▸ Our climate strategy is driven by two complementary programs:
Carbon Net-Zero Program
This program focuses on the absolute reduction of Nasdaq’s GHG emissions across our value chain to near-zero levels by implementing initiatives aligned with a 1.5°C decarbonization pathway and embedded into our business operations and supply chain. These efforts are guided by our near- and long-term science-based targets, as approved by the Science Based Targets Initiative (SBTi), to help us meet our sciencebased decarbonization milestones and make progress over time by minimizing emissions directly at their source.
Carbon Neutrality Program
In 2025, we achieved our carbon neutrality goal for the seventh year. As we work to achieve our net-zero targets, our carbon neutrality program addresses Nasdaq’s Scope 1, 2, and 3 emissions through the purchasing 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.
Our Science-Based Targets (SBTs)
Our near‑ and long‑term science‑based emission reduction targets, as well as our 2050 net‑zero target, were initially approved by the SBTi in 2022. All of our targets are gross targets validated to absolute contraction and are aligned to 1.5 degrees Celsius targets. In 2025, our targets were updated and validated by SBTi to more accurately represent Nasdaq’s expanding business operations, including updating our base year to 2023 to reflect the acquisition of Adenza. Although Nasdaq did not acquire Adenza until November 2023, Adenza’s full year emissions were included in the 2023 base year calculations to present all periods on a comparable basis. Our validated science‑based targets underpin our net‑zero program. As we work to implement initiatives to reduce our overall absolute GHG emissions, we aim to neutralize our remaining emissions. We aim to achieve our near-term science-based targets through emissions reductions, without reliance on carbon credits. For our long‑term net‑zero target, carbon credits may be used solely to neutralize residual 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 2025.
Market-based GHG Emissions by Scope (MT CO2e)
| 2025 | 2024 | 2023 | ||
| Scope 1 | 14 | 79 | 75.1 | |
| Scope 2 | 271 | 229 | 962 | |
| Scope 3 | 71,903 | 86,780 | 106,807 | |
| Total | 72,188 | 87,088 | 107,844 |
Location-based GHG Emissions by Scope (MT CO2e)1
| 2025 | 20242 | 2023 | ||
| Scope 1 | 14 | 79 | 75.1 | |
| Scope 2 | 19,339 | 19,240 | 19,676 | |
| Scope 3 | 71,903 | 86,780 | 106,807 | |
| Total | 91,256 | 106,099 | 126,558 |
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 Nasdaq recalculated 2024 data in 2025 using more accurate estimations than those available at the time of initial reporting, resulting in some minor differences between previously reported and recalculated 2024 emissions.
Scope 3 GHG Emissions by Category (MT CO2e)
| Purchased Goods & Services | 44,359 | |
| Capital Goods | 6,564 | |
| Fuel & Energy Related Activities1 | 4,504 | |
| Waste Generated in Operations | 190 | |
| Business Travel | 7,656 | |
| Employee Commuting | 3,213 | |
| Upstream Leased Assets2 | 321 | |
| Downstream Leased Assets1 | 16 | |
| Investments | 5,080 | |
| Scope 3 Sub-Total | 71,903 |
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)
Emissions from Scope 3, Category 1, Purchased Goods and Services decreased 24% primarily due to the use of more precise emissions factors available from our suppliers. Business travel emissions decreased 39% year‑over‑year, mainly due to the adoption of more precise emissions factors and refined activity data for long‑haul, multi‑leg trips. Employee commuting emissions declined 22% year‑over‑year, primarily due to improved data collection and calculation methodologies that resulted in the reduction of reliance on estimates. Scope 3, Fuel‑ & Energy Related Activities emissions increased year‑over‑year due to incorporating WTT and WTT T&D losses, a best practice methodological update.
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.
Energy and Emissions Intensity
The following chart shows the energy consumption and emissions intensity per full-time employee. In 2025, energy intensity per employee increased nine percent year-over-year, in part because of increased office use, while emissions intensity per employee declined 17% year-over-year, primarily due to a decline in our Scope 3 emissions.
| Absolute Energy Consumption per Employee | 2025 | 20244 | 2023 |
|---|---|---|---|
| Absolute energy consumption (MWh) (Scope 1 & 2)1 | 79,477 | 70,806 | 67,861 |
| Number of employees2 | 9,506 | 9,138 | 8,505 |
| Energy intensity3 | 8.4 | 7.7 | 8.0 |
| Absolute Emissions Generated per Employee | 2025 | 20244 | 2023 |
|---|---|---|---|
| Total location-based emissions (MT CO2e) (Scope 1, 2, & 3) | 91,256 | 106,099 | 126,558 |
| Number of employees2 | 9,506 | 9,138 | 8,505 |
| Emissions intensity | 9.6 | 11.6 | 14.9 |
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.
4 Nasdaq recalculated 2024 data in 2025 using more accurate estimations than those available at the time of initial reporting, resulting in some minor differences between previously reported and recalculated 2024 emissions.
In 2025, Nasdaq procured 100% renewable electricity for our office space and data center portfolios
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 2025 and 2026, we purchased carbon credits to neutralize our 2025 residual GHG emissions from projects as summarized below.
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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 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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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.
Responsible Innovation
- Most of Nasdaq's emissions tied to AI-enabled activities reflect energy and water use from third-party cloud and technology infrastructure and are accounted for in our Scope 3 footprint.
- We engage with our top technology and cloud suppliers to address energy efficiency, water stewardship, renewable energy sourcing, and longer-term carbon reduction goals.
- Through our Supplier Code of Conduct, we encourage suppliers to adopt sustainability and environmental practices, including responsible water use associated with data center and AI infrastructure operations, in line with our Environmental Practices Statement.
- We enable employees to select appropriately sized AI models in our GenAI platform, potentially reducing excess energy and water consumption from AI inference workloads.
- Our commitment to sourcing 100% renewable electricity extends to the infrastructure that supports our AI-enabled capabilities.
Aligning Corporate Strategies to Support Reaching Net Zero
Environmental Management System (EMS)
- Our Real Estate and Facilities (REF) and Data Center (DC) portfolios are the main contributors to Nasdaq’s Scopes 1 and 2 GHG emissions.
- Nasdaq uses an EMS to facilitate consideration of sustainability factors in our major operations.
- Our EMS provides a framework for consistent review, evaluation, and improvement of our environmental performance.
Sustainable Leasing Strategy
- Nasdaq regularly reviews our office space portfolio to help ensure that we are best utilizing the space that we lease.
- Our sustainable leasing strategy includes evaluating access to mass transit and certifiable renewable energy supply.
- Nasdaq is committed to securing green certifications for our main offices. In 2025, Nasdaq began the LEED ID+C Platinum certification process for its new Stockholm office interior fit-out.
Employee Commuting
- Nasdaq’s hybrid work program and sustainable leasing strategy help minimize our employee commuting GHG emissions.
- In 2025, we transitioned our global employee commuting survey to Workday, increasing participation by nearly 200%.
Business Travel
- In 2025, we engaged with our travel partners on strategies to reduce our business travel GHG emissions including adding a “lower-emissions alternatives” notification feature to our travel platform.
- Employees are encouraged to opt for virtual meetings, when appropriate.
- Nasdaq piloted a New York office sustainable business travel campaign in 2025, encouraging employees to make more sustainable business travel decisions.
Waste
- Nasdaq is focused on reducing waste, recycling unwanted items and equipment, reusing products, and sustainably procuring products required to maintain our facilities and support our employees.
- We include green leasing terms for landlord waste management, office construction, and renovations, product procurement maintenance and cleaning, and office decommissioning.
- We enhanced our programs aimed at reducing waste and improving data accuracy for our landfill and diversion rates.
Natural Resource Management
Water
Nasdaq’s water use occurs in our leased office spaces and data centers, where building level water infrastructure is owned and operated by our landlords. Nasdaq does not directly control this infrastructure and does not have a significant impact on water systems as our water use is limited to basic office building services, such as restrooms and kitchens. 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 landlords to install water efficient infrastructure and reduce wastewater. We also reduce water consumption via sustainable leasing strategies that reduce reliance on older, less water efficient equipment and by considering factors in our supply chain and sourcing decisions.
Taskforce on Nature-related Financial Disclosures (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. Nasdaq conducted a pilot Locate, Evaluate, Assess, and Prepare (LEAP) analysis in accordance with TNFD guidance in 2023 to assess our exposure to nature-related issues, risks, and opportunities. The pilot analysis concluded that, while Nasdaq may be or become exposed to several nature-related risks, these risks are already mitigated by our existing risk management processes and climate-related resiliency planning.
Task Force on Climate-Related Financial Disclosures (TCFD)
This publication is Nasdaq’s sixth TCFD report and describes our approach to evaluating the projected impacts of climate risks and opportunities on our business and the initiatives in place to manage them across the organization. Nasdaq’s disclosures are structured around the four pillars of the TCFD framework: (1) Governance, (2) Strategy, (3) Risk Management, and (4) Metrics and Targets. We continue to enhance our understanding of the possible climate-related impacts — to support resilience and actualize opportunities along the transition to a lower‑carbon economy.