Bloomberg Publishes 2023 Impact Report

Bloomberg last week published its 2023 Impact Report, which outlines how the company continues to address climate change through its operations, philanthropy and collaborations with partners and industry peers. The report also details how Bloomberg integrates sustainable business practices into its operations and decision-making and how it helps to drive progress in the communities where employees and clients live and work.

The report highlights Bloomberg’s latest ESG datasets, tools and research, including products that help firms assess risks and opportunities as the world transitions to a net-zero emissions economy and meet new climate-related regulatory requirements. Bloomberg says it also outlines its progress toward reaching its validated science-based net-zero emission reduction target by 2040, including the recent signing of an 80 MW Power Purchase Agreement (PPA) for renewable energy.

“We’re working to increase access to data and information that helps investors and policymakers make informed decisions that both grow the economy and help catalyze investment in a clean energy future.” said Michael R. Bloomberg, founder of Bloomberg L.P. and Bloomberg Philanthropies. “And, through our support of industry initiatives such as the Glasgow Financial Alliance for Net Zero, we advanced our work providing resources to financial firms to help them measure and manage emissions across their portfolios.”

To read the full letter click here.

A selection of highlights from the 2023 Impact Report include:

Environmental Impact

Reducing emissions in line with a 1.5°C future

• Received validation from the Science Based Targets initiative (SBTi) for Bloomberg’s long-term science-based net-zero target to reach net-zero greenhouse gas emissions across its value chain by 2040
• Progressed toward its SBTi-validated near-term science-based carbon emissions reduction targets with 21% Scope 1 and 2 reductions and 27% Scope 3 reductions
• Obtained 62.2% of Bloomberg’s global electricity consumption from renewable sources
• Signed an 80 MW Power Purchase Agreement (PPA)— its largest PPA to date—with clean energy developer Ørsted

Supporting coherent, impactful climate action

• Introduced new indices within the Bloomberg Climate Index family including the new Bloomberg Commodity Carbon-Tilted Index
• Released new Bloomberg Terminal tools for analyzing physical risk and net-zero transition risk
• Launched new Bloomberg Terminal data and analytical tools to provide a comprehensive view of the nature-related impacts and dependencies in investment portfolios
• Enhanced its solutions for disclosure, reporting and analysis against key regulatory frameworks
• Published more than 2,500 research publications on the global low carbon transition and commodity markets

Social Impact

Investing in an increasingly diverse workforce

• Invested in its leaders, helping them build the skills needed to elevate and model inclusive leadership with the launch of three new inclusive leadership initiatives
• Established a task force to respond to the challenges and needs of its colleagues with disabilities
• Collaborated with more than 20 external organizations, including forming new partnerships to help them identify and hire candidates from underrepresented communities
• Launched the Bloomberg Veterans Impact Program, which seeks to improve how they recruit, retain and advance veterans’ careers at Bloomberg
• Launched a comprehensive women’s health program in the UK to normalize women’s health in the workplace, break stigma and offer ongoing support

Driving Social Change

• Launched a first-of-its-kind data tool to assess the potential impact of a company’s business on any of the United Nations’ 17 Sustainable Development Goals (SDGs)
• Over 19,000 employees volunteered in their communities
• Delivered over 2.8 million meals and over 79,000 care kits to those in need
• Expanded cross-regional programs to demystify financial services and encourage women and under-represented communities to consider careers in finance
• Helped bridge the digital divide through mentoring interactions and by promoting employee-driven funding for open-source software
• Promoted diverse voices in media and the arts through diversifying its news sources and extending programs to strengthen financial journalism

Bloomberg says the Impact Report is third-party verified, and has been prepared in accordance with the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards Board (SASB) standards specific to its industries and the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and it incorporates select content from the CDP (formerly known as the Carbon Disclosure Project).