Message from Mike Bloomberg
Climate change is often thought to be an issue that only government can solve. But businesses have been a leading force for progress on climate change, because they have strong incentives to act. Energy efficiency can sharply reduce costs while also reducing carbon emissions. Advances in technology offer companies an opportunity to create new products and services, especially in clean energy. And a company’s commitment to addressing climate change can help it attract a talented workforce.
There’s another important reason why the private sector is helping to lead the way in creating a more sustainable economy: Climate change presents significant risks to many companies, by threatening their assets and supply chains. The more they know about those risks, the faster they can act to address them.
Since its founding in 1981, Bloomberg has been guided by the principle that transparent markets empower investors, fuel entrepreneurs, and support economic growth. Better data leads to better decisions. As the world changes, we are committed to making sure that our clients have the data they need to understand and navigate those changes and act on them.
That is why Bloomberg now collects Environmental, Social and Governance (ESG) data for over 9,000 companies, allowing investors to gauge how well companies are responding to potential challenges and allowing companies to measure their efforts against their competitors. We also provide data and analysis on the growing green bond market, and Bloomberg New Energy Finance’s independent analysis and insight enables our customers to navigate the rapidly evolving energy industry.
However, we still have work to do to ensure that the data investors and companies rely on to make decisions is comparable and standardized. That’s a shared goal of two organizations that I chair—the Sustainability Accounting Standards Board (SASB) and the FSB Task Force on Climate-related Financial Disclosures (TCFD). Both of these organizations are industry-led initiatives aimed at improving the quality and usefulness of sustainability and climate-change information—and both took important steps forward last year. In March of 2016, SASB released provisional standards for 79 U.S. industries, and in December of last year, the Task Force released a set of preliminary disclosure recommendations to improve transparency on climate change risks and opportunities for financial markets.
Sustainability is important to Bloomberg beyond its economic and market implications. Along with Bloomberg Philanthropies, we are committed to protecting public health and advancing environmental stewardship around the world, including in our own operations. We are now getting more of our energy from clean sources, with a goal of 100 percent renewable energy by 2025.
No company can solve sustainability challenges alone. The more that join this growing effort to measure and share climate risks, the faster we’ll make progress.
I invite you to read more about our impact in the areas of Product, People and Planet below.