Yelp Sets Goal of Reaching Net Zero by 2031

Yelp Inc., the company that connects people with great local businesses, released its annual environmental, social, and governance (ESG) report.

The report introduces Yelp’s goal to reach net zero by 2031 through a science-based operational reduction plan, which includes strategies to identify and reduce Scope 1, 2 and 3 emissions as well as utilise high-quality carbon offset and removal programmes.

“Embracing remote work has created an opportunity for us to develop a new playbook as we move beyond traditionally held beliefs around an office-centric workplace,” said Jeremy Stoppelman, Yelp co-founder and CEO. “Remote work has allowed us to accelerate Yelp’s carbon reduction efforts and our ability to hire diverse talent from around the globe. Our goal of reaching net zero by 2031 reflects Yelp’s deep commitment to doing what we can to protect our planet for future generations.”

As part of the report, Yelp also outlined its commitment to sustainable investments, including implementing ESG filters in its investment portfolio that exclude future investments in issuers with revenues from thermal coal extraction, oil sands, and other revenue sources that do not meet Yelp’s ESG standards. Yelp also invested $25 million in Green Deposits, which are earmarked to fund qualifying Green Loans in the U.S. These Green Loans support environmental projects like clean transportation, energy efficiency, green buildings, and sustainable water/wastewater management, providing another way for Yelp to sustainably invest in the local communities it serves.

In addition to outlining the company’s environmental commitments, the report details Yelp’s continued investments in product development to help users find businesses that align with their values. It also provides the latest workforce diversity data and the company’s continued work to protect content integrity on the platform, including Yelp’s Trust & Safety efforts. Additionally, Yelp highlights the ways it continues to protect its users and employees through investments in security technology and employee education.

The full ESG report can be read here. Additional information about Yelp’s ESG approach can be found at yelp-ir.com.

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Source: Yelp