Commercial, GHG Emissions - February 3, 2021
Bloomberg LP sets 2025 goal for net zero carbon emissions
Bloomberg LP announced Feb. 3 it has committed to achieve net zero carbon emissions by 2025, the same year as the company's existing target to reach 100% renewable energy.
The company expects to reach net zero by continuing to aggressively pursue emissions reductions and efficiencies in its operations to meet its existing and proposed public mitigation and reduction targets, according to a statement. Whereas emissions reductions through these efforts are a priority, Bloomberg will also invest in projects that generate carbon credits to offset annual emissions where reductions are not possible.
Beginning this year, Bloomberg will pursue projects with established partners to offset any business travel. Longer-term, the company will also evaluate carbon offset credit from clean energy projects supported by Bloomberg Philanthropies in developing countries.
“Bloomberg is on track to reach 100 percent clean energy ahead of our target date, and every step we take in that direction benefits our business: Energy efficiency saves money, and as the price of wind and solar continue falling, it’s increasingly cheaper to power our company with clean energy than with fossil fuels,” said Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg Philanthropies. “Now, we are doing more, faster, to curb emissions. Companies have a key role to play in fighting climate change, and Bloomberg is committed to helping lead the way.”
From 2008-2019, demand reduction projects, efficiency measures, and infrastructure upgrades helped offset growth and reduce Bloomberg’s emissions, primarily in scopes 2 & 3. Starting in 2012, sourcing renewable energy has further reduced the company’s scope 2 emissions.
In 2019 Bloomberg’s greenhouse gas (GHG) emissions were comprised of 8.1% scope 1 emissions (natural gas, generator oil, refrigerants, aircraft fuel), 40.3% scope 2 (purchased electricity, steam consumption), and 51.6% scope 3 emissions (business travel, publishing operations, global logistics, landfill waste, office/print shop paper consumption). Future scope 3 categories that will be calculated include upstream capital goods, BLP hardware production, and employee commuting.
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