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Business Wire 26-May-2023 1:42 PM
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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