Bloomberg LP published its 2022 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 world is in transition, moving away from a past powered and polluted by fossil fuels and heading towards a future that runs on clean and renewable energy,” said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “We aren’t nearly as far along as we should be in order to avoid the worst harms of climate change. But the right tools and support can help companies and policymakers pick up the pace – and at Bloomberg, we’re working harder than ever to provide them.”
Some highlights from the 2022 Impact Report include:
Environmental Impact
Reducing emissions in line with a 1.5°C future
- Bloomberg has progressed towards its validated near-term 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 38% reduction in Scope 1 and 2 emissions (target: 80%) and a 36% reduction in Scope 3 emissions (target: 30%) from a 2018 baseline.
- In 2022, Bloomberg’s 2.55MW solar project expansion went live at the Princeton office, with solar energy now providing 100 percent of the electricity needed for the two buildings on site. Overall, nearly 55% of Bloomberg’s global electricity consumption is sourced from renewable energy projects, with an additional 13% of global electricity sourced from renewable certificates.
Supporting coherent, impactful climate action
- Bloomberg expanded and enhanced its Sustainable Finance products that help investors and companies better evaluate assets and assess environmental performance, including expanding its proprietary Environmental, Social & Governance (ESG) Scores to cover 5,500 companies across all sectors.
- Bloomberg launched several new indices within the Bloomberg Climate Index family, including Bloomberg Paris Aligned Indices, which deliver investors the tools and insight they need to measure and align their investment strategy with the Paris Climate Agreement’s decarbonization targets.
- Bloomberg launched new tools for analyzing climate risk, including the Net Zero Pathway screen on the Bloomberg Terminal (ESG NETZ), which enables users to keep tabs on the company’s emissions reductions pledges, and Implied Temperature Rise Metrics, which provide investors with comparable measures for assessing how companies and investment and loan portfolios align with climate goals.
- Bloomberg’s News and Media divisions published extensive content on climate and ESG across multiple channels, and BloombergNEF published more than 2,500 research publications on the global low-carbon transition and commodity markets.
- Bloomberg continued to strengthen access to climate-related information through the Task Force on Climate-related Financial Disclosure (TCFD) and the Climate Data Steering Committee (CDSC), and lead efforts to clear the way to a low-carbon economy through the Glasgow Financial Alliance for Net Zero (GFANZ) and the Climate Finance Leadership Initiative (CFLI).
Social Impact
Investing in an increasingly diverse workforce
- Bloomberg launched the Chairman’s Challenge to encourage 900+ global managers to develop D&I-focused ideas to help increase inclusion and spur positive change in its business.
- Bloomberg expanded its Diversity Sourcing team and collaborated with nearly 20 external organizations in 2022 to help identify and hire candidates from underrepresented communities.
- Through its Best of Bloomberg program, a record 18,382 employees from 111 cities participated in volunteering, giving and access programs during 2022.
Driving change on critical social issues
- The number of companies that submitted their data to Bloomberg via the Gender Equality Index Reporting Framework increased by 11%.
- Bloomberg’s New Voices initiative brought media training to 13 global cities and increased the representation of women and minority executives as sources in both online and on-air content.
- Nearly 15,000 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, and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
