Inside Nasdaq’s Sustainable Solutions & Net Zero Goals

The National Institutes of Health report that the rapid expansion of financial technology could have impacts on sustainability aims. It says that the fintech industry has allowed for the progression of products with a higher demand for electricity and energy consumption.

Nasdaq is a global financial technology company that operates exchanges, provides market data and offers software services. 

The company has released its 2024 sustainability report, outlining the ways it has contributed to a more sustainable world within its own operations and providing solutions for its customers. 

Nina Eisenman, VP, Head of Corporate Sustainability Strategy & Reporting at Nasdaq says "It’s inspiring to be part of a company that believes that integrity, transparency, and sustainable innovation are not just aspirations—they define who we are and how we show up every day. 

"This is what it means to be part of a company that’s shaping a more sustainable, resilient future."

Climate and decarbonisation goals

The Science Based Target initiative approved the companies emission reduction goals of reducing absolute Scope 1 and 2 emissions by 100% by 2030, alongside sourcing 100% renewable electricity and a 50% reduction in absolute Scope 3 emissions.

By 2050 the company wants to continue to maintain the 100% reduction of Scope 1 and 2 emissions and a 95% reduction of Scope 3 emissions.

Alongside the company's goals it has received various sustainability rankings such as scoring an AA from MSCI, scoring 70 from ecovadis and 1 for the ISS QualityScore.

Adena Friedman, Chair and CEO of Nasdaq says "I am proud of Nasdaq’s unwavering commitment to powering resilient growth across the global economy. 

“Over the course of the year, we made substantial progress on our vision to be the trusted fabric of the world’s financial system by helping our clients solve their most complex challenges.”

How is Nasdaq reaching its goals?

In 2024 the company's GHG emissions decreased from 107,844 MT to 97,488 MT, which Nasdaq says was mainly due to its continuation of sustainable leasing strategies and the resizing of the portfolio.

The company drives its climate strategy through two programmes:

• Carbon net zero programme - By implementing science-based long term initiatives the program focus on the absolute reduction of GHG emissions to near-zero levels, buy minimising emissions directly at the source
• Carbon neutrality programme - By procuring 100% renewable electricity and verified carbon credits the programme addresses Scope 1, 2 and 3 emissions.

Nasdaq says it will continue to address and prepare for the evolving climate disclosure requirements and standards, with the aim to continue improving the quality of its data and related GHG emission factors.

The company has a focus on waste reunion, recycling and compost diversion. 

It has implemented programmes to reduce waste and improve data accuracy:

• Implementing sustainable product procurement, reusing products and recycling waste in offices
• Implementing EMS with the aims to ensure focus on sustainable optional purchasing strategies, construction and office decommissioning
• Conducting waste audits on key offices to gain greater detail on generated waste, diverting it from landfills
• Installing eater refill stations in some officers, avoiding using more than 570,000 single-use water bottles and cans in five years

In 2024, the company procured 100% renewable electricity for its office space and data centre portfolio, making up 75% of the company's annual global consumption.

Nasdaq says it has purchased RECs that meet its quality requirements for the remaining 25% of electricity not powered by renewable energy.

Overall the renewable electricity has allowed the company to reduce Scope 2 GHG emissions to zero.

It also procured Adenza in 2024, using the technology to provide customers with regulation and reporting processes, which the company says has helped it reach its sustainability aims.

Jason Gregoric, Senior Director, Global Head of Environmental Sustainability and Real Estate Project Office at Nasdaq says: "We remain dedicated to sourcing 100% renewable electricity for our global operations and achieving carbon neutrality by investing in high-quality carbon removal projects and projects that offer biodiversity co-benefits aligned with Nasdaq’s environmental priorities. 

“In 2024, we successfully integrated Adenza into our key sustainability programmes and submitted updated science-based target base-year data to the SBTi, including historical emissions from Adenza, demonstrating our commitment to reducing emissions."

Nasdaq’s sustainable solutions:

Alongside minimising the companies own emissions it provides solutions for other companies to be more environmentally friendly as well. 

Nasdaq has a sustainability and climate advisor service to support companies to analyse, assess and action the best practices in sustainability programmes.

Some of the solutions are:

• Metrio - a SaaS-based sustainability data management and reporting platform
• Sustainable Lens - a sustainability research and benchmarking solution providing on demand data driven insights 
• IR intelligence - designed to help IROs ensure effective communication with stakeholders
• Governance solutions - using AI powered technologies, advisory services and a global community designed to accelerate board enforcement, creating efficiency and decision making for board members
• Puro.earth - a carbon crediting programme focussed exclusively on carbon removals

Gabriella Halasz-Clarke, VP, Head of Sustainability and Governance Solutions at Nasdaq says: “With Nasdaq’s comprehensive solutions suite of built-for-purpose technology, corporate sustainability professionals can navigate complex regulations, access real-time insights, and receive expert guidance, all with the same provider.” 

Diversity and inclusion at Nasdaq

The company has staff across 38 countries, mainly in nine anchor locations: US, Canada, Sweden, Lithuania, India, Philippines, Australia, UK and Mexico.

The company reports that its workforce diversity is made up of 63.6% male and 35.8% female employees, with the majority of its staff's racial ethnicity being white at 62%, 17.4% being Asian and 7.5% being Black. 

The company provides various training saying it prioritises professional development for the staff, by the end of 2024 it had provided 210,480 hours of training across all of its employees.

Nasdaq says that its employee networks connect people from a variety of professional topics, interests, cultures and backgrounds which creates a sense of inclusion that strengthens the company’s culture as a whole. 

It says it held several engagement initiatives for employees to get involved with including its annual purpose week holding educational workshops for employees, holding sustainability related education sessions and collecting employee feedback through surveys. 

Bryan Smith, Chief People Officer, Nasdaq says “In 2024, Nasdaq continued to invest in our ‘talent engine’, including employer branding to attract top talent, hiring at scale, increasing employee and leadership development, rewarding for results, enhancing our office experience and focusing on employee recognition. 

“As a result, we’ve achieved Company record high engagement scores with Company record-low attrition.”