NEW YORK,April 25, 2022 /CSRwire/ – Bloomberg LP today published its 2021 Impact Report, which outlines how the company continues to address climate change through its operations and products, philanthropy and collaborations with partners and industry peers. The report also provides details on how Bloomberg continues to invest in an increasingly diverse workforce, and drives change on critical social issues.
The report highlights Bloomberg’s efforts to build significant momentum in the lead up to the UN Climate Change Conference (COP26) and how the company is leading efforts to mobilize markets to fight climate change and bring transparency to climate risk data. This in turn helps markets to better understand how climate can impact businesses and economies.
“Climate change is not a problem with a single solution. And it’s not a challenge that any one group – governments, companies, scientists or individual citizens – can solve alone.” said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “Working together, we can not only prevent the worst from happening, but also build a healthier and more sustainable future for the generations to come. Bloomberg is determined to help lead the way, and our Impact Report outlines the progress we're making.” Read his letter here.
Mary Schapiro, Vice Chair for Global Public Policy at Bloomberg said: “Bloomberg's commitment to sustainability spans all aspects of the company: from our operations and products to our philanthropy and collaboration with partners. When it comes to the climate crisis, we have been at the forefront of helping investors access data on the financial impacts of climate change so they can take action, convening the private sector to tackle the climate crisis, and supporting efforts to mobilize climate finance into emerging markets.”
Some highlights from the 2021 Impact Report include:
Reducing emissions in line with a 1.5°C future
Bloomberg is making progress towards its validated science-based targets for 2030 which are in line with required global emissions reductions necessary to limit global temperature rise to 1.5 degrees Celsius. This includes a 32% reduction in Scope 1+2 emissions (target: 80%) and a 77%1 reduction in Scope 3 emissions (target: 20%) from a 2018 baseline.
In 2021, Bloomberg expanded its solar energy capacity, developing an additional 2.55MW solar project at the Princeton office, with solar energy now providing 100 percent of the electricity needed for the two buildings on site. Overall, Bloomberg received 51.2% of its electricity from renewable sources, halfway to the RE100 goal of 100% by 2025.
Supporting coherent, impactful climate action
To build momentum for COP26 in Glasgow, Bloomberg L.P. and Bloomberg Philanthropies launched dozens of climate-focused investments, partnerships, capacity-building initiatives and educational efforts focused on accelerating the clean energy transition, elevating local climate action and mobilizing climate finance. Bloomberg L.P. served as an official partner to COP26, providing delegates with access to Bloomberg data and expert analysis.
Bloomberg continued its leadership in driving forward the work of the Task Force on Climate-related Financial Disclosures (TCFD). Global momentum behind the TCFD framework grew significantly in 2021, with 1,000 more companies pledging support for the TCFD recommendations— an increase of over 70% since 2020. As of April 2022, over 3,200+ organizations supported the TCFD’s recommendations, 8 countries and jurisdictions have announced TCFD-aligned reporting requirement.
Bloomberg offers comparable company-reported data for 11,800+ companies in 100+ countries with 15+ years of history and as-reported and estimated greenhouse gas emissions for more than 50,000 companies globally. In 2021, Bloomberg expanded its Sustainable Finance products that help investors and companies better evaluate assets and assess environmental performance, including proprietary Environmental & Social (ES) Scores to cover nearly 2,500 companies across 8 sectors.
Bloomberg provides insights and tools to help firms develop and execute strategies for achieving net zero goals. BloombergNEF published more than 4,100 reports and research pieces on clean energy, advanced transport, digital industry, innovative materials and commodities.
Bloomberg launched the Bloomberg Goldman Sachs Global Clean Energy Index, designed to help investors allocate capital to align with their long-term climate goals, and the Bloomberg Government Climate Risk Scores to measure the progress that countries and regions are making in meeting the global Paris Agreement goals.
Bloomberg News invested heavily in ESG and climate-change reporting resulting in 53% more ESG stories than in 2020, and a 78% increase in climate-related stories through the dedicated editorial brand, Bloomberg Green.
Investing in our people
Bloomberg invests in data-driven initiatives to increase diversity and inclusion. In 2021, Bloomberg forged strategic partnerships with global partners and nonprofits to expand and strengthen its pipeline of diverse talent at all levels. Bloomberg joined the newly launched CUNY Futures in Finance initiative as a Founding Partner, which serves as a new source of diverse local candidates for financial services companies across New York City.
Through Bloomberg’s Corporate Philanthropy program, the company harnesses the skills and resources of its employees to create lasting impact. In 2021, Bloomberg conducted 614 team volunteering events and engaged 17,046 employees from 167 cities through its Best of Bloomberg volunteering, access and giving programs.
In 2021, keeping employees safe as they return to Bloomberg offices around the world was a top priority. The company invested in a variety of measures to reduce the risk of infection while at work. Bloomberg achieved the WELL Health-Safety Rating on Facility Operations and Management through the International WELL Building Institute for 78 locations, representing more than 90% of the company’s global office portfolio.
Driving change on critical social issues
Bloomberg’s social and governance data, scores and insights help investors and companies evaluate assets and report on social performance. In 2021, the number of companies that submitted their data to Bloomberg via the GEI Reporting Framework increased by 20 percent, and the GEI member list grew by 10 percent, even as the threshold for inclusion in the index was raised. The 2022 GEI includes 418 companies from 11 industries headquartered in 45 countries and regions, representing a total market capitalization of $16 trillion.
Bloomberg is engaged in addressing racial inequity at both the individual and the systemic level, and as such joined 47 other companies in becoming a founding member of the Partnering for Racial Justice in Business initiative, a coalition of organizations committed to improving racial and ethnic justice in the workplace.
In 2021, the newsroom expanded its Bloomberg Equality vertical to deepen its commitment to reporting on issues of race, diversity and fairness. Additionally Bloomberg expanded the New Voices initiative to increase the representation of women and minority executives as sources in both online and on-air content. Since its inception the program brought media training to 11 global cities, tripled the percentage of external female guests on Bloomberg Television and helped Bloomberg grow its global database of women sources from 500 to 7,000+ names.
Bloomberg provides immediate assistance to address acute needs. In 2021, more than 12,000 employees participated in volunteer work in their communities, including offering financial assistance, sharing pro bono expertise and creating care packages for vulnerable neighbors and those in need of disaster relief.
The Impact Report is third party verified, and is in accordance with the CDP climate change questionnaire, as well as the GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) frameworks. As in previous years, the report integrates the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The 2021 Impact Report can be viewed and downloaded at www.bloomberg.com/impact, along with the GRI Content Index and SASB Disclosures.
1 Throughout 2021, our Scope 3 emissions remained atypically low due to ongoing impacts of the pandemic.
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