CoStar Group Signs Science Based Targets Initiative (SBTi) Commitment for Emissions Reduction
May 26 2023 - 01:42PM
Business Wire
Commitment reinforces CoStar Group’s 2050
net-zero target and builds upon ongoing efforts to reduce emissions
across the company
Today, CoStar Group, a leading provider of online real
estate marketplaces, information and analytics in the property
markets, announced that its founder and CEO Andy Florance has
signed a commitment letter to set near-term and long-term
science-based greenhouse gas emission reduction targets in
accordance with the Science Based Targets Initiative (SBTi).
SBTi’s science-based reduction targets are aligned with the
level of decarbonization necessary to meet the goals of the Paris
Agreement to reach net-zero global emissions by 2050 to limit
global temperature rise to 1.5ºC above pre-industrial levels.
By signing the SBTi commitment letter, CoStar Group expands upon
its prior work to track and report its baseline greenhouse gas
emissions, including its Scope 1, Scope 2 (location and market
based) and relevant Scope 3 emissions, as reported in its 2023
Environmental, Social & Governance (ESG) Report. In advance of,
and since the release of the Company’s 2023 ESG Report, the company
has, and will continue to, solicit feedback from its investors on
its climate related work to date and priorities for the future.
CoStar Group will now proceed to develop clear, science-based
targets which will be submitted to and validated by SBTi. SBTi’s
program of science-based targets provide a clear pathway for
companies to reduce emissions and mitigate impacts of climate
change, all while future-proofing business growth.
“At CoStar Group we are proud of our commitments to reducing our
environmental impact, and this is one of the pillars of our ESG
goals,” said Andy Florance, CoStar Group Founder and Chief
Executive Officer.
“In the past year alone, we have provided more than 30 million
unique virtual tours of CoStar properties, resulting in an
estimated 130,000 metric tons of CO2e avoided. We measured our
baseline greenhouse gas emissions to track our future progress and
continued our work towards decarbonizing our office buildings and
data centers. Signing the SBTi commitment letter is a natural next
step in our work towards becoming a net zero company.”
SBTi is a joint initiative of environmental impact tracking
organization CDP, the United Nations Global Compact, World
Resources Institute (WRI) and the Worldwide Fund for Nature (WWF).
The SBTi defines and promotes best practices in science-based
target setting, offers resources and guidance to reduce barriers to
adoption, and independently assesses and approves companies’
targets. Visit sciencebasedtargets.org for more information and to
view the commitment letter.
For more information about CoStar Group’s ESG Report, visit
https://investors.costargroup.com/ESG/default.aspx, and on ESG
commitments, visit
www.costargroup.com/corporate-responsibility.
About CoStar Group
CoStar Group (NASDAQ: CSGP), is a leading provider of online
real estate marketplaces, information, and analytics in the
property markets. Founded in 1987, CoStar conducts expansive,
ongoing research to produce and maintain the largest and most
comprehensive database of commercial real estate information. Our
suite of online services enables clients to analyze, interpret and
gain unmatched insight on commercial property values, market
conditions and current availabilities. STR provides premium data
benchmarking, analytics, and marketplace insights for the global
hospitality industry. Ten-X provides a leading platform for
conducting commercial real estate online auctions and negotiated
bids. LoopNet is the most heavily trafficked commercial real estate
marketplace online. Apartments.com, ApartmentFinder.com,
ForRent.com, ApartmentHomeLiving.com, Westside Rentals,
AFTER55.com, CorporateHousing.com, ForRentUniversity.com and
Apartamentos.com form the premier online apartment resource for
renters seeking great apartment homes and provide property managers
and owners a proven platform for marketing their properties.
Homesnap is an industry-leading online and mobile software platform
that provides user-friendly applications to optimize residential
real estate agent workflow and reinforce the agent-client
relationship. Homes.com is the fastest growing online residential
marketplace that connects agents, buyers, and sellers.
BureauxLocaux is one of the largest specialized property portals
for buying and leasing commercial real estate in France. Business
Immo is France’s leading commercial real estate news service.
CoStar Group’s websites attract tens of millions of unique monthly
visitors. Headquartered in Washington, DC, CoStar Group maintains
offices throughout the U.S., Europe, Canada, and Asia. From time to
time, we plan to utilize our corporate website, CoStarGroup.com, as
a channel of distribution for material company information. For
more information, visit CoStarGroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230526005286/en/
News Media Matthew Blocher CoStar Group (202) 346-6775
mblocher@costargroup.com
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