• Nasdaq reduced market-based greenhouse gas emissions to 72,188 tonnes of CO₂e in 2025, down 17% from 2024.
• Scope 3 produced more than 99% of reported emissions, placing suppliers, technology providers and business travel at the centre of its climate strategy.
• The company sourced 100% renewable electricity for its offices and data centres while retaining a 2050 net zero target.

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 sharpened its focus on supply chains, cloud infrastructure and renewable electricity.

Total emissions fell to 72,188 tonnes of CO₂e. That compares 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 a climate strategy built around emissions reduction and carbon neutrality. Nasdaq’s Carbon Net-Zero Programme follows a 1.5°C decarbonisation pathway and covers emissions across its 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. Credits may be used at that stage to neutralise residual emissions that cannot be eliminated.

“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,” says Adena T. Friedman, Chair and CEO, Nasdaq. “I am confident that we will continue to build on our momentum, letting our past achievements fuel future successes and delivering even greater impact for our clients and for communities around the world.”

Scope 3 dominates the climate balance sheet

Value-chain emissions remain Nasdaq’s largest challenge. Scope 3 accounted for 71,903 tonnes of CO₂e in 2025, or more than 99% of its market-based total.

Purchased goods and services generated 44,359 tonnes. Business travel contributed 7,656 tonnes, while investments accounted for another 5,080 tonnes.

Emissions from purchased goods and services fell 24% year on year. Business travel emissions declined 39%, and employee commuting emissions decreased 22%. Nasdaq said improved data collection, calculation methods and emissions factors contributed to the reported changes.

The company also procured 100% renewable electricity for its office and data-centre portfolios. Separately, it maintained carbon neutrality for a seventh consecutive year by addressing Scope 1, 2 and 3 emissions through renewable electricity and independently verified carbon credits.

“Our approach to sustainability is focused on creating lasting value and is grounded in Nasdaq’s purpose to empower economic opportunity,” says Nina Eisenman, Vice President, Head of Corporate Sustainability Strategy and Reporting, Nasdaq. “We see sustainability not as a separate function, but as integral to our role as a trusted partner to our clients and a foundational part of the financial system.”

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Suppliers become the critical test

Nasdaq’s supply chain generated nearly 56% of total emissions in 2025. Supplier-related emissions fell about 22%, primarily after the company incorporated activity-level data from one major supplier.

The data improvement illustrates a broader challenge for investors assessing corporate transition plans. Reported reductions can reflect operational progress, better information or methodological changes. Boards and audit committees must distinguish among these factors when monitoring performance.

Nasdaq expanded environmental disclosure requests through CDP’s Climate Change survey to its 300 largest suppliers. By 2029, it wants suppliers representing 70% of spending on purchased goods, services and capital goods to set, or commit to setting, science-based targets.

Technology is another material exposure. Most emissions linked to Nasdaq’s artificial intelligence activities arise from third-party infrastructure and sit within Scope 3. The company is engaging cloud and technology providers on energy efficiency, water stewardship, renewable power and carbon reductions.

“Our sustainability approach is closely tied to how we think about long-term value across the company,” says Sarah Youngwood, EVP & CFO at Nasdaq in a Nasdaq Q&A. “Being “Future Forward” means aligning our work with the forces shaping the global financial system and reinforcing its transparency and resilience.”

For executives and investors, the central issue is execution across commercial relationships Nasdaq does not directly control. Its progress will increasingly depend on supplier data, procurement leverage and credible transition plans throughout the technology value chain.