Decarbonization and Climate Strategy
Our climate strategy is driven by two
complimentary programs
Carbon net-zero program:
This program focuses on the absolute reduction of Nasdaq's GHG emissions to near-zero levels by implementing science-based, long-term initiatives within our business operations and supply chain. The aim is to achieve verified net-zero targets, as approved by the Science Based Targets initiative (SBTi), by minimizing emissions directly at their source.
Carbon neutrality program:
This program addresses Nasdaq's Scope 1, 2, and 3 emissions through the procurement of 100% renewable electricity and investment in independently verified carbon credits. To neutralize Nasdaq’s reported GHG emissions, we calculate our carbon footprint on an annual basis.
Enhancing Efficiency to Foster Resilient Growth
Science-Based Targets and our Climate Transition Plan
Our near- and long-term science-based emission reduction targets were initially approved by the SBTi in 2022. In addition, SBTi validated and published our 2050 net-zero science-based target. All our targets are gross targets validated to absolute contraction and are aligned to 1.5 degrees Celsius targets. We are in the process of updating our SBTi base year to 2023 to more accurately represent Nasdaq’s expanding business operations, with the inclusion of Adenza-related GHG emissions.
Although Nasdaq did not own Adenza in 2022, their emissions have been included in both our 2022 emissions report and the calculations for our 2023 base year emissions. Our validated science-based targets are the focus of our net-zero program. As we work to implement initiatives to reduce our overall absolute 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 for 2024.
Market-based GHG Emissions by Scope (MT CO2e)
| 2024 | 20231 | 20221 | ||
| Scope 1 | 79 | 75.1 | 16.5 | |
| Scope 2 | 229 | 962 | 1,006 | |
| Scope 3 | 86,752 | 106,807 | 96,465 | |
| Total | 87,060 | 107,844 | 97,488 |
Location-based GHG Emissions by Scope (MT CO2e)2
| 2024 | 20231 | 20221 | ||
| Scope 1 | 79 | 75.1 | 16.5 | |
| Scope 2 | 19,220 | 19,676 | 17,951 | |
| Scope 3 | 86,780 | 106,807 | 96,465 | |
| Total | 106,079 | 126,558 | 114,433 |
1 Adenza was acquired in November 2023. 2022 and 2023 reported emissions data have been updated to include full-year Adenza emissions.
2 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.
Scope 3 GHG Emissions by Category (MT CO2e)
| Purchased Goods & Services | 58,245 | 67% | |
| Capital Goods | 6,846 | 8% | |
| Fuel & Energy Related Activities1 | 1,187 | 1.4% | |
| Waste Generated in Operations | 126 | 0.1% | |
| Business Travel | 12,496 | 15% | |
| Employee Commuting | 4,123 | 5% | |
| Upstream Leased Assets2 | 242 | 0.2% | |
| Downstream Leased Assets1 | 28 | 0.1% | |
| Investments | 3,487 | 4% | |
| 2024 Total Scope 3 | 86,780 | 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.
Scope 3 GHG Emissions (MT CO2e)1
1 Adenza was acquired in November 2023. 2022 and 2023 reported emissions data have been updated to include full-year Adenza emissions.
2 Calculated using market-based methodology.
3 2024 decrease partially due to improved methodology in calculating emissions rates.
4 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.
Reducing Energy Intensity
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.
Energy Intensity Absolute Energy Consumption per Employee | 2024 | 2023 |
|---|---|---|
| Absolute energy consumption (MWh) (Scope 1 & 2)1 | 70,819 | 67,861 |
| Number of employees2 | 9,138 | 8,505 |
| Energy intensity3 | 7.8 | 8.0 |
1 Includes fuel, electricity, heating, and cooling.
2 Employee headcount excluding non-wholly owned consolidated subsidiaries as of December 31.
3 Energy intensity is calculated as a ratio between absolute energy consumption and the number of employees.
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 2024 and 2025, we purchased carbon credits to neutralize our 2024 residual GHG emissions from projects as summarized below.
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Standard: Puro.earth
Location: U.S.
The project captures CO₂ generated by the corn fermentation process during ethanol production. Fermentation exhaust is cleaned using a water scrubber which separates any remaining ethanol and other impurities to produce a purified stream of CO₂. From the scrubber, CO₂ exhaust is sent to compressors to raise its pressure to 325 psi. Upon compression, the CO₂ is dehydrated to remove any remaining water and is then sent to a refrigeration unit where it is subcooled to a liquid at -10°F. The condensed CO₂ is then lightly distilled and pumped through a flowline to an injection well onsite where it is sequestered permanently in the Broom Creek formation. The injected gas has high purity (greater than 99.9%) with only trace quantities of nitrogen and oxygen.
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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, enhancing 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: Paraguay
The project’s conservation initiatives will alleviate pressure on natural forest habitat in the Chaco Region in Paraguay. The Project mitigates deforestation pressures in the region by using a combination of environmental programs and social programs to improve the livelihoods of community members living in the vicinity of the Project Area. Social projects and programs for the local communities, not only generate sustainable economic opportunities, but will also result in a reduction in deforestation in the region and help in the preservation of biodiversity. Over the project lifetime, the Corazón Verde del Chaco Project will implement the Forego Clearing and Conversion of the Project Area to Pasture; Provide Healthcare Services; Raise Project Awareness; Patrol and Monitor Deforestation; Establish a Project Headquarters; and Monitor Biodiversity and Wildlife in the Area.
The project is the first large-scale carbon project in the Chaco region, which conserves tropical forest under immediate threat of deforestation. The area covered by the Corazón Verde del Chaco Project contains vital wildlife corridors, and has been described by Sir David Attenborough as “one of the last great wilderness areas in the world.”
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Standard: Verified Carbon Standard; Climate, Community & Biodiversity Standards
Location: Malaysia
The project aims to protect and restore 83,381 ha of tropical forest in Sabah, Malaysia. The project is located in the Tongod and Kinabatangan Districts of Sabah, Malaysia. The project area is part of a long-term approximately 1-million-hectare concession granted to Yayasan Sabah on a 99-year lease arrangement with the Sabah Forestry Department (acting on behalf of the State Government of Sabah). Yayasan Sabah is a State-owned para-governmental charitable foundation that was formed in 1966 with the aim of ‘improving the lives of Malaysians living in Sabah’. Prior to the start of the project, the project area was designated as production forest (Class II). The area had been repeatedly logged in the past and was designated for further commercial exploitation. The project has successfully prevented 84,000 hectares of commercial logging over 30 years. Had the project not intervened, the resulting carbon emissions over this period would have contributed 16 million tonnes of carbon dioxide equivalent (tCO2e) into the atmosphere. In addition to its contribution to preventing the release of GHG emissions, the project is protecting an important biodiverse habitat, Despite its ex-logged state, the area is known to support very high populations of elephants, banteng and orangutan, and endangered bird species including Helmeted Hornbill, Bornean Peacock Pheasant and Storms Stork.
Aligning Corporate Strategies to Support Reaching Net Zero
Environmental Management System (EMS) 2024
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 the main contributors to Nasdaq’s carbon footprint. Our EMS is informed by and follows the structure of ISO14001, commonly recognized as the leading EMS international standard. The purpose of our EMS is to provide a framework to facilitate the achievement of our environmental goals through consistent review, evaluation, and improvement of our environmental performance.
Green Certifications
As part of our sustainability strategy, Nasdaq is committed to the wellbeing of our employees and the communities in which we operate. We are continuously reviewing our office space portfolio to ensure that it is “right-sized” for our operations and that we are best utilizing the space that we lease. As such, in 2024 we incorporated the Adenza locations into our portfolio and focused on Nasdaq’s real estate strategy on a global, regional, and location basis. As we relocate or expand our office space footprint, we focus on energy efficiency and ensuring the sustainability of the new space. We remain committed to achieving green certifications for our key office locations to reduce our global GHG emissions.
Sustainable Leasing Strategy
Optimizing efficiency and overall sustainability of our real estate portfolio continues to be a key focus. In 2024, we maintained our sustainable leasing strategy, evaluating aspects such as access to mass transit, certifiable renewable energy supply, and appropriate sizing of the portfolio.
Employee Commuting
Nasdaq's hybrid work program and sustainable leasing strategy help manage our employee commuting GHG emissions. We lease office spaces that are located near public transportation and offer benefits aimed at encouraging employees to utilize public transit. In 2024, our employee commuting-related GHG emissions increased as employees returned to Nasdaq offices more frequently.
Business Travel
Business travel is a significant contributor to Nasdaq’s GHG emissions. Scope 3, Category 6 business travel includes emissions from planes, trains, hired vehicles, taxis, car services, and hotel stays. In 2024, we engaged with our travel partners to explore strategies and opportunities to reduce our business travel GHG emissions. Nasdaq's strategic approach to business travel encourages employees to consider the criticality of internal trips and opt for virtual meetings when appropriate, enabling us to continue to invest in our growth while managing our GHG emissions.
Waste
Waste reduction, recycling, and compost diversion are key priorities for Nasdaq in the operation and management of our facilities. Throughout our office space lifecycle, we build 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. These processes include green leasing terms for landlord waste management, office construction, and renovations, product procurement maintenance and cleaning, and office decommissioning.
Natural Resource Management
Water
Nasdaq consumes water in our office space that is leased from commercial office buildings and data centers. We therefore do not have a significant impact on water systems. We pursue water conservation initiatives that align with Nasdaq’s sustainability 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
The TNFD is built on the pillars and principles of the TCFD, following the structure of governance, strategy, risk management and metrics and targets. Nasdaq has been a TNFD Forum member since 2022.
Task Force on Climate-Related Financial Disclosures
Nasdaq published its fifth TCFD 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. For more information, download our full 2024 Sustainability & TCFD Report.