CoStar Group Signs Science Based Targets Initiative (SBTi) Commitment for Emissions Reduction

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.