Sustainability was a priority of Micheal Bloomberg. He believed that Sustainability was central to Bloombergs core values and provided a competitive advantage over other companies.
Additionally, Dan Doctorff the president of Bloomberg believed that intergrating sustainability into business strategy and financial markets delivers real value to the customers.
So they wanted to achieve internal sustainability within the organization and they strated BGreen initiative which aimed at reducing their carbon footprint by 50% in five years. So they wanted to achieve this by following some practices such as reducing co2 emissions from waste, generating renewable energy on site and reduce the impact of employee business travel and product transport
They followed reduce,remove and reuse policy inorder to reduce waste and increase the recycling of general office waste, electrical waste and In house printing waste. They were able to divert more than 59% waste from their entire organization.
As you can see, on an outer view, Carbon emission relates to environmental factor, recycling waste relates to social responsibility of the company, and govenance body relates to govenance factors which correlates to Environmental,social, governance factors account to Sustainability of the company.

All these practices were monitored by the sustainability governance body which reviews the policies and procedures on sustainability issues to ensure compliance with worldwide best practices. With these three important components in BGreen Initiave they were able to achieve internal sustainabiulity within the organization by 2010 and they published their first sustainability report in 2010.
So Now lests see how their internal sustainability led to ESG data. ESG data will have Enivronment, social and governance factors which indicate the sustainability of the organization. In 2006, Bgreen Idea was conceptualized when Ravenel attended a professional leadership meeting in New York. Then Ravanel with his team plan developed a plant to reduce carbon emissions at Bloomberg, which was approved by CEO Peter and BGreem program started which was headed by Ravanel.
While Ravanel was implementing green practices in the organization, in 2008 Bloomberg hired a separate team to develop a carbon emission product line which is distinct from existing energy group. With this Ravanel had an Idea to suggest standalone product for ESG data in which Socially responsible investors are interested. Then Ravanel along with Gary Turkel formed a ESG team , who initially had 72 data points which later increased to 101 data points after adding Bloomberg data points.
The team collected data for 6 months for 2250 firms which had 3 years of ESG data, using this data they launched ESG product in 2009 which provided ESG data in the terminal as a source of information, for the investors.
Now in 2010, Ravanel got an email from CEO expressing concern over ESG product and in that time he had the following questions in his mind
How to Leverage ESG data so that it can be used wisely by the investors. Whether the data should be derived or use company source data
How the ESG product could add additional value for Bloomberg terminal and how to differentiate its data offering from the competitors.
What’s the team formation should be. Will investing in ESG data drive the terminal sales
Now we’ll see whats our strategy for addressing these questions