Science-Based Targets
Our Climate Transition Plan
Our near- and long-term science-based emission reduction targets were approved by the Science Based Targets initiative (SBTi) in 2022. In addition, SBTi validated and published our 2050 net-zero science-based target. All of our targets are gross targets validated to absolute contraction and are aligned to 1.5 degrees Celsius targets. In 2023, we updated our base year with the SBTi to 2022 to more accurately represent Nasdaq’s diverse and growing business operations. Our validated science-based targets are the focus of our net-zero program. As we work to implement initiatives to reduce our overall GHG emissions and transition to a net-zero company, we will aim to neutralize our remaining emissions.
Our GHG Emissions
The charts below summarize the global data for Nasdaq’s office space, data centers, onsite combustion, upstream goods and services, capital goods, fuel and energy-related activities, waste generation and recycling/compost diversion, business travel, employee commuting, upstream and downstream leased assets and investments.
Market-based GHG Emissions by Scope (MT CO2e)
| 2023 | 2022 | 2021 | ||
| Scope 1 | 75.1 | 16.52 | 0.5 | |
| Scope 2 | 62 | 149 | - | |
| Scope 3 | 91,644 | 85,6923 | 78,876 | |
| Total | 91,781 | 85,858 | 78,877 |
Location-based GHG Emissions by Scope (MT CO2e)1
| 2023 | 2022 | 2021 | ||
| Scope 1 | 75.1 | 16.52 | 0.5 | |
| Scope 2 | 18,776 | 17,094 | 18,8134 | |
| Scope 3 | 91,644 | 85,6923 | 78,876 | |
| Total | 110,495 | 102,803 | 97,690 |
1 According to GHG Protocol Scope 2 Guidance, the location-based method quantifies Scope 2 GHG emissions based on average energy generation emission factors for defined locations, including local, subnational or national boundaries.
2 2022 Scope 1 emissions were recalculated from our prior reported 2022 Scope 1 emissions. For our 2023 and recalculated 2022 Scope 1 emissions we reclassified WTT gasoline emissions to Scope 3, Category 1.
3 2022 Scope 3 emissions were recalculated from our prior reported 2022 Scope 3 emissions. For our 2023 and recalculated 2022 Scope 3 emissions we eliminated WTT electricity for locations that procured 100% renewable electricity to follow the GHG Protocol.
4 2021 Scope 2 location-based emissions were recalculated from our prior reported 2021 Scope 2 emissions. For our 2022 and recalculated 2021 Scope 2 location- based emissions, we implemented a new, updated emissions methodology using location-specific emission factors for each of our U.S. locations, rather than a U.S. average emission factor.
Breakdown of Scope 3 GHG Emissions (MT CO2e)
| Purchased Goods & Services | 60,202 | 65.7% | |
| Capital Goods | 5,023 | 5.5% | |
| Fuel & Energy Related Activities1 | 953 | 1.0% | |
| Waste Generated in Operations | 161 | 0.2% | |
| Business Travel | 18,824 | 20.5% | |
| Employee Commuting | 2,192 | 2.4% | |
| Upstream Leased Assets2 | 198 | 0.2% | |
| Downstream Leased Assets1 | 17 | 0.1% | |
| Investments | 4,074 | 4.4% | |
| Scope 3 Sub-Total | 91,644 | 100% |
1 Calculated using market-based methodology.
2 Nasdaq accounts for landlord consumed natural gas, diesel and fugitive refrigerants in Category 8 upstream leased assets since we occupy leased commercial office space and do not have operational control over the landlord’s consumption.
Procuring Energy from Renewable Sources
The following chart shows the energy consumption per full time employee. Our energy intensity declined year-over-year despite an increase in number of employees.
Nasdaq has procured 100% renewable electricity for our office space and data center portfolios since 2018.*
* Nasdaq has procured 2023 retirement certificates that will be received in the second half of 2024.
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Our Carbon Offset Strategy
Our focus is to reduce our GHG emissions to reach our science-based targets, but we also strive to ensure that we are neutralizing our residual emissions as we transition to becoming net-zero.
In 2023, we purchased carbon offsets to neutralize our 2023 residual GHG emissions from projects summarized below.
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Standard: Puro.earth
Location: Brazil
The project uses biomass residue to sequester carbon dioxide in biochar for use in soil amendment in forest crops and it runs a charcoal operation with emissions control in the northeast region of Minas Gerais, Brazil. The addition of biochar helps improve soil properties and water retention in the soil. The project also supports social development programs for local farmers.
Investing in Aperam Biochar Carbon Removals
Aperam BioEnergia is a forestry charcoal producing company that began a Biochar project in 2022, becoming the first Latin America biochar supplier to be certified and registered by Puro.earth. The projects converts biomass waste from production into biochar, produced using a specific process to reduce contamination and safely store carbon in soil for hundreds or potentially thousands of years. The biochar serves as a durable carbon removal from the atmosphere and acts as an important natural component for soil reconditioning and improvement. This project provides strong social and biodiversity co-benefits, supporting 10 social and environmental UN SDGs.
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Standard: Verified Carbon Standard; Climate, Community & Biodiversity Standards
Location: Indonesia
The project aims to tackle climate change by restoring and protecting peatland ecosystems, enhacing biodiversity and offering local people sustainable sources of income. In addition to peatlands preservation, this project aims to reforest through three programs: community-led agroforestry, fire break implementation and intensive reforestation. The team will grow saplings in on-site nurseries and conduct regular maintenance to improve the rate of tree survival.
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Standard: Verified Carbon Standard; Climate, Community & Biodiversity Standards
Location: Colombia
The projects aims to recover degraded grasslands in Vichada, Colombia, through afforestation activities. The project plans to promote connectivity between ecosystems by improving soil quality, enhancing biodiversity and reducing freshwater withdrawal. The project generates benefits for the local population by providing employment opportunities and education.
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Standard: Verified Carbon Standard; Climate, Community & Biodiversity Standards
Location: Peru
The project aims to conserve high biomass density tropical forest against deforestation in Tambopata National Reserve (RNTAMB) and the sector of Bahuaja-Sonene National Park (PNBS) located in Madre do Dios region. The project is located in a key biodiversity area and endemic bird area, with high ecological and sociocultural significance.
Aligning Corporate Strategies to Support Reaching Net Zero
Environmental Management System (EMS)
To help ensure sustainability is considered in our major operations and to drive this progress towards a more sustainable future, we continued to implement an EMS to govern our Real Estate and Facilities (REF) and Data Center (DC) portfolios, which are main contributors to Nasdaq’s carbon footprint.
Green Certifications
As of 2023, 59% of Nasdaq global office space by square foot (14 office locations) is now in a Green Certified office. This is a nine-percentage point increase over 2022. We aim to have all key offices Certified by 2030.
Sustainable Leasing Strategy
In 2023, we continued our sustainable leasing strategy which assesses factors such as easy access to mass transit, guaranteed certifiable renewable energy supply and thoughtful rightsizing of the portfolio.
Waste
Throughout our office space lifecycle, we built processes that focus on reducing waste, recycling unwanted items and equipment, reusing products and sustainably procuring products required to maintain our facilities and support our employees.
Natural Resource Management
Water
We pursue water conservation initiatives that align with Nasdaq’s ESG goals, which aim to reduce consumption across all resource categories. This is achieved by obtaining green certifications that require installing water efficient infrastructure and reducing wastewater. We also reduce water consumption via sustainable leasing strategies that reduce the reliance on older, less water efficient equipment and by considering factors in our supply chain and sourcing decisions.
TNFD
In 2022, Nasdaq joined the TNFD Forum to support the development of the new disclosure framework focused on nature and biodiversity. Nasdaq supports TNFD’s market-led approach to developing a framework that is “scientifically rigorous and easy to adopt for both businesses and financial institutions.” We intend to continue to monitor the impact of nature-related issues on our business strategy, risk management and financial planning.
Task Force on Climate-Related Financial Disclosures
Nasdaq published its fourth TCFD Report within our 2023 Sustainability Report, in which we disclose our approach to evaluating the projected impacts of climate risks on our business, as well as the initiatives in place to manage climate-related risks and opportunities across the organization. We aim to continuously enhance our understanding of the possible impacts of climate-related risks, enabling our Company to remain resilient and to position ourselves to actualize opportunities along the transition to a low-carbon economy.