Yelp Sets Goal of Reaching Net Zero by 2031 in Latest ESG Report
Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, released its annual environmental, social and governance (ESG) report today. 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 utilize high-quality carbon offset and removal programs.
"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, which 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.
About Yelp Inc.
Yelp Inc. (yelp.com) is a community-driven platform that connects people with great local businesses. Millions of people rely on Yelp for useful and trusted local business information, reviews and photos to help inform their spending decisions. As a one-stop local platform, Yelp helps consumers easily discover, connect and transact with businesses across a broad range of categories by making it easy to request a quote for a service, book a table at a restaurant, and more. Yelp was founded in San Francisco in 2004.
This document contains forward-looking statements that involve risks, uncertainties and assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The statements contained in this document that are not purely historical are forward-looking statements and include, but are not limited to, statements regarding Yelp's plans related to ESG initiatives and expectations regarding the achievement of its ESG goals, including its goal of achieving net zero by 2031 and carbon mitigation plans. These statements are based on the beliefs and assumptions of management, which are in turn based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Yelp's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q at www.yelp-ir.com or the SEC's website at www.sec.gov.
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