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EnvironmentDriving Sustainable Finance

Driving Sustainable Finance

Climate change has profound economic consequences, and tackling it requires collaboration with partners and leaders in the private sector. Mike Bloomberg has been a global leader in involving the financial sector in the fight against climate change, and Bloomberg Philanthropies has launched and supported efforts to increase transparency around the risks caused by climate change and boost sustainable investments in climate solutions.

Sustainability Accounting Standards Board

The Sustainability Accounting Standards Board (SASB) provides comprehensive standards to help companies assess and disclose sustainability-related information. SASB standards supplement traditional financial accounting standards that public companies follow in providing information to investors. Mike Bloomberg formerly served as chair.

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The GE-Alstom Block Island Wind Farm off Block Island, Rhode Island. Photo credit: Eric Thayer and Bloomberg
The GE-Alstom Block Island Wind Farm off Block Island, Rhode Island. Photo credit: Eric Thayer

Task Force on Climate-related Financial Disclosures

The Task Force on Climate-related Financial Disclosures (TCFD) was created by the Financial Stability Board, to increase transparency around climate risks to financial markets. The TCFD develops recommendations to help firms voluntarily disclose information on the climate-related risks and opportunities they face, helping investors account for climate impacts when evaluating companies. Mike Bloomberg serves as chair.

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Mike Bloomberg speaks alongside Mary Schapiro and Bank of England Governor Mark Carney during the inaugural One Planet Summit in Paris, France in December 2017.
Mike Bloomberg speaks alongside Mary Schapiro and Bank of England Governor Mark Carney during the inaugural One Planet Summit in Paris, France in December 2017.

Climate Finance Leadership Initiative

The Climate Finance Leadership Initiative (CFLI) was created in January 2019 at the request of the UN Secretary-General to increase private sector investment in clean energy and climate solutions in emerging markets. In line with the Paris Agreement, the CFLI works to boost private sector investment in strategies, projects, and industries that lower carbon emissions, reducing the urgent health and economic risks posed by climate change. As chair, Mike Bloomberg convened seven founding members — the CEOs of Allianz Global Investors, AXA, Enel, Goldman Sachs, HSBC, Japan’s Government Pension Investment Fund, and Macquarie — to lead the work

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Photo credit: Shutterstock
The need for climate action has never been more urgent – and finance can play a powerful role in the transition to a sustainable and inclusive global economy. Photo credit: Shutterstock

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Top photo: Contractors install SunRun Inc. solar panels on the roof of a new home at the Westline Homes Willowood Cottages community in Sacramento, California. Photo credit: David Paul Morris

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