Michael Bloomberg built his fortune by selling access to data. Bloomberg L.P., his company, is in the business of centralizing troves of financial data and selling access to its analytics and trading platform via subscriptions that exceed $20,000 a year. It’s a monopoly so powerful that it has turned Bloomberg into a centi-billionaire. But apparently, cornering the global financial market wasn’t enough. Now the billionaire mogul is using this power grab to go after the lifeblood of America’s economy and end the expansion of fossil fuels in America — all with the help of foreign actors.
Bloomberg L.P. recently partnered with England’s University of Cambridge to create what it calls the “first global bond index to address fossil fuel expansion.” Translation: choke out any company that doesn’t bow to their agenda. It’s financial blackmail, accomplished by drying up investment options for companies expanding fossil-fuel operations unless they abandon this essential energy source.
According to the university, the bond index may allow a fossil fuel company “if it stops expanding new fossil fuel operations.” Companies may also have the opportunity to be re-included in the index and gain access to capital if they “change their behaviour to align with the rules of the index.”
The University of Cambridge, which is committed to ending all its fossil fuel investments by 2030, quotes in its press release a United Nations representative who celebrates that asset owners “finally” have “an index for this market that aims to discourage the expansion of fossil fuels.” Bloomberg and the University of Cambridge’s aims could not be clearer: starve companies of capital unless they turn away from fossil fuels.
Why would Bloomberg flex its financial muscle to force European-style climate restrictions on America? The United Kingdom’s dependency on foreign sources of energy has been increasing, with net import dependency rising to 43% in 2024 from 40.8% the year prior. Overall energy production in the U.K. decreased in 2024 to hit a consecutive record low.
In other words, the United Kingdom has no energy security. If Bloomberg L.P. had its way, America would forfeit its net exporter status, lose its energy independence, and become reliant on foreign sources just like Europe’s smaller and weaker countries. That’s an unacceptable outcome that would weaken the U.S., lead to economic contractions, and harm American families.
Bloomberg L.P. thinks it can have this level of impact because of the dominance it exerts over the U.S. financial system. The company’s terminals are so pervasive in the financial industry that the overreliance poses systemic risk. When Bloomberg experienced a global outage earlier this year, the United Kingdom and Portugal had to delay government bond auctions. After a separate terminal outage, the head of a credit trading desk at a large bank was quoted as saying, “We recognize that Bloomberg is a monopoly.”
Given this dominance, it’s bewildering that Washington is considering handing Bloomberg even more power through a proposed rule that would cede him more financial data and control.
MICHAEL BLOOMBERG GAVE BIDEN $19 MILLION. A MONTH LATER, HIS COMPANY WON A MAJOR REGULATORY VICTORY
On its way out the door, and after the Biden campaign benefitted from $19 million in contributions from Michael Bloomberg, the Biden administration proposed a federal rule that would force market participants to adopt Bloomberg’s little-used financial instrument identifier. These identifiers are unique codes that allow for the seamless and accurate clearing of financial transactions. If the rule were to be finalized, financial institutions would have to abandon their preferred identifier and adopt Bloomberg’s technology. That would only expand Bloomberg L.P.’s influence over the economy, weaponizing his monopoly to force Green New Deal-style policies onto America.
“The central problem,” according to those behind the Bloomberg bond index, “is how to manage the risk presented by a fossil fuel industry that continues to grow.” That couldn’t be further from the truth. The real risk to our economy isn’t the growth of the fossil fuel industry; it’s the arrogance of leftist billionaires who think they can dictate America’s energy future. When the fossil fuel industry grows, American energy independence thrives, the economy soars, workers thrive, and our nation stays free. What Bloomberg and his foreign friends want is the opposite: a weaker, more dependent, and less sovereign United States.
Tom Jones is president of the American Accountability Foundation.