Michael Bloomberg has announced plans for a new Decarbonisation Tracker that will track the progress made by utility companies transitioning away from fossil fuels.

Launching the tool at the Bloomberg NEF (BNEF) Summit, the Decarbonisation Tracker will provide clear metrics that demonstrate each company’s progress toward renewable energy, helping the companies themselves and investors measure how each is performing against the recommendations of the Financial Stability Board Task Force on Climate-related Financial Disclosures (TCFD).

Bloomberg, the chair of the TCFD, was joined on stage by executives from Xcel Energy and ENGIE, two utility companies that have both made commitments to decarbonisation.

Ben Fowke, chairman, president and CEO of major US utility Xcel Energy, which last year announced its plan to provide 100 per cent carbon-free electricity by 2050 said, “As a national leader in renewable energy we’re committed to providing our customers with more low-cost, clean energy while working toward our 100 per cent carbon-free vision. Our carbon reduction goals are bold – the most ambitious in the industry – and we’re proud to advance this clean energy transition.”

The Decarbonisation Tracker for utilities will be developed in consultation with key stakeholders and is slated to be released in full at the UN Secretary General’s Climate Summit in September 2019.

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