. Dun & Bradstreet said that its data indicated that more than 82% of businesses are likely to double their risk of a business continuity-threatening extreme climate event by 2050.

Jason Lindauer, Senior Director, Environmental, Social & Governance Product, Dun & Bradstreet said:

“As climate-related events continue to impact the global business environment, long-term models can serve as a compass for charting the course, but business leaders need to be prepared with the necessary insights to make immediate, tactical decisions around their operations and investments to mitigate these risks.”

The companies said that the new solution combines Dun and Bradstreet’s Data Cloud, used to identify a half billion public and private businesses worldwide, with Climate Engine’s geo-spatial satellite imagery-based climate risk data to uncover the links between planetary change and economic impacts on more than 200 million active business locations, enabling businesses to better understand how to prepare for and withstand the impacts of extreme climate events, and avoid business disruptions.

In addition to chronic risks, the solution delivers current insights on acute physical climate risks to help predict climate-related impacts and calculate the probability of recovery, addressing the need for rapid decision-making capabilities not met by traditional long-term climate models with 2050 or 2100 forecasting horizons.

Key use cases highlighted by Dun & Bradstreet and Climate Engine for the new solutions included enhancing lending and investment decisions for financial institutions, refining risk models, pricing strategies and underwriting practices for insurers, and enabling supply chain stakeholders to minimize risk and mitigate near- and long-term vulnerabilities.

Jamie Herring, CEO at Climate Engine said:

“By fusing Dun & Bradstreet’s extensive firmographic and financial data with Climate Engine’s cutting-edge climate data analytics, we can provide businesses with an economic early warning system that helps them to predict the financial impacts of climate change, so they can make informed decisions and proactively build business resilience in the face of climate risks.”

The European Council announced today that it has reached an agreement on a proposal to regulate ESG ratings providers, bringing the providers under the authorization of European markets regulator ESMA, with new rules to increase transparency into the methodologies and models used by the providers, and to address the risk of conflicts of interest.

Calls to regulate the ESG ratings sector have increased in recent years, as investors increasingly integrate ESG considerations into the investment process, yet the activities and businesses of the providers are generally not covered by markets and securities regulators.

In early 2021, ESMA issued a letter to the European Commission’s financial services coordinator Mairead McGuinness, advising that the current unregulated status of the ESG ratings sector and the resulting lack of transparency posed a potential risk to investors. In July 2021, the Commission launched a new Sustainable Finance Strategy, which included a pledge to take action to improve the reliability, comparability and transparency of ESG ratings, and subsequently asked ESMA to begin examining the market participants. 

In June 2023, the EU Commission unveiled a proposal for ESG ratings providers to be supervised by ESMA, to ensure quality and reliability, with requirements including the use of rigorous and objective methodologies, conflict of interest prevention, and improved transparency into methodologies, models and key rating assumptions.

The agreement will form the basis for the Council’s negotiating position with the EU Parliament on the European Commission proposal.

Under the Council’s proposed position, ESG ratings providers operating in the EU would be required to obtain an authorization from ESMA, while those established outside the EU would require an equivalence decision, an endorsement of their ESG ratings or a recognition.

While the Commission’s proposal required a separation of business activities such as consulting or credit ratings from ESG ratings, with ratings providers not allowed to provide these activities, Council’s position would not require separate legal entities for these activities, as long as the providers establish a clear distinction between the activities, and put in place measures to avoid conflicts of interest.

The Council’s position also includes a temporary optional three-year regime for smaller ESG ratings providers, with no supervisory fees paid to the regulator and lighter compliance requirements. After the three year period, the smaller providers would be required to comply with all of the regulations’ provisions, including the supervisory fees.

Negotiations on the new regulation between the EU Parliament and Council are expected to begin in early 2024.

By: Clare Adelgren, EY Global Head of Blockchain Sales and Operations

As companies globally accelerate their decarbonization journeys, scope 3 emissions—which include all indirect emissions originating from organizations’ upstream and downstream activities such as supply chain—present a significant challenge. Although scope 3 is often the largest portion of an organization’s carbon footprint, accounting for, it is also the most difficult to measure and reduce due to a shortage of reliable data and lack of operational control over value chain activities.

Obstacles aside, the pressure for organizations to accurately measure and track their carbon footprint—particularly scope 3 emissions—has never been greater, largely due to recent regulatory developments (e.g., Corporate Sustainability Reporting Directive “CSRD”) and the demand to set and validate ambitious, science-based emissions reduction targets. To address this impact, companies need to work together with their suppliers to set goals for measuring and reducing emissions. In this case, the ability to track and trace emissions consistently along a company’s value chain is critical. The tokenization of carbon emissions—using public blockchain technology—stands out as a powerful tool for companies to unleash the full potential of voluntary carbon markets and accelerate their own decarbonization efforts.

Addressing the trust problem in carbon markets

Increased net-zero commitments by individuals, businesses and governments have been accompanied by rapid growth in carbon market trading. The demand is likely to be met if a large-scale, voluntary carbon market takes shape. However, the scale up will need to be significant—according to estimates from the Taskforce on Scaling Voluntary Carbon Markets (TSVCM), the voluntary carbon markets will need to grow more than 15-fold by 2030 and 100-fold by 2050 from 2020 levels, to support the investment required to deliver the 1.5 degree pathway.

To dramatically scale open markets for high-quality carbon products, supply for carbon credits will need to grow rapidly without sacrificing integrity. This issue of ensuring a quality supply of carbon credits at scale is tightly coupled with the need for standards and regulation in this space.

At the same time, trust and transparency will become even more vital as consumer expectations for businesses to demonstrate their commitment to sustainability grow. The 13th edition of the EY Future Consumer Index (FCI), which surveyed more than 22,000 consumers across 28 countries, found that 73% of respondents feel companies should drive positive environmental and social outcomes, and 72% feel businesses must ensure suppliers comply with high sustainable standards of practice. These findings show that consumers are increasingly holding companies accountable for their activities and role in delivering a sustainable, low-carbon future. As a result, companies will need to think critically about how they update consumers on the progress of decarbonization efforts to build confidence and trust.

Trust, but verify: blockchain’s role in unleashing the potential of carbon markets

Blockchain technology could have been designed for this exact use case—to help companies implement their decarbonization goals and make tangible progress.

Public blockchain technology is distinct in the benefits that it delivers—its inherent immutability is key and establishes the essential foundation of trust. In the case of carbon markets, companies need trust on both sides of the equation: in their measure of reduced negative impact (i.e., emissions reduction) and in their measure of positive impact (credits).

When data is shared on a public distributed ledger, a company is also able to create much-needed transparency. In addition, blockchain technology enables greater traceability of carbon credits through the supply chain, reducing the risk of double counting, as well as the reduction of the risk of human error or fraud through use of smart contracts.

Looking Ahead

There is tremendous promise in blockchain technology’s ability to bring greater trust and transparency to a space clouded by a lack of clear standards and systems for defining quality credits. The challenge now is to gain consensus on those standards and systems to strengthen the integrity of the entire chain. This is especially important as carbon credits expand into new and diverse formats, such as how they are created, what they represent, how they gain value, and other differentiated attributes.

Blockchain analytics is another bright spot. Its use is somewhat limited right now given there isn’t enough usable data to analyze. But as the carbon market matures—and regulation comes to fruition as early as this summer—companies have a significant opportunity to leverage blockchain analytics to provide a full picture and more comprehensive analysis and reporting of the carbon market value chain.

About EY OpsChain ESG

Our EY OpsChain ESG solution, launched earlier this year, is focused specifically on helping enable emissions and carbon credit transparency. Built to the data standards of the InterWork Alliance for Carbon Emissions tracking, the solution allows companies to track and report their scope 1, 2 or 3 emissions data at a product level. Similarly, an organization can also tokenize their carbon offsets data providing transparency. Immutable reporting on an enterprise’s current emissions levels that are independently verifiable through the integration of key emissions validators allows organizations to track their emissions through the supply-chain and make informed decisions that will accelerate their plans to net zero. 

The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.