Originally published on bloomberg.com
HONG KONG, March 21, 2024 /3BL/ – Bloomberg announced that its ESG data supports the development of the newly launched greenhouse gas (GHG) emissions estimation tool of Hong Kong’s Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) and the Hong Kong University of Science and Technology (HKUST).
The GHG emissions estimation tool is part of the key initiatives to facilitate sustainability reporting by corporates and financial institutions in Hong Kong led by the Steering Group, which is co-chaired by Securities & Futures Commission of Hong Kong and the Hong Kong Monetary Authority.
Co-developed by the HKUST and the Steering Group, the estimation tool deploys a regression model using data from listed companies, and small and medium-sized enterprises to represent corporate energy consumption and associated Scope 1 and 2 GHG emissions. The energy consumption data and GHG emissions data of Hong Kong listed companies used for the model is procured from Bloomberg. The launch of this estimation tool enables financial institutions to estimate the GHG emissions of their investees or borrowers in their portfolios, which is especially important where data from the underlying companies is limited.
Including the GHG emissions estimation tool, the Steering Group and HKUST have released a suite of GHG emissions tools built on clear and accessible methodologies to enhance the availability and quality of sustainability-related data in the real economy and support decarbonisation efforts across the private sector.
Prof. Alexis Lau, Director of the Institute for the Environment at HKUST presented the GHG emissions tools at the ceremony. “Addressing climate change requires concerted efforts across the business spectrum. We’ve designed these practical, user-friendly GHG emissions tools using the best-in-class datasets available to tailor to the specific needs of SMEs and regional contexts. These tools equip businesses with the means to accurately calculate and manage their environmental footprint, propelling us all towards a more sustainable future.”
“Accessible, transparent data is the bedrock of meaningful sustainability disclosure, and a key driver of more efficient markets when it comes to ESG investing. Tools like this one have immense promise and can play a key role in helping investors, companies and markets in their transition to the net zero economy,” said Heena Chakravorti, North Asia Head of Enterprise Data at Bloomberg. “Bloomberg is committed to providing high quality ESG and climate data and we’re pleased that our GHG emissions Data License offering has been selected to power this innovative new tool.”
Bloomberg’s ESG data, research, and analytics span regulatory compliance, carbon emissions, sustainable debt, scores, indices, climate risk, and more. Clients can readily access this data on the Bloomberg Terminal via {ESGD <GO>} or across their enterprise via Data License at data.bloomberg.com for use in proprietary or third-party applications. To learn more, please visit our website here.
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