Bloomberg has thrown its hat into the ring in the race to become the dominant provider of sustainability data and ratings, launching its first in-house ESG scores for investors.
The financial titan - whose namesake, Michael Bloomberg, chairs the Taskforce on Climate-related Financial Disclosures, through which more than 1,000 organisations have agreed to report on climate risk - will begin by scoring Oil & Gas firms on environmental and social performance, and will assess thousands of companies’ board composition.
The environmental and social scores will initially cover 252 companies in Oil & Gas, because of the sector’s systemic role in climate change, and because “there is typically stronger disclosure data from these companies”, Bloomberg said in a statement. Data will be used to assess performance on areas including climate change and health & safety, and firms will be compared with industry peers.
Reflecting an increasing focus by i…