Data

The Bloomberg ESG database contains company-level data, collected annually, on aggregate GHG emissions (scope 1 and 2) and revenue breakdowns by business lines. The emissions data is available via sustainability reports. There are not (as yet) universally mandated reporting standards and the data is self-reported. Using the Bloomberg Industry Classification Standard (BICS), we identify metals and mining companies which derive in excess of 85% of total revenue from mining one or more of the follow metals – gold, silver, aluminum, copper, zinc and nickel. Companies eligible (for the analysis) are those which disclose GHG emissions. As Figure 1 illustrates, the sample size has grown over the nine year period spanning 2011 – 2019. Note that 2019 data is still under collection and some companies will disclose their metrics in the 2nd half of 2020.

Figure 1: Sample size (Aggregate revenue by metal in US dollar millions

Source: Bloomberg

The coverage ratio provides an indication of the proportion of companies within the database which report GHG emissions (Figure 2).

Figure 2: Coverage ratio

Source: Bloomberg

It is also important to note there is significant variation in the number of companies that produce each of the metals. There is also an increase in the proportion of companies reporting over time (Figure 2). The count includes companies reporting both revenues and GHG emissions (Figure 3).

Figure 3: Breakdown of companies per metal (2011 - 2019)

Source: Bloomberg

In subsequent sections, we also include data for steel, lead, platinum and coal where required, as they assist in estimates. Please note that when included, the estimates for these non-BCOM constituents are calculated in a same manner as the BCOM constituents.