Bloomberg Advances SDG 7, Committing to Affordable, Clean Energy
Originally posted on bloomberg.com.
For the first time, Bloomberg has incorporated the UN Sustainable Development Goals (SDGs), which set forth an ambitious plan for achieving sustainable economic, social and environmental development by 2030, in its sustainability strategy that is outlined in the Bloomberg Impact Report 2020. Although Bloomberg LP, in conjunction with Bloomberg Philanthropies, contributes to nearly all of the 17 SDGs, based on industry best practices, we are focusing our efforts over the coming years on the SDGs where we believe we can have the greatest impact – one of them being SDG 7.
Bloomberg contributes to SDG 7 — “Ensure access to affordable, reliable, sustainable and modern energy for all” — through our internal goals and public commitments around energy efficiency, emissions reductions, and renewable energy procurement. Additionally, a growing suite of Bloomberg products and services help our clients better understand these important topics and generate opportunities as they transition to a lower-carbon economy.
We are specifically focusing on these SDG 7 targets:
7.2: By 2030, increase substantially the share of renewable energy in the global energy mix
7.3: By 2030, double the global rate of improvement in energy efficiency
Reducing our energy use & procuring renewable energy
Addressing the impact of our energy consumption is our highest operational priority. In 2020, Bloomberg saw only a slight reduction in electricity consumption at our offices. While most employees worked remotely, our facilities remained open for employees to access onsite technology. In addition, increased service to employees and customers working remotely and the expansion of one of our three data centers drove an increase in data center energy consumption.
Overall, our 2020 kWh consumption increased by 1.4% vs. 2019. However, we were able to temper the environmental impact of this energy consumption by procuring 50% of our electricity from renewable sources. This is half way to our RE100 goal to procure 100% of our electricity from renewable sources by 2025.
Our goal is to continue to find and maintain energy efficiencies in our data centers and offices. As part of pursuing our science-based emissions reduction targets, we are seeking a 10% reduction in energy intensity in buildings and a 5% improvement in energy efficiency in data centers, both by 2030 vs. a 2018 baseline. In 2020, we reduced the energy intensity in our buildings by 7% and improved the energy efficiency of our data centers by 2% from this baseline, but part of the challenge will be to maintain this progress as our employees return to our offices.
Helping our clients transition to a low-carbon economy
Our data, research, climate transition scores and growing collection of data tools help corporate strategy, finance and policy professionals better understand the transition to a low-carbon economy, generate opportunities and navigate change.
Bloomberg’s strategic research service BloombergNEF (BNEF) provides more than 70 interactive datasets that make it easier to explore data on power and clean energy capacity, power generation and assets; corporate clean energy procurement; corporate net zero commitments and sustainable debt issuance among others.
BNEF also published more than 3,600 reports and research pieces on clean energy, sustainability, advanced transport, digital industry, innovative materials and commodities in 2020. These included the most extensive edition of our annual New Energy Outlook yet: a long-term economic forecast of the world’s power sector to 2050. In addition, BNEF released updated editions of the Energy Transition Investment Trends report, its annual accounting of global investment in the low-carbon energy transition, and Climatescope, a country-by-country assessment of clean energy investment conditions in 108 emerging markets and, for the first time, 29 developed nations.
Bloomberg is committed through our sustainable operations, products and services to increase the share of renewable energy in the global energy mix and contribute to the global rate of improvement in energy efficiency. We share an update on our progress against these goals in our annual Impact Report and supplemental GRI Content Index (GRI 306: Energy).
To learn more about how Bloomberg is creating impact and addressing the SDGs, view the Bloomberg Impact Report 2020.