Yelp Releases Environmental, Social and Governance Report
May 16 2024 - 7:06PM
Business Wire
Yelp Inc. (NYSE: YELP), the leading platform for connecting
people with great local businesses, released its annual
Environmental, Social and Governance (ESG) Report today. The report
details Yelp's continued work in creating an inclusive employee
experience, its focus on providing value to businesses and
consumers, and the company’s progress towards reaching net zero by
2031.
“This report reflects upon our progress towards reducing our
environmental impact, strengthening workplace connections, and
continuing to enhance consumer trust and safety on Yelp,” said
Jeremy Stoppelman, Yelp co-founder and CEO. “Building on our
efforts to reduce our emissions, we are adopting a comprehensive
strategy that includes employee education and a deeper analysis of
our suppliers' emissions. These steps illustrate our commitment to
significantly lowering our carbon footprint and helping others
recognize their impact.”
Key highlights from the report:
- Reducing Carbon: Yelp reported a 12.5% year-over-year
reduction in its carbon footprint, which was largely attributable
to the strategic decision to decrease office space. As part of its
work towards achieving net zero by 2031, Yelp is investing in a
collection of five small-scale solar facilities being developed in
Michigan. Based on our current expectations, we believe the output
from these facilities will offset substantially all of the
electricity emissions of both our offices and our remote work
employees in North America for the five-year duration of our
investment.
- Employee Experience: Yelp's latest employee survey data
reveals the company’s continued commitment to fostering an engaged
and inclusive environment for its employees, with 91% of
respondents saying they feel confident they can make career
progress in a remote environment and 96% of respondents stating
that Yelp promotes an inclusive environment.
- Content Trust and Safety: In 2023, Yelp introduced a
variety of new measures to help maintain the integrity and quality
of content on its platform, including the use of large language
model technology to detect inappropriate content. Yelp also started
indexing recipients of Compensated Activity Alerts and Suspicious
Review Activity Alerts on its Trust & Safety site to help
consumers, regulators and other parties easily identify these
businesses.
The full ESG Report can be read here. Additional information
about Yelp’s ESG approach can be found at yelp-ir.com.
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.
Forward-Looking Statement
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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version on businesswire.com: https://www.businesswire.com/news/home/20240516382390/en/
Investor Relations Contact: Josh Willis ir@yelp.com
Press Contact: Kylie Banks press@yelp.com
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