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NEW YORK, April 25, 2022 /CSRwire/ — Bloomberg LP today released its 2021 impact report, which outlines how the company continues to address climate change through its operations and products, philanthropy, and collaborations with industry partners and peers. The report also provides details on how Bloomberg continues to invest in an increasingly diverse workforce and drive change on critical social issues.
The report highlights Bloomberg’s efforts to build meaningful momentum ahead of the United Nations 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 better understand how the climate can impact businesses and economies.
“Climate change is not a problem with a one-size-fits-all solution. And it’s not a challenge that any one group – governments, businesses, scientists or citizens – can solve alone. said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “By working together, we can not only prevent the worst from happening, but also build a healthier and more sustainable future for generations to come. Bloomberg is committed to leading the way, and our impact report describes the progress we’re making. Read his letter here.
Mary Schapiro, vice president of global public policy at Bloomberg, said, “Bloomberg’s commitment to sustainability extends to all aspects of the company: from our operations and products to our philanthropy and our collaboration with our partners. On 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, convene the private sector to tackle the climate crisis and support efforts to mobilize climate finance in emerging markets.”
Here are some highlights from the 2021 Impact Report:
Reduce emissions online with a 1.5°C future
- Bloomberg is making progress toward its validated science-based targets for 2030, which are consistent with the global emissions reductions required to limit global temperature increase to 1.5 degrees Celsius. This includes a 32% reduction in scope 1+2 emissions (target: 80%) and a 77% reduction1 reduction of scope 3 emissions (target: 20%) compared to 2018.
- In 2021, Bloomberg expanded its solar power capacity, developing an additional 2.55 MW solar project at the Princeton office, with solar power now supplying 100% 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.
Support coherent and impactful climate action
- To build momentum at COP26 in Glasgow, Bloomberg LP and Bloomberg Philanthropies launched dozens of climate-focused investments, partnerships, capacity-building initiatives and education efforts aimed at accelerating the transition to a clean energy. to strengthen local climate action and mobilize climate finance. Bloomberg LP served as an official COP26 partner, providing delegates with access to Bloomberg data and expert analysis.
- Bloomberg continued its leadership in advancing the work of the Working Group on Climate-Related Financial Disclosures (TCFD). The global momentum behind the TCFD framework has grown significantly in 2021, with an additional 1,000 companies pledging to support the TCFD recommendations, an increase of over 70% since 2020. As of April 2022, over 3,200 organizations supported the TCFD recommendations, 8 countries and jurisdictions announced the reporting requirement aligned with the TCFD.
- Bloomberg offers comparable company-reported data for more than 11,800 companies in more than 100 countries with more than 15 years of history and reported and estimated greenhouse gas emissions for more than 50,000 companies worldwide. In 2021, Bloomberg expanded its sustainable finance products that help investors and companies better assess assets and assess environmental performance, including proprietary environmental and social (ES) scores to cover nearly 2,500 companies across 8 industries .
- Bloomberg provides information and tools to help companies develop and execute strategies to achieve net zero goals. BloombergNEF has published over 4,100 reports and research articles on clean energy, advanced transportation, 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 Bloomberg Government Climate Risk Scores to measure progress made by countries and regions to meet the global Paris Agreement goals.
- Bloomberg News has 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 thanks to 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 diverse talent pool at all levels. Bloomberg has joined the recently launched CUNY Futures in Finance initiative as a founding partner, which serves as a new source of diverse local candidates for New York City financial services firms.
- Through Bloomberg’s corporate philanthropy program, the company harnesses the skills and resources of its employees to create lasting impact. In 2021, Bloomberg hosted 614 team volunteering events and engaged 17,046 employees from 167 cities through its Best of Bloomberg volunteer, access and donation programs.
- In 2021, keeping employees safe as they return to Bloomberg offices around the world was a top priority. The company has invested in various measures to reduce the risk of infection at work. Bloomberg has earned WELL Health-Safety Ratings 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 through the GEI Reporting Framework increased by 20% and the list of GEI members increased by 10%, 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 committed to addressing racial inequality on an individual and systemic level and, as such, has joined 47 other companies to become a founding member of the Partnering for Racial Justice in Business initiative, a coalition of committed organizations improve 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 equity. Additionally, Bloomberg expanded the New Voices initiative to increase the representation of women and minority executives as sources in online and on-air content. Since its inception, the program has brought media training to 11 cities around the world, tripled the percentage of external female guests on Bloomberg Television, and helped Bloomberg grow its global database of female sources from 500 to more than 7,000 names.
- Bloomberg provides immediate assistance to meet acute needs. In 2021, more than 12,000 employees participated in volunteer activities in their communities, including providing financial assistance, sharing pro bono expertise and creating care packages for vulnerable neighbors and those in need of emergency relief. disaster.
The impact report is third-party verified and complies with CDP’s Climate Change Questionnaire, as well as GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) frameworks. As in previous years, the report incorporates 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/impactas well as the GRI content index and SASB disclosures.
1 Throughout 2021, our scope 3 emissions remained abnormally low due to the continued impacts of the pandemic.
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