CoStar Group Signs Science Based Targets Initiative (SBTi) Commitment to Reduce Emissions
Commitment reinforces CoStar Group’s net zero goal by 2050 and builds on ongoing efforts to reduce emissions across the business
WASHINGTON, May 26, 2023–(BUSINESS WIRE)–Today, CoStar Group, a leading provider of online real estate markets, real estate market information and analysis, announced that its founder and CEO Andy Florance has signed a letter of commitment to set short- 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 needed to meet the Paris Agreement goals of achieving net-zero global emissions by 2050 to limit temperature rise to 1.5°C above pre-industrial levels.
By signing the SBTi Commitment Letter, the CoStar Group expands on its previous work to track and report its baseline greenhouse gas emissions, including its Scope 1, Scope 2 (location and market) and Scope 3 relevant, as reported in its 2023 environmental report, Social and Governance Report (ESG). Prior to and since the publication of the company’s 2023 ESG Report, the company has solicited and will continue to solicit feedback from its investors on its climate-related work to date and its priorities for the future. The CoStar group will now proceed with the development of clear scientific objectives which will be submitted and validated by SBTi. SBTi’s science-based goals program provides a clear path for companies to reduce emissions and mitigate the impacts of climate change, while ensuring future 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 objectives,” said Andy Florance, Founder and Managing Director of CoStar Group.
“In the past year alone, we provided over 30 million unique virtual tours of CoStar properties, which avoided approximately 130,000 metric tons of CO2e. We measured our greenhouse gas emissions baseline to track our future progress and have continued our work to decarbonize our office buildings and data centers. Signing the SBTi Commitment Letter is a natural next step in our work to become a net zero company.”
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SBTi is a joint initiative of the environmental impact monitoring organization CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). SBTi defines and promotes best practices in science-based goal setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves company goals. Visit sciencebasedtargets.org for more information and to view the commitment letter.
For more information on the CoStar Group ESG Report, visit https://investors.costargroup.com/ESG/default.aspx, and ESG Commitments, visit www.costargroup.com/corporate -responsibility.
About CoStar Group
CoStar Group (NASDAQ: CSGP), is a leading provider of online real estate markets, real estate market information and analysis. Founded in 1987, CoStar conducts extensive and 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 unparalleled insight into commercial property values, market conditions and current availability. STR provides premium benchmarking data, analysis and market insights for the global hospitality industry. Ten-X provides a leading platform for conducting online auctions and negotiated offers for commercial real estate. LoopNet is the busiest online marketplace for commercial real estate. Apartments.com, ApartmentFinder.com, ForRent.com, ApartmentHomeLiving.com, Westside Rentals, AFTER55.com, CorporateHousing.com, ForRentUniversity.com and Apartamentos.com are the premier online apartment resource for renters looking for superb apartments and provide property managers and owners with a proven platform for marketing their properties. Homesnap is a leading online and mobile software platform that provides user-friendly applications to optimize residential real estate agent workflow and strengthen 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 real estate portals specializing in the purchase and rental of business real estate in France. Business Immo is the leading business real estate information service in France. CoStar Group websites attract tens of millions of unique visitors each month. Based in Washington, DC, CoStar Group has offices in the United States, Europe, Canada and Asia. From time to time, we plan to use our corporate website, CoStarGroup.com, as a channel for distributing important company information. For more information, visit CoStarGroup.com.
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