Nasdaq reduced its market-based greenhouse gas emissions to 72,188 tonnes of CO₂e in 2025, down 17% from 2024. Scope 3 emissions accounted for more than 99% of the total, highlighting the importance of suppliers, business travel and technology infrastructure in its climate strategy. Nasdaq also sourced 100% renewable electricity for its offices and data centres and retained its 2050 net-zero target.
Key Overview
- Nasdaq’s market-based emissions fell 17% to 72,188 tonnes of CO₂e in 2025.
- Scope 3 emissions represented 71,903 tonnes, or more than 99% of the total.
- Purchased goods and services generated 44,359 tonnes of CO₂e.
- Business travel emissions declined 39%, while employee commuting emissions fell 22%.
- Nasdaq procured 100% renewable electricity for its offices and data centres.
- The company maintained its 2050 net-zero target and carbon neutrality for a seventh consecutive year.
- Nasdaq wants suppliers representing 70% of spending on purchased goods, services and capital goods to set or commit to science-based targets by 2029.
Nasdaq Pushes Climate Action Beyond Its Operations
Nasdaq reduced its market-based greenhouse gas emissions for a second consecutive year in 2025, as the exchange operator continued to focus its climate strategy on its supply chain, technology infrastructure and renewable electricity.
Total market-based emissions fell to 72,188 tonnes of CO₂e in 2025, compared with 87,088 tonnes in 2024 and 107,844 tonnes in 2023. Emissions intensity also declined from 11.6 tonnes per employee in 2024 to 9.6 tonnes in 2025.
The reductions form part of Nasdaq’s Carbon Net-Zero Programme, which follows a 1.5°C decarbonisation pathway and covers emissions across the company’s value chain.
The Science Based Targets initiative approved Nasdaq’s original targets in 2022. Updated targets were validated in 2025 to account for changes in the company’s operations.
Nasdaq plans to meet its near-term targets through direct emissions reductions without relying on carbon credits. Its longer-term goal is to reach net zero by 2050, with credits potentially used to neutralise residual emissions that cannot be eliminated.
Adena T. Friedman, Chair and CEO of Nasdaq, said:
“The most successful sustainability initiatives are those that can be upheld for the long-term, and the groundwork we laid in recent years will help us do just that.”
She added that Nasdaq would continue building on its momentum and delivering greater impact for its clients and communities.
Scope 3 Emissions Remain the Main Challenge
Value-chain emissions remained Nasdaq’s largest source of greenhouse gas emissions in 2025.
Scope 3 accounted for 71,903 tonnes of CO₂e, representing more than 99% of Nasdaq’s market-based total.
Purchased goods and services generated 44,359 tonnes, while business travel contributed 7,656 tonnes. Investments accounted for another 5,080 tonnes.
Emissions from purchased goods and services fell 24% year on year. Business travel emissions declined 39%, while employee commuting emissions decreased 22%.
Nasdaq said improved data collection, calculation methods and emissions factors contributed to some of the reported changes.
The company’s supply chain generated nearly 56% of total emissions in 2025. Supplier-related emissions fell by around 22%, primarily after Nasdaq incorporated activity-level data from one major supplier.
The changes also highlight the importance of understanding whether reported emissions reductions result from operational improvements, better information or changes in calculation methods.
Nasdaq Expands Supplier Climate Requirements
Nasdaq has expanded environmental disclosure requests through CDP’s Climate Change survey to its 300 largest suppliers.
By 2029, the company wants suppliers representing 70% of spending on purchased goods, services and capital goods to set, or commit to setting, science-based targets.
The approach places supplier engagement and procurement decisions at the centre of Nasdaq’s climate strategy as the company works to reduce its wider Scope 3 footprint.
Nina Eisenman, Vice President and Head of Corporate Sustainability Strategy and Reporting at Nasdaq, said:
“Our approach to sustainability is focused on creating lasting value and is grounded in Nasdaq’s purpose to empower economic opportunity.”
She said sustainability is viewed as integral to Nasdaq’s role as a trusted partner to clients and as a foundational part of the financial system.
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100% Renewable Electricity for Offices and Data Centres
Nasdaq also continued to address emissions associated with its own operations.
The company procured 100% renewable electricity for its office and data-centre portfolios in 2025.
Separately, Nasdaq maintained carbon neutrality for a seventh consecutive year by addressing Scope 1, 2 and 3 emissions through renewable electricity and independently verified carbon credits.
Its near-term climate strategy prioritises direct emissions reductions, while carbon credits may be used to neutralise residual emissions that cannot be eliminated as the company progresses toward net zero.
Technology and AI Add to Scope 3 Focus
Technology infrastructure represents another material exposure for Nasdaq.
Much of the emissions associated with Nasdaq’s artificial intelligence activities comes from third-party infrastructure and is therefore recorded within Scope 3.
The company is engaging cloud and technology providers on energy efficiency, water stewardship, renewable power and carbon reductions.
Nasdaq’s sustainability approach also considers how technology infrastructure can affect its wider environmental footprint as its AI-related activities develop.
Sarah Youngwood, EVP and CFO at Nasdaq, said the company’s sustainability approach is closely tied to long-term value and to the forces shaping the global financial system.
Outlook
Nasdaq’s latest emissions figures show that its climate strategy increasingly depends on relationships beyond its direct operations.
While total market-based emissions declined to 72,188 tonnes of CO₂e, Scope 3 remained responsible for more than 99% of the reported total. Supplier data, procurement decisions and collaboration with cloud and technology providers will therefore remain important areas of focus.
Nasdaq’s target for suppliers representing 70% of relevant spending to set or commit to science-based targets by 2029 provides another milestone as the company works toward its 2050 net-zero target.
FAQs
1. How much did Nasdaq reduce its greenhouse gas emissions in 2025?
Nasdaq reduced its market-based greenhouse gas emissions by 17% to 72,188 tonnes of CO₂e in 2025, compared with 87,088 tonnes in 2024.
2. What percentage of Nasdaq’s emissions came from Scope 3?
Scope 3 emissions totalled 71,903 tonnes of CO₂e, representing more than 99% of Nasdaq’s market-based emissions in 2025.
3. What is Nasdaq doing to reduce supplier emissions?
Nasdaq expanded CDP Climate Change disclosure requests to its 300 largest suppliers. By 2029, it aims for suppliers representing 70% of spending on purchased goods, services and capital goods to set or commit to science-based targets.
4. What is Nasdaq’s net-zero target?
Nasdaq aims to achieve net zero by 2050. The company plans to pursue direct emissions reductions for its near-term targets, while carbon credits may be used to neutralise residual emissions that cannot be eliminated.
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