Energy and Climate Change
Overview
The increasing impacts of climate change pose risks to communities, ecosystems and economies around the world. S&P Global is committed to doing its part to address this growing crisis, as the wellbeing of our people and business is inextricably linked to the health of the communities where we live and work.
This material topic includes our efforts to reduce greenhouse gas emissions (GHGs) and optimize energy use in our operations and value chain. It also covers the steps we are taking to manage climate-related physical and transition risks. For information on the role of S&P Global’s products and services in the transition to a low-carbon future, see Sustainability Products and Data.
Focus Areas
Reducing Scope 1, 2 and 3 GHG emissions in line with best-available science and the ambition to limit global warming to 1.5°C above preindustrial levels.
Decreasing energy intensity and emissions of our office spaces through energy efficiency, transitioning to low-carbon energy sources and seeking to lease net-zero office spaces.
Integrating proactive identification, management and reporting of climate-related risks and opportunities.
2024 Highlights
Received validation of our long-term target (net-zero by 2040) from the Science-Based Targets Initiative (SBTi).
Achieved reductions in Scope 1 and 2 emissions intensity of 52% and 70%, respectively, from our 2019 baseline.
Increased share of energy from renewable sources from 22% in 2023 to 58% in 2024.
Leased our first net-zero carbon office.
Our Approach
While S&P Global’s business is not carbon intensive, we believe it is important for us to do our part in improving the environment. Measuring, managing and reducing our own environmental and climate impacts and risks is in our business interest, helps deliver long-term value, aligns with our corporate purpose and benefits our customers and our communities.
To drive progress toward our overarching goal of net-zero emissions by 2040, we have established near-term science-based targets covering our Scope 1, 2 and 3 emissions and are working to reduce emissions associated with our offices, business travel and supply chain.
In addition, S&P Global continues to invest in and prioritize efforts to respond and adapt to physical and transition risks associated with climate change. This includes maintaining our commitment to proactive and transparent disclosure, and ongoing assessment of climate-related risks and opportunities in the context of the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).
The Board of Directors receives updates on a variety of topics, including sustainability and climate-related matters, as part of its annual, in-depth strategy and risk management sessions, as well as ongoing discussions and committee reports throughout the year. At the management level, the President & CEO is responsible for setting climate-related strategy and ensuring climate-related risks and opportunities are fully integrated into the company’s long-term business strategy. In addition to being a member of the company’s Board of Directors, the CEO oversees and reports to the Board on management’s progress against the company’s key sustainability-related objectives, covering various climate-related topics and initiatives. The CEO is supported by an experienced executive team, several members of which are responsible for managing and overseeing the overall enterprise strategy and approach to addressing issues and executing strategic initiatives relating to climate and sustainability matters.
For more information on oversight of climate-related matters, see S&P Global’s 2025 TCFD Report. For information on how we are involving our people in protecting the environment, see Community and Economic Impact.
Our Climate Targets
and Progress
* 2019 baseline: Scope 1: 980 tCO2e/M ft2; Scope 2: 5,571 tCO2e/M ft2; Scope 3, Category 6: 65,600 tCO2e.
2024 Progress*
Scope 1:
466 tCO2e/M sq. ft.
52% reduction
from 2019 baseline
Scope 2:
1,693 tCO2e/M sq. ft.
70% reduction
from 2019 baseline
Scope 3 (Business Travel):
58,699 tCO2e
11% reduction
from 2019 baseline
Supplier Engagement:
50% spend allocated
to suppliers who set
their own science-based targets
Scopes 1 and 2 – Real Estate
The property that S&P Global owns and leases has a large part to play in our ability to achieve our targets for energy and GHG emissions, as well as other environmental metrics. Working in close collaboration with our real estate partner CBRE, we have established a five-part strategy to continuously enhance the environmental performance of our managed property portfolio.
Our Real Estate Sustainability Strategy
As we work toward our net-zero goals, we are increasingly focused on our leased facilities, which currently represent the majority of our portfolio. In 2023, we developed a set of green lease clauses, with key provisions including sub-metering of energy and water, purchasing renewable energy, and developing and implementing a pathway to net-zero for the overall facility. In 2024, we incorporated the new requirements into our RFP for all new leases.
In 2024, we leased five offices in buildings with a qualifying green certification (i.e., LEED, BREEAM, NABERS or equivalent) – in Sydney, Gurgaon, Hyderabad, Tokyo and Manchester – approximately 10% of the operational area managed by Global Real Estate and CRISIL. As of year-end, 34% of S&P Global’s people were located in green-certified buildings or office spaces.
The new facility in Manchester is designed to a NABERS five-star rating and will be S&P Global’s first net-zero carbon office, as certified under the new UK Net Zero Carbon Buildings Standard, Pilot Version. Buildings aligned with this standard typically use 60% less energy than the average UK office. In addition, the building has BREEAM Outstanding and WELL Platinum certifications.
Our sustainable office fit-out specification includes key measures such as full electrification, smart building controls, installing the highest-efficiency appliances and heating/cooling systems, and minimizing embodied carbon in all materials and fixtures. The specification was successfully trialed on the design of the new Manchester office, with several specific targets aimed at reducing energy and embodied carbon. As part of the project, we undertook a life-cycle carbon assessment, which showed total embodied carbon of 133 kg CO2e/m2 during Stage 3 of the design, which is well within target and aligned with the UK Net Zero Carbon Buildings Standard. During 2024, we also undertook eight fit-out and refurbishment projects of our offices in Cape Town, Stockholm, Singapore, Gurgaon, Bangalore and Kuala Lumpur. This included installing energy-efficient LED lighting and building control systems, such as daylight and occupancy sensors, enabling more efficient use of lighting and heating, ventilation and air-conditioning (HVAC) systems.
In addition to increasing energy efficiency, we continue to transition to renewable energy sources to meet our electricity needs. Where S&P Global has direct control over electricity procurement, we work directly with the utility to transition to a renewable energy tariff or equivalent program. Where electricity is provided by landlords, we seek to require or influence them to obtain it from renewable sources, or else we purchase certified renewable energy certificates (RECs) to account for our usage. In 2024, we transitioned to a renewable energy tariff for our offices in Melbourne and began purchasing RECs for all CBRE-managed sites in India. This helped increase our share of purchased electricity from renewable sources to 58% globally (+166% year over year).
For information on how our real estate sustainability strategy addresses other operational environmental impacts, see Nature and Biodiversity.
* Excludes CRISIL and CARFAX
Scope 3 – Business Travel
S&P Global’s people work in offices and remotely across 43 countries, while our customers are located in many more throughout the world. Consequently, travel is a regular part of our business and a key area of focus for reducing our GHG emissions.
Our Travel Services team guides us in making purposeful travel decisions – including in selecting reasons for travel, mode of transport and service class – by establishing clear policy requirements and allocating specific targets to business divisions.
In Q4 2024, to increase awareness of our emissions reduction goal, we introduced a quarterly email campaign sent to employees who traveled, indicating their emission output for the previous quarter. The email also highlights what the carbon usage would equate to, compares usage to their business division and the company, and provides tips for reducing emissions. We also engaged with divisional leadership teams to encourage the adoption of emissions-saving measures including reducing travel for internal meetings, holding team offsite meetings regionally and reducing policy exceptions allowing business class travel.
In addition, we continue to invest in technology that supports hybrid and virtual meetings and virtual work, so that a reduction in travel does not equal a reduction in quality of engagements.
Carbon Offsets
To further reduce our impact and contribute to climate solutions beyond our own operations, we purchase carbon offsets equivalent to our Scope 1 and Scope 3 Category 6 (Business Travel) emissions.
In 2024, we purchased and retired a total of 55,000 certified carbon credits from the Extractivist Reserve (RESEX) Rio Preto-Jacundá REDD+ project in Brazil. The project is a collaboration between Biofílica and local residents, aimed at promoting sustainability in the extractive community by reducing forest degradation and illegal deforestation. Located in a 95,000-hectare reserve in Rondônia, Brazil, the project focuses on community-led initiatives that enhance climate adaptation, support local residents’ management of forest resources and provide benefits for biodiversity, including the protection of threatened species. The carbon credits are accredited by the Verified Carbon Standard.
Carbon offsets are not counted as progress toward our targets.
Scope 3 – Supply Chain
Given the nature of S&P Global’s business, the majority of our GHG emissions are attributable to our supply chain and business travel. This is why we continue to engage with suppliers to better understand our footprint and opportunities for improvement, as well as to encourage and support their transition efforts.
In 2024, we undertook several initiatives to increase supply chain visibility and support strategic planning to drive ongoing emissions reductions. Key activities and accomplishments included:
- Partnering with Green Project Technologies to improve outreach and engagement related to suppliers’ emissions targets and performance.
- Embedding vendor questions regarding emissions and science-aligned target setting into our sourcing and vendor management systems.
- Gathering enhanced sustainability data for our meeting and event suppliers.
- Developing a new Vendor Management Dashboard including science-aligned target setting, to inform preferred vendor selection.
- Joining Sustainable Procurement Pledge’s League of Champions, including a workstream to advance a globally aligned approach to carbon pricing for sourcing events.
- Training Category Managers to engage vendors regarding GHG emissions and reporting.
S&P Global has set a target for 81% of suppliers by spend (covering purchased goods and services and capital goods) to have their own science-based targets by 2025. We recognize that suppliers have multiple options for setting targets in alignment with the latest climate science necessary to meet the goals of the Paris Agreement. With this in mind, we have expanded our tracking to include a broader range of target-setting frameworks, including SBTi, Race to Zero, SME Climate Hub and The Climate Pledge. This not only provides a more comprehensive view of science-based target-setting in our supply chain, but also enables us to recognize more suppliers – including small and medium-sized enterprises – that are doing the work to necessary to be Paris-aligned.
YOY Suppliers Setting Science-Based Targets*
*2019-2023 data includes suppliers with a registered commitment to or validated targets with SBTi. 2024 data includes suppliers setting targets via SBTi, Race to Zero, SME Climate Hub and/or The Climate Pledge.
* GHG emissions from Tier 1-3 suppliers with science-based targets as a percentage of total GHG emissions (CO2e) from all suppliers.
** The total number of vendors reported for 2023-2024 includes S&P Global, CARFAX, AMM, OSTTRA and CRISIL. However, the 2021-2024 figures for Tier 1 vendors are only for S&P Global.
Sustainability-Linked Financing
S&P Global has a $2 billion sustainability-linked credit facility tied to our Science Based Target initiative (SBTi) approved goals. Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025, as a result of our emissions performance for the year ended December 31, 2024.
Identifying and Managing Climate-Related Risks and Opportunities
S&P Global integrates climate-related risks and opportunities into the larger enterprise strategy to fuel innovation and strengthen strategic decision-making with long-term, resilient operations in mind. In 2024, we continued to rely on the expertise of S&P Global Sustainable1 and its Climate Risk Assessment to identify climate-related physical and transitional risks. The analysis enables S&P Global to assess how resilient the corporate strategy is in relation to relevant climate-related risks, taking into consideration various scenarios, including 1.7°C and lower scenarios and varying time horizons.
For more information on our approach to identifying and managing climate-related risks and opportunities, see our 2025 TCFD Report.
See data tables in Appendix.