Bloomberg Publishes 2021 Impact Report Highlighting Its Work to Mobilize the Markets and Company-wide Efforts to Fight Climate Change
Bloomberg LP 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.
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.
- 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 onsite. 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.
- 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 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
- In 2021, Bloomberg engaged 17,046 employees from 167 cities through its Best of Bloomberg volunteering, access and giving programs.
- 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
- The number of companies that submitted their data to Bloomberg via the Gender-Equality Index (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 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.
The Impact Report is third party verified, and has been prepared in accordance with the GRI Sustainability Reporting Standards; the Sustainability Accounting Standards Board (SASB) standards; the Task Force on Climate-related Financial Disclosures (TCFD) recommendations; and select content from the CDP. The 2021 Impact Report and reporting supplements can be viewed and downloaded at www.bloomberg.com/impact. For more information about Bloomberg, visit Bloomberg.com/company or request a demo.
1 Throughout 2021, our Scope 3 emissions remained atypically low due to ongoing impacts of the pandemic.