eBay Acquires Depop from Etsy: Parent-Level Climate Performance Benchmark
Written by Jack Linnett (Co-founder & CEO)
eBay has completed its acquisition of Depop from Etsy, shifting the fashion recommerce platform into a higher-scoring ESG reporting group. Because Depop's climate data rolls up through its parent company—first Etsy, now eBay—this analysis benchmarks performance at parent-company level using audited statutory filings and published carbon registries.
For Depop, it's a reporting upgrade under a stronger parent—but standalone subsidiary disclosure of primary operational data would add real transparency into what's actually happening on the ground.
Data Intelligence & Processing Audit
All data points cited in this analysis are audited, cross-referenced, and traceable to SEC filings, annual sustainability reports, and verified carbon registries.
Document Processing Audit Trail
Source Document | Corporate Entity / URL | Length / Size | Processing Time |
|---|---|---|---|
Form 10-K & Climate Index | Etsy, Inc. | 146 pages | 5 minutes |
Annual Impact Report | eBay Inc. | 52 pages | 4 minutes |
SBTi Target Dashboard | Science Based Targets Initiative | Verified 1.5°C | Real-time API |
Parent-Subsidiary Attribution | Earthmark Relational Schema | 3 Entities | < 1 minute |
Active Data Points Tracked
eBay: 323 data points across 10 tables (Scope 1–3 emissions, renewable energy, waste diversion, sector benchmarks, revenue 2015–2025)
Etsy: 271 data points from multi-year statutory filings and Climate Index disclosures (2020–2025)
Depop: 111 data points in parent-subsidiary attribution matrices
Total Combined Dataset: 705+ live data points
Side-by-Side Environmental Performance Benchmark
Metrics extracted directly from both companies' latest public filings:
Metric / Dimension | eBay | Etsy | Industry Sector Context (Consumer Discretionary) |
|---|---|---|---|
Earthmark Score | 4.4 / 5.0 (Ahead of the Game) | 3.1 / 5.0 (Doing Well) | 0.5 / 5.0 (Sector Median) |
Active Data Points Tracked | 323 data points | 271 data points | — |
Annual Revenue | $11.10B | $2.88B | — |
Scope 1 Direct Emissions | 4,189 tCO2e | 333 tCO2e | — |
Scope 2 (Market-Based) | 49 tCO2e (Location: 20.3k) | 0 tCO2e (Location: 915) | — |
Scope 3 (Value Chain) | 1,759,170 tCO2e | 416,665 tCO2e | — |
Total Carbon Footprint | 1,763,400 tCO2e | 416,998 tCO2e | 8.26M tCO2e (Sector Average) |
Carbon Intensity | 158.86 tCO2e / $1M rev | 144.62 tCO2e / $1M rev | ~910+ tCO2e / $1M |
Renewable Energy Share | 96.37% (454.5k of 471.6k MWh) | 54.45% (4,246 of 7,797 MWh) | Varies |
Operational Waste Disclosed | 270.5 tonnes (96.5% recycled) | Not Disclosed (0 Data Points) | 179.1k tonnes (Sector Average) |
Public Environmental Data Availability | 100% Complete | 66% Complete | ~50% |
SBTi Target Status | Targets Set (1.5°C Aligned) | Targets Set (1.5°C Aligned) | — |
Deconstructing the Emissions Trends & Traceability
eBay Emissions Trajectory (tCO2e)
eBay's reported total greenhouse gas emissions decreased from 3,395,550 tCO2e (prior unadjusted disclosure) to 1,763,400 tCO2e (latest filing)—a 48.07% reduction against prior figures.
Verified drivers behind this shift:
Scope 1 Real Decarbonization (-84.6% since 2019): eBay reduced direct on-site natural gas and fleet fuel combustion from 27,156 tCO2e in 2019 down to 4,189 tCO2e in 2025 through office space consolidation and energy efficiency upgrades.
Scope 2 Market-Based Electricity Transition: By scaling renewable energy procurement to 96.37% (454,465 MWh), eBay suppressed market-based electricity emissions to just 49 tCO2e (despite a location-based grid exposure of 20,349 tCO2e).
Scope 3 Accounting Methodology & Carrier Factor Updates: eBay refined its Scope 3 Category 4 & 9 (upstream/downstream transportation and distribution) estimation models. Updated third-party carrier emissions factors, route optimizations, and primary logistics data from major postal carriers replaced generic spend-based models, reducing reported supply chain shipping totals from ~3.39M tCO2e down to ~1.76M tCO2e.
Etsy Emissions Trajectory
Etsy's total Scope 1–3 emissions fell from 478,566 tCO2e to 416,998 tCO2e (-12.86% YoY), driven by:
Scope 3 shipping adjustments and packaging footprint refinements (Scope 3 fell from 478.3k to 416.7k tCO2e)
Direct Scope 1 emissions rose modestly from 284 tCO2e to 333 tCO2e
Etsy maintains 100% market-based Scope 2 matching (0 tCO2e market-based vs. 915 tCO2e location-based)
Corporate Reporting Dynamics: Depop's Governance Transition
Former Reporting Structure (Etsy, Inc.)
New Reporting Structure (eBay Inc.)
Under Etsy: Depop established a visible consumer-facing Climate Impact Plan centered on circular fashion and garment life-extension. However, its formal accounting (Scope 1, 2, and 3 shipping) was consolidated under Etsy's group TCFD and SASB indices, shared with former sister company Reverb.
Under eBay: Depop transitions into eBay's corporate governance ecosystem (5.0/5.0 Governance score). Depop's carbon inventory will now be supported by eBay's 96.4% renewable procurement grid and comprehensive 100% waste tracking methodology.
Strategic & Financial Rationale
Business Model Drivers
Etsy's Divestment Rationale | eBay's Acquisition Rationale |
|---|---|
- Acquired Depop for $1.625B (2021) | - Core recommerce focus category |
- Post-pandemic GMV deceleration | - Gen Z and youth market capture |
- Goodwill write-downs & drag | - Cross-listing & shipping scale |
- Refocus on core artisan margins | - $11.1B revenue & strong cash flow |
Why Etsy Sold Depop
Following its $1.625B acquisition in 2021 at the peak of the pandemic e-commerce rally, Etsy experienced post-pandemic growth moderation. Managing distinct operational stacks across Etsy, Reverb, and Depop created operational drag. Divesting Depop frees up capital, removes subsidiary overhead, and enables management to focus on core marketplace profitability.
Why eBay Bought Depop
eBay has oriented its corporate strategy around Focus Categories (luxury goods, streetwear, sneakers, collectibles, and refurbished electronics). Depop provides immediate scale and brand affinity with Gen Z and Millennial buyers, expanding eBay's pre-loved fashion Gross Merchandise Volume (GMV).
Frequently Asked Questions (FAQs)
How fast was the climate data for Etsy and eBay processed?
Using automated climate data extraction, Earthmark processed Etsy's 146-page Form 10-K & Climate Index in 5 minutes and eBay's 52-page Impact Report in 4 minutes, cross-referencing 705+ data points across both companies.
Why did eBay's reported emissions drop by nearly 48%?
eBay's reported footprint decreased from 3.39M tCO2e to 1.76M tCO2e due to an 84.6% reduction in Scope 1 direct emissions since 2019, 96.37% renewable electricity procurement (reducing market-based Scope 2 to 49 tCO2e), and updated Scope 3 shipping calculations based on primary carrier logistics data.
What are the Earthmark scores for eBay and Etsy?
eBay: Earthmark Score of 4.4 / 5.0 (Environmental: 4.2, Governance: 5.0, 100% Data Availability)
Etsy: Earthmark Score of 3.1 / 5.0 (Environmental: 2.5, Governance: 4.2, 66% Data Availability)
How was Depop's carbon reporting handled under Etsy versus eBay?
Under Etsy, Depop's emissions and SBTi targets were consolidated into Etsy's corporate TCFD/SASB disclosures alongside Reverb. Under eBay, Depop's data integrates into eBay's group reporting framework.
Sources & data: eBay Inc. FY2025 Annual Impact Report and Form 10-K, Etsy, Inc. FY2025 Climate Index and Form 10-K, SBTi Target Dashboard, and carbon registries; competitor data from public sustainability reports and Earthmark benchmarking. See eBay's, Etsy's, and Depop's Earthmark pages for more information. Search any brand on Earthmark's Brand Directory.