MSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Welcome to your CDP Climate Change
Questionnaire 2023

from CDP on our2023 submission.

C0. Introduction
C0.1(C0.1) Give a general description and introduction to your organization.
MSCI Inc. (hereinafter referred to as “MSCI” and “we” or “our”) is a leading provider of criticaldecision support tools and services for the global investment community. With over 50 years ofexpertise in research, data and technology, we power better investment decisions by enablingclients to understand and analyze key drivers of risk and return and confidently build more
effective portfolios. We also create industry-leading research-enhanced solutions that clientsuse to gain insight into and improve transparency across the investment process. Our
environmental, social and governance (ESG) research and data products and services,
including our climate change solutions, are offered by MSCI ESG Research LLC (“MSCI ESG
Research”), our wholly owned subsidiary and a registered investment adviser under theInvestment Advisers Act of 1940. MSCI ESG Research delivers in-depth research, ratings andanalysis of the ESG-related business practices of over 16,000 issuers, including subsidiaries,
more than 900,000 equity and fixed income securities worldwide and over 1,500 ESG equity
and fixed-income Indexes provided by MSCI. MSCI ESG Indexes and Analytics are products of
MSCI Inc. that use information from MSCI ESG Research. MSCI Indexes are administered by
MSCI Limited (UK).
Climate change is an important element of our ESG strategy and a key issue for many
investors. We deliver research and climate tools designed to help clients measure and reporton climate risk exposure (including through climate stress testing), implement climate change
risk mitigating strategies (including Paris-aligned, low carbon, fossil-fuel-free investment
strategies), and integrate climate change criteria into their investment processes. These
products and services include climate metrics, MSCI ESG Research’s Climate Value-at-Risk(VaR), Task Force on Climate-related Financial Disclosures (TCFD) reporting, carbon portfolio
reporting, and low carbon and Climate Paris Aligned indexes as well as tools to identify cleantech and environmentally oriented companies.
MSCI ESG Research acquired Zurich-based environmental fintech and data analytics firm
Carbon Delta AG (“Carbon Delta”) in 2019. Carbon Delta expanded MSCI’s suite of climate risk
capabilities supporting climate scenario analysis and forward-looking assessment of transitionand physical risks and extensive company-level analysis of publicly traded companies. This
includes MSCI Climate VaR, a climate risk metric that calculates the impact of climate change
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

on a company’s market value to help investors understand and quantify these risks within theirportfolio. In 2020 and 2022, we used MSCI Climate VaR to publish our own TCFD report.
Carbon Delta acts as MSCI’s Climate Risk Center, the focal point for the development ofclimate change risk analytics and tools. The aim of the center is to develop strong partnerships
with leading academic and research institutions around the world to advance the use of climate
science for financial risk analysis. In June of 2020 MSCI launched the MSCI Real Estate
Climate VaR, a forward-looking and return-based valuation assessment for individual assets
and portfolios.
MSCI ESG Research’s ESG and Climate data available through MSCI Analytics applications
facilitate measurement of financial emissions at the portfolio level, portfolio reporting andportfolio construction. They also are used to construct MSCI ESG and Climate equity and fixedincome indexes.
The MSCI Net-Zero Tracker, first published in 2021, is a unique, periodic report offering
investors, companies, financial intermediaries and policymakers an objective gauge of thecontribution by the world's listed companies to total carbon emissions and their progress toward
a net-zero economy. The report indicates the collective progress, or lack thereof, of the world’s
listed companies toward keeping global temperature rise this century within 1.5°C ofpreindustrial levels. The estimate reflects companies’ Implied Temperature Rise, MSCI’s
forward-looking measure of climate impact that shows the warming potential of a company or
portfolio based on its current and projected greenhouse gas (GHG) emissions.
The Net-Zero Tracker has become a global barometer of progress by companies to curb
climate risk and a guide for investors to the energy transition.
For additional information on our forward-looking statements and other key topics, see section
C-FI.

C0.2
(C0.2) State the start and end date of the year for which you are reporting data andindicate whether you will be providing emissions data for past reporting years.
Reporting year
Start date
January 1, 2022

End date
December 31, 2022

Indicate if you are providing emissions data for past reporting years
No

C0.3(C0.3) Select the countries/areas in which you operate.
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Australia
BrazilBulgaria
CanadaChina
FinlandFranceGermany
Hong Kong SAR, China
Hungary
India
Italy
Japan
MexicoNetherlands
Philippines
Republic of Korea
Singapore
South Africa
Spain
SwedenSwitzerland
Taiwan, China
United Arab Emirates
United Kingdom of Great Britain and Northern Ireland
United States of America

C0.4(C0.4) Select the currency used for all financial information disclosed throughout yourresponse.
USD

C0.5(C0.5) Select the option that describes the reporting boundary for which climaterelated impacts on your business are being reported. Note that this option shouldalign with your chosen approach for consolidating your GHG inventory.
Operational control

C0.8(C0.8) Does your organization have an ISIN code or another unique identifier (e.g.,
Ticker, CUSIP, etc.)?
Indicate whether you are able to provide a unique identifier foryour organization

Provide your unique
identifier

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Yes, a Ticker symbol

MSCI (NYSE)

C1. GovernanceC1.1(C1.1) Is there board-level oversight of climate-related issues within yourorganization?
Yes

C1.1a
(C1.1a) Identify the position(s) (do not include any names) of the individual(s) on theboard with responsibility for climate-related issues.
Position ofindividual orcommittee

Responsibilities for climate-related issues

Chief Executive Our CEO serves as the Chairman of MSCI’s Board of Directors (Board), theOfficer (CEO)highest governance and oversight body at MSCI, which is composed of a
substantial majority of independent, non-employee directors. In this position, he
provides MSCI with unified leadership and direction and holds the highest positionof accountability, responsibility and oversight over MSCI’s operations, including
associated climate-related risks and opportunities. For example, in 2022, the CEO,acting upon the recommendation of MSCI’s Corporate Responsibility Policy
Committee, approved the Company’s enhanced science-based near-term, longterm and net-zero GHG emissions reduction targets.
Our CEO advanced MSCI’s thought leadership in climate through publication andspeaking opportunities across multiple channels and high-profile events, such as
the Conference of Parties (COP27) in Egypt.
In 2022, our Corporate Responsibility Policy Committee, comprised of certain
members of the Company’s Executive Committee, reviewed strategicallysignificant proposals regarding the Company’s corporate responsibility policies,
actions and disclosures, including the Company’s enhanced science-based nearand long-term and net-zero GHG emissions reduction targets.
Board-levelcommittee

Each year, the Board approves an annual operating plan. In addition, on aquarterly basis, the Board’s Governance and Corporate Responsibility Committee(the “Governance Committee”) reviews the Company’s climate-related initiatives
and progress against CO2e emissions targets and objectives. The Compensation,
Talent and Culture Committee of the Board (the “Compensation Committee”)
reviews and approves goals and objectives relevant to the compensation of certain
MSCI senior leaders, including its executive officers. In addition, the Compensation
Committee oversees plans for talent management, including talent acquisition anddevelopment, as well as progression planning and career progression, to provide
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

guidance to management with respect to the Company’s policies relating todiversity, equity and inclusion (“DE&I”) corporate culture, resource allocation,
resiliency and employee engagement. The Compensation Committee also
oversees talent acquisition and succession planning specifically related to leadersin MSCI’s ESG and Climate business.
Members of MSCI’s Management Committee include climate-related product goals(relating to helping MSCI clients transition to a net-zero economy) and otherclimate-related actions (relating to advancing MSCI’s climate targets), which arereviewed for compensation purposes. In 2022, these leaders were evaluatedagainst such goals.
Board-levelcommittee

On a quarterly basis, the Audit and Risk Committee (the “Audit Committee”)
receives an update on MSCI’s enterprise risk management program by ourEnterprise Risk Management Officer, which includes an overview of risks andtrends also made available to the full Board. In 2022, the enterprise risk
management overview included updates relating to the management of climaterelated risks and opportunities.
The Audit Committee also receives quarterly updates from our Chief Information
Security Officer (CISO) on plans to ensure business continuity and the recovery of
our IT infrastructure in the event it is disrupted by extreme weather events or othereffects of climate change.

Board-levelcommittee

The Strategy and Finance Committee (the “Strategy Committee”) monitors andprovides guidance on our strategic objectives. These may include sustainabilityrelated partnership and acquisition opportunities, including those involving climaterelated products and services. On a quarterly basis, MSCI’s senior management
and Strategy and Corporate Development Team discuss partnership andacquisition opportunities with the Strategy Committee. This discussion focuses on
MSCI’s strategic growth areas and regularly includes review of opportunities forclimate-focused products, data and services.
For example, as part of these efforts, in October 2022, MSCI announced its
investment in Evora Global Limited, a professional real asset consultancy thathelps real estate companies with their ESG strategies, sustainable finance andclimate risk management and disclosure. With support from MSCI, Evora’s
services will aim to improve the flow of critical decision data and accelerate theadoption of climate standards and strengthen the global real asset investment
process.

Board-levelcommittee

Each year, the Compensation Committee reviews and approves corporate goals
and objectives relevant to the compensation of certain of MSCI’s senior leaders,
including its executive officers. The Compensation Committee also oversees plans
for talent management, including talent acquisition and progression planning(related to leaders in MSCI’s Product function and other areas) and development,
and oversees and guides management with respect to the Company’s policies
relating to DE&I, corporate culture, resource allocation, resiliency and employee

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

engagement. The Compensation Committee oversees talent acquisition andsuccession planning.

C1.1b(C1.1b) Provide further details on the board’s oversight of climate-related issues.
Frequency withwhich climaterelated issues area scheduled
agenda item

Governancemechanisms into
which climaterelated issues areintegrated

Please explain

Scheduled – allmeetings

Overseeing andguiding employee
incentives

The Compensation Committee is responsible forreviewing, approving and assessing the attainment ofcorporate goals and objectives to be used in determining
the compensation for our Company’s executives, which
include our CEO, President, CFO, Chief Human
Resources Officer (CHRO), General Counsel and othersenior executives of the Company.
The Compensation Committee follows procedures
intended to ensure good compensation governance andthat MSCI’s executive compensation program links pay
to performance, encourages prudent decision-making
and risk management, and creates a balanced focus onshort- and long-term performance that supports
shareholder value creation. Under our executive
compensation program, executives are eligible toreceive cash bonuses under MSCI’s Annual Incentive
Plan (AIP) based on the achievement of certain financial
performance metrics, individual key performanceindicators (KPIs) and DE&I goals. MSCI’s formula-based
AIP is composed of three distinct components:• Annual financial criteria weighed at 70% of theexecutive’s target annual bonus.
• Individual KPIs tied to strategic goals, including climate
commitments, leadership effectiveness and engagementscores, as applicable, weighed at 20% of the executive’s
target annual bonus.
• Individual KPIs tied to progress against specific DE&I
goals weighed at 10% of the executive’s target annual
bonus.
The Compensation Committee is responsible forannually reviewing, approving and assessing the
progress towards those goals, which includes reviewing

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

financial performance metrics, KPIs and DE&I goals, for
MSCI’s executives.
In 2022, the CEO included as a goal advancing MSCI’s
thought leadership and engagement in the area ofclimate, and other executive officers included goals
relating to enhancing the Company’s sustainability
practices and advancing the Company’s ESG andClimate products and services. The Compensation
Committee reviews progress against individual
performance goals for our executive officers.
Scheduled – somemeetings

Reviewing and
The Audit Committee oversees MSCI’s key businessguiding the risk
risks, including any potential material climate-related
management process risks, or those that could result in a significant impact on
MSCI’s operations, such as an extreme weather eventthat impairs the IT infrastructure, impedes business
continuity, or adversely affects financial results.
The Audit Committee receives quarterly updates from
our Enterprise Risk Management Officer on the work of
the Enterprise Risk Oversight Committee (EROC). In
2022, the enterprise risk management program included
updates relating to the management of climate-relatedrisks and opportunities.
The EROC oversees the Company’s key risk
management activities to ensure the Company isidentifying, evaluating and managing risks that may
have an impact on the Company’s ability to achieve its
operational and strategic objectives, a role which
includes ongoing assessments of climate-related risks
and opportunities.
On a quarterly basis, the Audit Committee is updated on
the Company’s IT risk program by MSCI’s CISO,
covering an overview of risks and trends, including any
risks that are material or likely to have a significant
impact, for example, as result of climate change-related
extreme weather events. In addition, the Audit
Committee receives updates about the results ofassessments conducted by outside advisors who
provide independent assessments of our IT risk program
and response preparedness.
The Chair of the Audit Committee provides a quarterly
report to the Board of any key updates, including those

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

on any climate-related risks likely to have a significant
impact on MSCI’s operations or financial results.
Scheduled – somemeetings

Overseeing major
capital expenditures
Overseeing
acquisitions,mergers, anddivestitures
Reviewing andguiding strategy

The Strategy Committee ensures that management
factors material climate-related risks and opportunities
into the Company’s strategy.
The Strategy Committee also monitors and provides
guidance on strategic objectives, including those on
sustainability-related partnerships and acquisition
opportunities for climate-related products and services.
The Committee meets with MSCI’s senior management
and Strategy and Corporate Development Team on aquarterly basis to discuss partnership and acquisition
opportunities.
Through its strategy and budgeting approval process,the Board is presented with investment opportunities
that include initiatives that allow MSCI to further
establish itself as a leading provider of ESG products,
including climate-related products and services. For
example, as part of these efforts, in October 2022, MSCI
announced its investment in Evora Global Limited, aprofessional real asset consultancy that helps realestate companies with their ESG strategies, sustainablefinance and climate risk management and disclosure.
With support from MSCI, Evora’s services will aim to
improve the flow of critical decision data and accelerate
the adoption of climate standards and strengthen the
global real asset investment process.

C1.1d(C1.1d) Does your organization have at least one board member with competence on
climate-related issues?
Board member(s)have competence
on climate-related
issuesRow Yes1

Criteria used to assess competence of board member(s) on
climate-related issues

Our CEO, who serves as Chairman of the Board, has the necessarycompetence in climate-related issues to establish MSCI’s corporate
strategy, including prioritizing the development of climate tools andproducts to assist clients with their objectives relating to sustainable
investing. He understands the importance of collective leadership in
reducing the warming of our planet and the need to establish a netzero pathway, not just for our company, but for the broader investmentcommunity. Our CEO demonstrated this competence in 2022 through,8
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

among other things, his influence on the broader investment
ecosystem through publications and speaking engagements acrossmultiple channels and high-profile events, such as the Conference ofParties (COP27) in Egypt.

C1.2(C1.2) Provide the highest management-level position(s) or committee(s) withresponsibility for climate-related issues.

Position or committee
Chief Operating Officer (COO)

Climate-related responsibilities of this position
Managing climate-related acquisitions, mergers, and divestitures
Developing a climate transition plan
Implementing a climate transition plan
Integrating climate-related issues into the strategy
Setting climate-related corporate targets
Monitoring progress against climate-related corporate targets
Managing public policy engagement that may impact the climate
Assessing climate-related risks and opportunities
Managing climate-related risks and opportunities

Coverage of responsibilities

Reporting line
CEO reporting line

Frequency of reporting to the board on climate-related issues via thisreporting line
Quarterly

Please explain
The President, who also serves as the COO, reports to the CEO and to the Board on
climate-related issues as important matters arise. The Chief Responsibility and Diversity
Officer (CRDO) regularly briefs the President on important climate matters, especiallywith regards to our external commitments and progress toward them. The President isalso a member of our Corporate Responsibility Policy Committee where all criticalclimate-related matters are discussed before approval and implementation.

Position or committee
Other C-Suite Officer, please specify
Chief Responsibility and Diversity Officer (CRDO)

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Climate-related responsibilities of this position
Managing annual budgets for climate mitigation activities
Providing climate-related employee incentives
Developing a climate transition plan
Implementing a climate transition plan
Integrating climate-related issues into the strategy
Setting climate-related corporate targets
Monitoring progress against climate-related corporate targets
Managing public policy engagement that may impact the climate
Assessing climate-related risks and opportunities
Managing climate-related risks and opportunities

Coverage of responsibilities

Reporting line
Other, please specify
The CRDO reports to the CHRO, who reports to the CEO

Frequency of reporting to the board on climate-related issues via thisreporting line
Quarterly

Please explain
As outlined in the role responsibilities above, the CRDO engages daily on all criticalsustainability issues. She has the ability to take a view across the organization andapply a unified approach to ensure the firm continues to proactively manage our climate
strategy. Leveraging inputs from across the firm, she established our climate-related
corporate targets and with it our climate transition plan to hit our targets. The CRDO is
actively monitoring the firm’s carbon emissions and the risks and opportunities
associated with them. She is responsible for providing climate-related employee
incentives as she supports the development and evaluation of the climate goals of ourmanagement committee. Our CRDO reports quarterly to the Governance Committee of
the Board on climate-related issues.

C1.3(C1.3) Do you provide incentives for the management of climate-related issues,
including the attainment of targets?
Provide incentives for the
management of climaterelated issues
Row Yes1

Comment

We incorporate the assessment of climate-related actual results
versus goals as part of the 20% of target bonus KPI componentof the annual incentive plan for members of our Management
Committee.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C1.3a
(C1.3a) Provide further details on the incentives provided for the management ofclimate-related issues (do not include the names of individuals).

Entitled to incentive
Chief Executive Officer (CEO)Type of incentive
Monetary reward

Incentive(s)Bonus - % of salary

Performance indicator(s)Progress towards a climate-related target
Achievement of a climate-related target
Increased engagement with customers on climate-related issues

Incentive plan(s) this incentive is linked to
Short-Term Incentive Plan

Further details of incentive(s)Under MSCI’s pay-for-performance compensation program, the compensation paid toeach Executive Committee member consists of a base salary, long-term equity awards
and annual cash bonus. These three components are determined by MSCI’s overall
financial performance during the year and the executive’s individual performance.
Individual performance is linked to the goals these individuals set during our annual goal
setting process. In addition, Management Committee members may also include
climate-specific goals for individual evaluation set during our annual goal-setting
process.

Explain how this incentive contributes to the implementation of yourorganization’s climate commitments and/or climate transition plan
In 2022, our CEO and Chairman's goals included growth of climate solutions across all
product lines. He also advanced MSCI's thought leadership in climate throughpublication and speaking opportunities across multiple channels and high-profile events,
such as the Conference of Parties (COP27) in Egypt. He also supported initiatives toestablish MSCI as a leader in climate with clients and supported corporate actions thatreinforced MSCI’s commitment to climate action through the establishment of enhanced
science-based near- and long-term, and net-zero targets that were verified by the
Science Based Targets initiative. He also oversaw the identification and setting of 2025
milestones to demonstrate progress toward MSCI’s 2040 net-zero target.

Entitled to incentive

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

President

Type of incentive
Monetary reward

Incentive(s)Bonus - % of salary

Performance indicator(s)Progress towards a climate-related target
Achievement of a climate-related target
Increased engagement with customers on climate-related issues

Incentive plan(s) this incentive is linked to
Short-Term Incentive Plan

Further details of incentive(s)MSCI’s President’s compensation is linked to, among other areas, the management anddevelopment of ESG and Climate-related products and services. The President is
incentivized based on the financial performance of MSCI, including the achievement ofsales targets for products and services in the ESG and Climate, Index and Real Estate
product lines, including ESG and Climate indexes.
Under MSCI’s pay-for-performance compensation program, the compensation paid toeach Executive Committee member consists of a base salary, long-term equity awards
and an annual cash bonus. These three components are determined by MSCI’s overall
financial performance during the year and the executive’s individual performance.
Individual performance is linked to the goals these individuals set during our annual goal
setting process. In addition, Executive Committee members may also include climatespecific goals for individual evaluation set during our annual goal-setting process.

Explain how this incentive contributes to the implementation of yourorganization’s climate commitments and/or climate transition plan
In 2022, our President accelerated integration of ESG and Climate solutions across
MSCI products and solutions and effectively communicated our suite of ESG andClimate offerings to clients. He supported giving investors public access to key tools formeasuring climate data such as Implied Temperature Rise metrics, providing greatertransparency around climate pledges. He delivered on our climate commitments toachieve net-zero before 2040 by supporting the verification of MSCI’s science-basednear term, long-term and net-zero targets, and supporting the reduction of MSCI’s
carbon footprint in line with stated goals as well as the increase in MSCI’s own
disclosures and stakeholder reporting an engagement.

Entitled to incentive
Other C-Suite Officer

Type of incentive
Monetary reward
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Incentive(s)Bonus - % of salary

Performance indicator(s)Progress towards a climate-related target
Achievement of a climate-related target
Implementation of an emissions reduction initiative
Increased engagement with suppliers on climate-related issues
Increased supplier compliance with a climate-related requirement
Implementation of employee awareness campaign or training program on climaterelated issues

Incentive plan(s) this incentive is linked to
Short-Term Incentive Plan

Further details of incentive(s)The CHRO, who is also a member of the Executive Committee, is incentivized throughcompensation around multiple climate-related actions. In 2022, he supported thedevelopment and validation of net-zero and near-term science-based targets including
short-term milestones to ensure we remain on track to deliver these goals. He led theidentification and execution of opportunities for office redesigns to help achieve ourgoals in addition to various projects to reduce energy consumption and increase usageof energy efficient design choices across offices.
Under MSCI’s pay-for-performance compensation program, the compensation paid toeach Executive Committee member consists of a base salary, long-term equity awards
and an annual cash bonus. These three components are determined by MSCI’s overall
financial performance during the year and the executive’s individual performance.
Individual performance is linked to the goals these individuals set during our annual goal
setting process. In addition, Executive Committee members may also include climatespecific goals for individual evaluation set during our annual goal-setting process.

Explain how this incentive contributes to the implementation of yourorganization’s climate commitments and/or climate transition plan
Initiatives for 2022 relating to this goal included overseeing significant development ofclimate-related initiatives such as net-zero and science-based targets, acceleration ofengagement with suppliers and initiatives with suppliers to advance sustainability
objectives. Ensuring efficiencies, policies, and increased data and transparencies in the
climate-related space.

Entitled to incentive
Other C-Suite Officer

Type of incentive
Monetary reward

Incentive(s)13Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Bonus - % of salary

Performance indicator(s)Progress towards a climate-related target
Achievement of a climate-related target
Implementation of an emissions reduction initiative
Energy efficiency improvement
Increased engagement with suppliers on climate-related issues
Increased supplier compliance with a climate-related requirement
Implementation of employee awareness campaign or training program on climaterelated issues

Incentive plan(s) this incentive is linked to
Short-Term Incentive Plan

Further details of incentive(s)Under MSCI’s pay-for-performance compensation program, the compensation paid to
the CRDO consists of a base salary, long-term equity awards and an annual cash
bonus. These three components are determined by MSCI’s overall financial
performance during the year and the executive’s individual performance. Individual
performance is linked to the goals these individuals set during our annual goal setting
process. A part of MSCI’s overall financial performance is determined by the extent towhich MSCI is successful in launching ESG and Climate solutions and expanding
existing ones.

Explain how this incentive contributes to the implementation of yourorganization’s climate commitments and/or climate transition plan
The CRDO’s goals are incentivized through our compensation structure related tochampioning a strong corporate responsibility platform. In 2022, the Chief Responsibility
Officer role was assumed by and retitled to reflect the full scope of the successor’s role,
Chief Responsibility and Diversity Officer.

Entitled to incentive
Management group

Type of incentive
Monetary reward

Incentive(s)Bonus - % of salary

Performance indicator(s)Progress towards a climate-related target
Implementation of an emissions reduction initiative
Energy efficiency improvement
Increased share of low-carbon energy in total energy consumption
Increased share of renewable energy in total energy consumption
Reduction in total energy consumption
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Increased engagement with suppliers on climate-related issues
Increased supplier compliance with a climate-related requirement
Implementation of employee awareness campaign or training program on climaterelated issues

Incentive plan(s) this incentive is linked to
Short-Term Incentive Plan

Further details of incentive(s)The Head of Corporate Services (HCS), who reports to the CHRO, is incentivizedthrough compensation for implementing environmental and sustainability initiatives that
help us minimize our environmental impact and progress on our carbon reduction
efforts. In 2022, he delivered by incorporating operational efficiencies through officeredesigns involving energy efficient designs. He led the engagement with suppliers tovalidate climate commitments and enhanced the supplier sustainability and diversity
team to accelerate our engagement with suppliers to advance our sustainability
objectives of working with suppliers that have adopted science-based targets that alignwith MSCI’s. He updated the MSCI Supplier Code of Conduct to reflect these climate
commitment expectations.

Explain how this incentive contributes to the implementation of yourorganization’s climate commitments and/or climate transition plan
When selecting new office space, the HCS and facility managers use a comprehensive
multi-factor checklist including environmental and other criteria to evaluate a property’s
environmental sustainability. These criteria include the availability of renewable energy,
accessibility to public transportation, use of energy efficient building systems, protectionof biodiversity and the location’s overall vulnerability to extreme weather events andnatural disasters.
The HCS and members of the global strategic sourcing and procurement team areevaluated and incentivized for ensuring suppliers are made aware of MSCI’s
environmental, climate and carbon objectives, as outlined in MSCI’s Supplier Code of
Conduct (SCOC) as well as our Environmental Policy (EP). To ensure the appropriate
level of engagement with the supply chain, the HCS has continued to develop the
Supplier Sustainability and Diversity (SS&D) team within the global strategic sourcing
and procurement team.

C2. Risks and opportunities
C2.1(C2.1) Does your organization have a process for identifying, assessing, andresponding to climate-related risks and opportunities?
Yes

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C2.1a
(C2.1a) How does your organization define short-, medium- and long-term time
horizons?
From (years)

To (years)

Short-term

01Medium-term

1

3Long-term

3

Comment

3 and beyond is considered long-term.

C2.1b(C2.1b) How does your organization define substantive financial or strategic impact
on your business?
MSCI considers both quantitative and qualitative factors in determining substantive financial or
strategic impacts from climate change. If a climate issue has potential to generate a greaterthan USD 75 million annual impact to MSCI’s adjusted earnings before interest, depreciation
and amortization (Adjusted EBITDA), as defined in the Company’s financial statements, thiswould trigger a review of qualitative factors, including, but not limited to:1) whether the impact requires a significant change in our operations and/or how we deliver
our products to our clients;
2) whether it’s necessary to make an extended or permanent change in location of a facility or
implement our business continuity plans beyond current scenarios; and
3) whether the impact results in a significant change to our or our clients’ business strategy.
We would deem climate change to have had a substantive financial or strategic impact if one ormore of the qualitative factors met that threshold in addition to the quantitative factor. As of
December 31, 2022, no climate-related event has met these criteria.

C2.2(C2.2) Describe your process(es) for identifying, assessing and responding to climaterelated risks and opportunities.

Value chain stage(s) covered
Direct operations
Upstream
Downstream

Risk management process
Integrated into multi-disciplinary company-wide risk management process

Frequency of assessment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

More than once a year

Time horizon(s) covered
Short-term
Medium-termLong-term

Description of process
Our processes for identifying and assessing climate-related risks are multi-pronged andseek to continuously capture insights on those risks we may face in coming years.
We regularly engage with our stakeholders and conduct benchmarking analyses to
identify the most relevant risks for our business and industry. This includes an annual
series of meetings with our shareholders that focuses on corporate responsibility issues,
which helps us to better understand their areas of interest, including climate-relatedrisks.
Our insights on climate-related risks are also informed by both TCFD guidelines and the
CDP climate questionnaire.
We also use our Climate VaR model, which aligns with the TCFD’s risk categories, toconduct a scenario analysis and identify and assess MSCI’s most probable climaterelated facility-level physical and enterprise-level risks. The scenario analysis we
conduct as part of the Climate VaR analysis allows us to assess the impact of climate
risks, including physical and transition risks.
We have leveraged the TCFD framework to categorize our climate-related risks,
including technology, market, reputation, acute physical and chronic physical risks, aswell as policy and legal related risks. Consistent with how we evaluate other risks at
MSCI, we determine each quarter an overall risk level for our climate-related risks (suchas high, medium and low) by considering such risks in terms of potential likelihood andpotential impact. In this way, climate-related risks can be viewed relative to other risks
we manage and monitor across the company.
We also consider climate-related risks in terms of a potential impact across the short(less than one year), medium- (one to three years) and long-term (more than three
years) horizons. These horizons align with our business, strategy and financial planning.
We have developed different types of mitigation strategies to manage climate-relatedrisks depending on the type of risks we face. Our business resiliency team, for example,
assesses the potential likelihood and potential impact of extreme climate events in
geographies where we operate, and it develops, implements and tests technology
systems to support MSCI’s business continuity plans. Managing climate-relatedcommercial opportunities occurs at a product-line level. The heads of our product lines
and key functional areas oversee efforts to conduct regular consultations with the global
investment community and engage with clients through regular meetings and events,
such as client advisory panels, to better understand the demand for climate-related

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

products.
Our processes for identifying, assessing and managing climate-related risks (includingtransition and physical risks) are integrated into our firmwide risk management
framework, allowing climate-related risks to be considered with a high degree oftransparency, visibility and accountability.
As part of our company-wide risk management framework, we prepare a risk dashboard
each quarter, providing a summary of our significant enterprise-level risks. We also
provide the EROC with risk-specific details, such as assessments of impact andlikelihood, and key mitigating actions. In addition, we provide a set of metrics used toassess and measure our progress in managing climate-related risks, such as thoserelated to our carbon footprint, our use of renewables, and the percentage of our
suppliers with climate commitments.
Our Board is responsible for overseeing the management of company risks, including
climate-related risks. The Audit Committee receives a quarterly update from theEnterprise Risk Management Officer on, among things, the work of the EROC. The
Audit Committee also receives quarterly updates from our Chief Information Security
Officer (CISO) on plans to ensure business continuity and the recovery of our IT
infrastructure in the event of potential disruptions, including those that could be causedby extreme-weather events. In addition, the Governance Committee receives quarterly
updates from the CRDO, which include reporting on progress on climate-related
commitments.
Risk Management Case Study:
Situation: In 2022, as part of our integrated company-wide risk management framework,
we strove to improve our insights and quantitatively analyze climate-related risks we
may face in the short-, medium- and long-term.
Task: We sought to use MSCI’s ESG Research products and tools, also available toclients, to (i) assess physical and transition risks, (ii) identify potential substantive
climate change-related disruptions to our business (iii) identify means to progress oursustainability goals.
Action: We undertook the following steps:• In using the MSCI ESG Research Climate Targets and Commitments Dataset, wewere able to compare MSCI’s science-based net-zero targets to those of our peers andgain a clearer picture of which of our suppliers are sustainable.
• We further analyzed our efforts with data from the MSCI Implied Temperature Rise
tool, designed to indicate how well public companies align with global temperature
goals.
• We also applied the MSCI Climate VaR model to help gauge our exposure to futureclimate-related transition and physical risks.
Result: The insights from these analyses were integrated into the firm’s risk
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

management framework, thereby bolstering our assessment of climate-related risks.
Specific insights and related actions included the following:i) Based on our MSCI ESG Research Climate Targets and Commitments Dataset
analysis, we intensified efforts to reduce emissions within our supply chain — the sourceof 78% of our GHG emissions in 2021 — by developing a sustainable suppliermanagement program to fully integrate climate considerations into our supplier selection
process and prioritize our spend with suppliers aligned with our climate goals. We haveincreased direct engagement with our top suppliers to strongly encourage they take thefollowing steps:a. Adopt science-based emissions-reduction targets aligned with a 1.5°C climate
pathway.
b. Publicly report progress toward achieving science-based emissions reduction targets.
c. Use renewable energy for operations wherever feasible.
d. Reduce total carbon footprint to net‐zero before 2040.
e. Focus on cutting emissions before considering the use of offsets for emissions thatare impossible to eliminate.
ii) In addition, our Climate VaR model provided further insights on the adverse effects
climate change may have on MSCI’s business operations, most significantly concerning
the potential impact of tropical cyclones as the main driver of physical climate risk for
MSCI. The data directly informed our decision to open a new office in Pune, India, a citythat sits at a higher elevation and less susceptible to weather related events, including
flooding, than other alternatives in India.

C2.2a(C2.2a) Which risk types are considered in your organization's climate-related risk
assessments?
Relevance & Please explain
inclusion
Current
regulation

Relevant,
alwaysincluded

1. MSCI is currently not subject to extensive climate-related regulations
covering its physical operations. We do, however, strive to comply withall relevant environmental regulations applicable to our operations. The
MSCI Corporate Services department is responsible for ensuring
compliance with applicable environmental laws and regulations. Given
that MSCI leases all of its office space, the Corporate Services
department manages relationships and contracts with local landlords tooversee compliance with relevant laws and regulations, and we
endeavor to secure from our landlords their direct obligation to comply
with those laws and regulations, including those related to climate andemissions. In our New York office, for example, we engaged inconversations with our landlord to understand what progress had been
made toward complying with Local Law 97. Under this law, most

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

buildings over 25,000 square feet are required to meet energy
efficiency and GHG emissions limits by 2024, with stricter limits coming
into effect in 2030. The goal of this law is to reduce the emissions
produced by the city’s largest buildings — 40% by 2030 and 80% by
2050. As a result of these conversations, MSCI understands and is able
to support directly the steps the landlord is taking to comply with thisregulation. We have established a process to monitor this progress.
2. MSCI product groups for ESG Research and Index also track andcomply with current product-related regulations.
Emerging
regulation

Relevant,
alwaysincluded

1. MSCI considers emerging regulation as part of our organization’s
climate-related risk assessments. We track proposed regulation that
may have an impact on the Company or its disclosures, such as the
SEC’s proposed rule on the Enhancement and Standardization of
Climate-Related Disclosures for Investors.
2. MSCI is currently not subject to extensive climate-related regulations
covering its physical operations. We do, however, strive to comply withall relevant environmental applicable to our operations. The Corporate
Services department is responsible for ensuring compliance withapplicable environmental laws and regulations. Given that MSCI leases
all of its office space, the Corporate Services department manages therelationships and contracts with local landlords to oversee compliancewith laws and regulations. We strive to secure from our landlords theirdirect obligation to comply with laws and regulations, including thoserelated to climate related and emissions.
3. MSCI product groups for ESG Research and Index also track andcomply with product-related regulations.

Technology

Relevant,
alwaysincluded

1. MSCI’s IT Disaster Recovery Planning aims to mitigate key risks to
IT infrastructure resulting from cyber, climate and extreme weather
events, among other types of events. Historically, MSCI has
experienced the impact of extreme weather events in some of its officelocations, including Mumbai, India (tropical cyclones and monsoons),
Norman, Oklahoma (tornadoes) and New York, New York (winterstorms). To date, the robust development, testing and refinement of ourresiliency plans have helped mitigate the impact of these events. MSCI
routinely conducts tabletop disaster simulation events, including
extreme weather events, for every office. An illustrative example of ourinvestment into and, the robustness of, our business resilience program
was our ability to quickly virtually set up all our global staff to work fromhome without material disruption to our operations during the COVID19 pandemic. We believe this flexibility could also potentially be used tomitigate the effects of a climate-related event that impacts our offices’ability to function.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

2. We identify multiple sources of critical services to reduce thepotential impact of supply chain disruptions wherever possible. For
example, MSCI operates in co-located data centers in both Europe andthe United States to enhance our ability to maintain continuity in theevent extreme weather, a cyber event or other events were to impact
one of the locations. Notably, MSCI also partners with Microsoft Azure
and Google as strategic cloud service providers. Azure and Google
provide MSCI geographically diverse data center locations, which allow
us to mitigate the potential impact of a climate event to any specific site.
Legal

Relevant,
alwaysincluded

Our Legal and Compliance departments evaluate risks resulting from
litigation, including the risk of climate-related litigation. While we believe
our exposure to climate-related litigation risk is limited because ourdirect operations are not a large contributor to GHG emissions,
reputational or other loss in credibility could result from, among otherthings, (i) failure to meet publicly disclosed climate reduction targets orgoals or (ii) our misalignment with evolving market standards or
standards, metrics, methodologies or other elements of our climaterelated solutions. Our Legal Department works with our Government
and Regulatory Affairs Department and our Corporate Responsibility,
Enterprise Risk Management and Finance functions to assess the risks
and costs associated with expanding disclosure obligations underenacted and proposed regulations. Those include the SEC’s proposed
climate rules, The Enhancement and Standardization of ClimateRelated Disclosures for Investors, the UK’s Streamlined Energy andCarbon Reporting regulation, and other relevant regulatory
developments.
Additionally, our Government and Regulatory Affairs Department, which
reports to our General Counsel, works with our product lines to adviseon: (1) the impact of climate-related regulations on the solutions weoffer to our clients and, at times, (2) proposed new products in
response to current and emerging regulations. Many of our clients arein the financial services sector and leverage our solutions to help themcomply with stakeholder mandates or regulations relating to theintegration of climate considerations into their investment decisions. To
support our clients, we work to ensure our tools and solutions are
based on the best available data.
Our Corporate Services function is also supported by our Legal
Department, which reviews our Supplier Code of Conduct and advises
on climate-related assurances in vendor contracts.
We will continue to monitor and mitigate climate-related legal risks by,among other things, enhancing our controls, enhancing the quality ofour data and analysis, and monitoring current and emerging regulation.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

MarketRelevant,
alwaysincluded

To help our clients assess climate-related risks and opportunities intheir investment processes, we monitor current and emerging market
trends related to our tools and solutions. MSCI conducts consultations
with the global investment community, and we engage with clients
through regular meetings and events such as client advisory panels, so
we can address client needs with our products, including those thatprovide insight into climate-related risks and opportunities. MSCI has arobust suite of climate solutions including data, indexes, scenario
analytics and portfolio reporting, including TCFD reporting capability.
We could lose market share, for example, on our ESG and climate
index products if we failed to adapt our current service offerings to meet
evolving client needs. To address this risk and support our clients, in
2022, we conducted a client consultation regarding enhancements to
our Low Carbon Transition model which was initially introduced in late
2018 and is part of our suite of climate-related data and metrics.

Reputation

Relevant,
alwaysincluded

As a leading provider of critical decision support tools and solutions forthe global investment community, we are subject to a variety of climaterelated reputational risks concerning our product offerings andoperations. Reputational risks are particularly relevant for MSCI in theevent of a perceived misalignment between our operations and oursolutions. Our failure to meet publicly disclosed ESG and climaterelated targets or goals, or misalignment with evolving market
standards or the methodologies and standards used in our own
products and ESG ratings, could potentially damage our reputation andour ability to attract and retain clients, as well as sustain and grow our
ESG and climate-related tools and solutions.
Errors in, or criticisms of, our ESG and Climate offerings, including our
ESG ratings, processes, decisions and methodologies, could also result
in reputational risks or other loss in credibility and may insert MSCI intoa public spotlight or a public debate regarding the environment, climatechange, social concerns or corporate responsibility.

AcutephysicalRelevant,
alwaysincluded

We believe the most significant potential impact from an acute physicalrisk event would be to MSCI’s IT Infrastructure. MSCI’s IT Disaster
Recovery program and planning aims to mitigate key risks resulting
from climate, cyber and extreme weather events, among other types of
events. MSCI maintains business critical IT infrastructure operations
across multiple primary third-party data centers, which source highly
resilient power and telecommunications. For example, MSCI operates
in co-located data centers in both Europe and the U.S. to enhance ourability to maintain continuity in the event extreme weather or otherclimate-related risks were to impact one of the locations. Notably, MSCI
also partners with Microsoft Azure and Google as strategic cloudservice providers. Azure and Google provide MSCI geographicallydiverse data-center locations, which allow us to mitigate the potential
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

impact of a climate event to any specific site.
Another potential impact from an acute physical risk event is disruption
to the offices where MSCI employees work and support MSCI’s clientsand operations. Historically, MSCI has experienced the impact of
extreme weather events in some of its office locations, including
Mumbai, India (tropical cyclones and monsoons), Norman, Oklahoma(tornadoes) and New York, New York (winter storms). To date, therobust development, testing and refinements to our resiliency plans
have helped mitigate the impact of these events. MSCI routinely
conducts tabletop disaster simulation events, including those forextreme weather events, for every office. This flexibility of locations
could also potentially be used to mitigate a climate-related issue. We
also continue to reduce concentration risks at our key locations.
Additionally, we identify multiple sources of critical services to reduce
the potential impact of supply chain disruptions wherever possible.
To further inform the assessment of our climate-related risks, MSCI has
performed a climate-related scenario analysis using MSCI’s own
Climate VaR model. These risks include the physical risks of tropical
cyclones, extreme heat and coastal flooding. The analysis has guided
MSCI’s ongoing efforts to enhance the processes and frameworks for
managing climate-related risks and opportunities and improving
communications around these efforts, including those related tolowering environmental impact and enhancing energy efficiency.
Chronic
physicalRelevant,
alwaysincluded

We believe the most significant potential impact from chronic physicalrisks would be to MSCI’s IT Infrastructure. MSCI’s IT Disaster Recovery
program and planning aims to mitigate key risks resulting from climate,cyber and extreme weather events, among other types of events.
To further assess our climate-related risks, we performed a climaterelated scenario analysis using MSCI’s own Climate VaR model. Theserisks include the physical risks of tropical cyclones, extreme heat andcoastal flooding. The analysis has guided MSCI’s ongoing efforts toenhance the processes and frameworks for managing climate-relatedrisks and opportunities and improving communication around these
efforts, including those related to lowering environmental impact andenhancing energy efficiency. Risks are mitigated through a cycle ofplanning, testing and enhancement. We also consider climate-related
impacts through our business resilience process and insurance
coverage, including the cost of premiums.

C2.3(C2.3) Have you identified any inherent climate-related risks with the potential to havea substantive financial or strategic impact on your business?
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Yes

C2.3a
(C2.3a) Provide details of risks identified with the potential to have a substantive
financial or strategic impact on your business.

Identifier
Risk 1

Where in the value chain does the risk driver occur?
Direct operations

Risk type & Primary climate-related risk driver
Acute physicalCyclone, hurricane, typhoon

Primary potential financial impact
Increased direct costs

Company-specific description
Climate change is expected to increase both the frequency and severity of extreme
weather events in many of the regions in which we operate. Our ability to continue tooperate depends, in part, on the health and availability of our personnel, our officefacilities and the proper functioning of our electronic, telecommunication and otherrelated systems and operations.
We have used our Climate VaR Model to conduct a climate-related scenario analysis.
This analysis has enabled us to analyze climate-related risks and opportunities we may
face in the coming years and decades.
Based on this most recent scenario analysis, the main potential contributor to future
physical climate risk for MSCI is tropical cyclones, with an estimated aggregatedpotential impact of up to approximately USD 183 million between the years 2021 and
2100. This aggregated estimated amount does not reach the threshold for a significant
financial or strategic risk, defined as greater than USD 75 million annual impact to our
Adjusted EBITDA. This analysis is based on an assessment of both transition andphysical risks and opportunities, including determining whether extreme weather could
damage assets at a facility or new climate change policies could require technologicalchange. Other physical risks assessed in the scenario analysis, including those
associated with fluvial flooding, wildfire and extreme cold, were deemed low.
Tropical cyclones could adversely affect MSCI’s business operations, including those in
our Manila, Philippines facility, in a number of ways. These effects, which are embeddedin the methodology used by MSCI ESG Research to estimate the impact of tropicalcycles for MSCI, could potentially include business interruption and severe wind andflood damage.
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Time horizon
Long-term

Likelihood
LikelyMagnitude of impact
Low

Are you able to provide a potential financial impact figure?
Yes, an estimated range

Potential financial impact figure (currency)
Potential financial impact figure – minimum (currency)
1

Potential financial impact figure – maximum (currency)
183,000,000

Explanation of financial impact figure
We used our Climate VaR model to conduct a climate-related scenario analysis. This
enabled us to quantitatively analyze climate-related risks and opportunities we may facein the coming years and decades. The approach is closely aligned with therecommendations of the TCFD in that it assesses both transition and physical risks andopportunities.
Our Climate VaR model computed the current level of climate-related physical risk from
10 distinct hazards on our facilities, such as extreme heat, extreme cold, fluvial flooding,coastal flooding and tropical cyclones, and how their level of risk may change under
different physical risk scenarios. MSCI ESG Research also translated the physical risk
from these hazards into costs and opportunities calculations for each of our facilities.
Our Climate VaR model computed two physical risk scenarios:
1) an average scenario corresponding to the expected monetary value of theaggregated impact between 2021 and 21002) an aggressive scenario reflecting the severe downside risk corresponding to the 95th
percentile of the cost distribution
Through the lens of the average scenario, the main potential contributor to future
physical climate risk for MSCI is tropical cyclones, with an estimated aggregatedpotential impact of up to approximately USD 183 million between 2021 and 2100, basedon an assessment of both transition and physical risks and opportunities.
The methodology used to estimate this potential financial impact is as follows:
To quantify the estimated potential future impact of tropical cyclones, MSCI ESG
Research employs the open-source NatCat model CLIMADA. CLIMADA uses a
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

stochastic hurricane generator based on an extensive set of historical hurricanes and aset of regionally calibrated damage functions. We employ climate-model based
projections of the future frequency and intensity of tropical cyclones to accordingly
modify the generated set of cyclone tracks.

Cost of response to risk
2,400,000

Description of response and explanation of cost calculation
We regularly assess and take steps to improve our response to climate-related risks.
MSCI’s Business Resilience Strategy considers the extent to which the physical risks ofclimate change may impact MSCI’s operations, including whether these risks could
potentially impact our IT and physical infrastructure and/or our ability to provide clientswith products and services. We also regularly evaluate the potential for supply-chain
disruption, including climate-related impacts over both short- and long-term horizons.
Wherever possible, we identify multiple sources of critical services to reduce thepotential impact of supply-chain disruptions. Our estimated annual cost for responding
to climate-related risks, including those relating to tropical cyclones, is approximately
USD 2.4 million. This is based on two key components:
1. MSCI annually assesses and obtains comprehensive third-party insurance to mitigate
the impact of damage to physical facilities and business disruptions from all hazards,
including climate-related causes. The estimated cost of the related insurance premium
is approximately USD 250,000.
2. MSCI’s Business Resiliency team maintains and tests our business resiliency plans,
which helps reduce the impact of disruptions caused by all hazards, including climaterelated events. The estimated annual expense associated with this team and its related
expenses is approximately USD 2,100,000.
Case Study:
Situation: In 2022, MSCI evaluated several locations for a new “Data Operation Center”.
Task: In connection with this selection process, MSCI considered the extent to whichclimate-related risks may impact MSCI’s operations.
Action: We used our Climate VaR model to measure our exposure to climate-relatedrisks for each location. Management then incorporated this information into its decisionmaking.
Result: MSCI identified Coimbatore, located in the state Tamil Nadu, as our new Data
Operation Center location, which opened in September 2022. This resulted in:i. reduced concentration risk among our three offices in India (Mumbai, Pune and now
Coimbatore) over the short- and long-term
ii. enhanced business resiliency plans to reduce the impact of potential disruptions in
Coimbatore, including those due to flooding
iii. better availability of renewable electricity since Tamil Nadu offers a higher renewableenergy profile than other locations considered. In 2022, 40% of electricity generated in
Tamil Nadu came from renewable sources.

Comment
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C2.4
(C2.4) Have you identified any climate-related opportunities with the potential to havea substantive financial or strategic impact on your business?
Yes

C2.4a
(C2.4a) Provide details of opportunities identified with the potential to have asubstantive financial or strategic impact on your business.

Identifier
Opp1

Where in the value chain does the opportunity occur?
Downstream

Opportunity type
Products and services

Primary climate-related opportunity driver
Development of new products or services through R&D and innovation

Primary potential financial impact
Increased revenues resulting from increased demand for products and services

Company-specific description
Investors and issuers use our climate data and tools to support their investment decision
making. This includes measuring and reporting on climate risk exposure, implementing
low-carbon and fossil-fuel-free strategies, factoring climate change research into riskmanagement processes and engaging companies and external stakeholders, to betteralign with a net-zero trajectory.
Our Climate Solutions, which give clients access to a wide range of tools and data andare designed to address a variety of needs, include:(1) Climate and net-zero solutions, which empower investors to analyze and report on
their portfolios’ exposures to transition and physical climate risk.
(2) Climate indexes for both equity and fixed income for institutional investors who wish
to address climate change.
(3) Climate Lab Enterprise, which enables a comprehensive view of climate risk acrossenterprises, strategies, portfolios and companies and across transition and physical risk,
emissions and scenarios to assess alignment and track progress toward climate goals.
(4) Private assets climate solutions, which allow investors to understand and manage
their climate impact and risk across their private-asset investments.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

(5) Real estate climate solutions, which help real estate investors integrate climate,performance and risk analysis to build more sustainable portfolios.
MSCI continues to invest extensively in product development around emerging
segments and use cases by developing solutions for corporates, banking advisory as
well as fixed income investors. In addition, we are focused on expanding our use ofnewer technologies such as Natural Language Processing and Artificial Intelligence tosolve a growing set of complex problems for our clients.

Time horizon
Short-term

Likelihood
Unknown

Magnitude of impact
MediumAre you able to provide a potential financial impact figure?
Yes, an estimated range

Potential financial impact figure (currency)
Potential financial impact figure – minimum (currency)
80,000,000

Potential financial impact figure – maximum (currency)
110,000,000

Explanation of financial impact figure
MSCI does not provide run rate guidance or long-term targets for any of its productlines. As of Dec. 31, 2022, the run rate (as defined in MSCI’s financial statements) for
our ESG and Climate operating segment was approximately USD 270 million. For
illustration of the potential incremental opportunity, the result is an incremental annual
opportunity in the range of USD 80 million to USD 110 million in run rate. These
projections are provided for illustration only and should not be relied upon as indicativeof future results.

Cost to realize opportunity
70,000,000

Strategy to realize opportunity and explanation of cost calculation
MSCI continues to develop its suite of climate-related data, tools and solutions. As
demand from our clients for ESG and climate solutions increases, MSCI’s research,tools and solutions will aim to provide the transparency our clients need to better
integrate ESG and climate risks and opportunities into their investment processes.
For the year ending Dec. 31, 2022, our ESG and Climate operating segment had an
Adjusted EBITDA margin of 26.8%. Using this same margin for the illustrative
opportunity detailed above, the implied cost associated with the potential opportunity
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

would be in the range of USD 60 million to USD 80 million per year: min: ($80M x 73.2%= ~$60M) max: ($110M x 73.2% = ~$80M).
This estimated cost of response to realize this opportunity would include the cost of our
Product and Coverage teams, enhancing our existing tools and capabilities, as well as
acquiring new data sets. These projections are provided for illustration only and should
not be relied upon as indicative of future results.
Case Study:
Situation: Investors use climate indexes to align their passive portfolios with their climate
roadmap and benchmark their active climate strategies. We recently worked with a large
pension fund that was looking for a climate index that aligned with its strategy ofinvesting in sector leaders to fund their climate transition activity, a product that was not
yet available in the marketplace.
Task: Create a new climate index that is: sector balanced, includes sector-leading
companies based on their climate transition activities, built using a simple andtransparent methodology, a standard or flagship index, available to other investors andasset managers, able to be licensed to other asset managers and exchanges
Action: In 2022 MSCI piloted and launched the MSCI Climate Action Indexes, leveraging
and integrating feedback from 30 asset owners in the process, addressing therequirements above.
Result: The Climate Action Indexes are a suite of equity indexes designed to support
investors with a strategy focused on companies that are leaders in their sectors withrespect to climate transition activities, including in emissions reduction commitments,
climate risk management and revenue from greener businesses. These indexes provide
investors a broader choice of climate indexes to integrate climate considerations into
their investment processes. This case study highlights a product that has already beenlaunched and implemented by MSCI in 2022.

Comment

C3. Business Strategy
C3.1(C3.1) Does your organization’s strategy include a climate transition plan that aligns
with a 1.5°C world?
Row 1
Climate transition planYes, we have a climate transition plan which aligns with a 1.5°C world

Publicly available climate transition plan
Yes

Mechanism by which feedback is collected from shareholders on your climatetransition plan

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

We have a different feedback mechanism in place

Description of feedback mechanism
We engage with our major stakeholders regularly on climate-related topics through oneon-one meetings as well as our annual Corporate Responsibility Investor Roadshow.

Frequency of feedback collection
Annually

Attach any relevant documents which detail your climate transition plan
(optional)
https://www.msci.com/documents/1296102/32918722/Climate-Transition-Plan2022.pdf/f4b09cff-9c17-1af0-1e2f-10c9f9ec2895
MSCI-Climate-Transition-Plan-2022.pdf

C3.2(C3.2) Does your organization use climate-related scenario analysis to inform its
strategy?
Use of climate-related scenario analysis to inform strategy
Row 1

Yes, qualitative and quantitative

C3.2a(C3.2a) Provide details of your organization’s use of climate-related scenario analysis.
Climaterelated
scenario

Scenario
analysiscoverage

Temperaturealignment of
scenarioParameters, assumptions, analytical choices

Transition
scenarios
Customized
publicly
availabletransition
scenario

Companywide

2.1ºC - 3ºC

We conducted a climate-related scenario analysis toquantitatively analyze the climate-related risks andopportunities using our Climate VaR model. MSCIESG Research comprehensively assesses futureclimate-change risks and opportunities, which
include transition risks and opportunities related to
GHG emissions limitations and physical risks andopportunities from climate change.
i) Climate VaR aims to provide a quantitative andforward-looking analysis on how climate change
may affect a company’s market valuation.
ii) Costs are calculated out to the end of the century.
iii) The model sets the current level of climaterelated physical risk from ten hazards to companies’
facilities and how that may change under different
future scenarios. The physical risk from thesehazards is converted into costs or opportunities for

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

each company facility.
iv) Based on the physical risk assessments, tropical
cyclones pose the greatest risk to MSCI’s officelocations, particularly Manila and Tokyo, andextreme heat and coastal flooding risk exposure
may slightly increase at some office locations.
v) An example of how the Climate VaR results
directly influenced MSCI’s business objectives andstrategy is our choice of a second office location in
Pune, India, which is roughly 100 miles inland fromMumbai and sits at a higher elevation. We
considered other locations such as Hyderabad andBangalore but decided on Pune for several reasons,
including those related to longer-term climate risks.
In addition, MSCI developed the Implied
Temperature Rise metric, which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. Implied Temperature Rise
indicates how much the world’s temperature would
increase if the whole economy had the same carbon
overshoot or undershoot as the company inquestion.
Transition
scenarios
Customized
publicly
availabletransition
scenario

Companywide

1.6ºC – 2ºC

We conducted a climate-related scenario analysis toquantitatively analyze the climate-related risks andopportunities using our Climate VaR model. MSCIESG Research comprehensively assesses futureclimate-change risks and opportunities, which
include transition risks and opportunities related to
GHG emissions limitations and physical risks andopportunities from climate change.
i) Climate VaR aims to provide a quantitative andforward-looking analysis on how climate change
may affect a company’s market valuation.
ii) Costs are calculated out to the end of the century.
iii) The model sets the current level of climaterelated physical risk from ten hazards to companies’
facilities and how that may change under different
future scenarios. The physical risk from thesehazards is converted into costs or opportunities foreach company facility.
iv) Based on the physical risk assessments, tropical
cyclones pose the greatest risk to MSCI’s officelocations, especially in Manila and Tokyo, andextreme heat and coastal flooding risk exposure

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

may slightly increase at some office locations.
v) An example of how the Climate VaR results
directly influenced MSCI’s business objectives andstrategy is our choice of a second office location in
Pune, India, which is approximately 100 miles inlandfrom Mumbai and at a higher elevation. We
considered other locations such as Hyderabad andBangalore but decided on Pune for several reasons,
including those related to longer-term climate risks.
In addition, MSCI developed the Implied
Temperature Rise metric, which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. Implied Temperature Rise
indicates how much the world’s temperature would
increase if the whole economy had the same carbon
overshoot or undershoot as the company inquestion.
Transition
scenarios
Customized
publicly
availabletransition
scenario

Companywide

1.5ºC

We conducted a climate-related scenario analysis toquantitatively analyze the climate-related risks andopportunities using our Climate VaR model. MSCIESG Research comprehensively assesses futureclimate-change risks and opportunities, which
include transition risks and opportunities related to
GHG emissions limitations and physical risks andopportunities from climate change.
i) CVaR aims to provide a quantitative and forwardlooking analysis on how climate change may affect acompany’s market valuation.
ii) Costs are calculated out to the end of the century.
iii) The model sets the current level of climaterelated physical risk from ten hazards to companies’
facilities and how that may change under future
different scenarios. The physical risk from thesehazards is converted into costs or opportunities foreach company facility.
iv) Based on the physical risk assessments, tropical
cyclones pose the greatest risk to MSCI’s officelocations, especially in Manila and Tokyo andextreme heat and coastal flooding risk exposure
may slightly increase at some office locations.
v) An example of how the Climate VaR results
directly influenced MSCI’s business objectives andstrategy is our choice of a second office location in
Pune, India, which is approximately 100 miles inland

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

from Mumbai and sits at a higher elevation. We
considered other locations such as Hyderabad andBangalore but decided on Pune for several reasons,
including those related to longer-term climate risks.
In addition, MSCI developed the Implied
Temperature Rise, which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. Implied Temperature Rise
indicates how much the world’s temperature would
increase if the whole economy had the same carbon
overshoot or undershoot as the company inquestion.
Physicalclimatescenarios
Customized
publicly
available
physicalscenario

Companywide

4.1ºC andabove

We conducted a climate-related scenario analysis toquantitatively analyze the climate-related risks andopportunities using our Climate VaR model. MSCIESG Research comprehensively assesses futureclimate-change risks and opportunities, which
include transition risks and opportunities related to
GHG emissions limitations and physical risks andopportunities from climate change.
i) Climate VaR aims to provide a quantitative andforward-looking analysis on how climate change
may affect a company’s market valuation.
ii) Costs are calculated out to the end of the century.
iii) The model sets the current level of climaterelated physical risk from ten hazards to companies’
facilities and how that may change under different
scenarios. The physical risk from these hazards isconverted into costs or opportunities for eachcompany facility.
iv) Based on the physical risk assessments, tropical
cyclones pose the greatest risk to MSCI’s officelocations, especially in Manila and Tokyo andextreme heat and coastal flooding risk exposure
may slightly increase at some office locations.
v) An example of how the CVAR results directly
influenced MSCI’s business objectives and strategy
is our choice of a second office location in Pune,
India, which is approximately 100 miles inland fromMumbai and sits at a higher elevation. We
considered other locations such as Hyderabad andBangalore but decided on Pune for several reasons,
including those related to longer-term climate risks.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

In addition, MSCI developed the Implied
Temperature Rise metric, which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. Implied Temperature Rise
indicates how much the world’s temperature would
increase if the whole economy had the same carbon
overshoot or undershoot as the company inquestion.
Physicalclimatescenarios
Customized
publicly
available
physicalscenario

Companywide

3.1ºC - 4ºC

We conducted a climate-related scenario analysis toquantitatively analyze the climate-related risks andopportunities using our Climate VaR model. MSCIESG Research comprehensively assesses futureclimate-change risks and opportunities, which
include transition risks and opportunities related to
GHG emissions limitations and physical risks andopportunities from climate change.
i) Climate VaR aims to provide a quantitative andforward-looking analysis on how climate change
may affect a company’s market valuation.
ii) Costs are calculated out to the end of the century.
iii) The model sets the current level of climaterelated physical risk from ten hazards to companies’
facilities and how that may change under different
future scenarios. The physical risk from thesehazards is converted into costs or opportunities foreach company facility.
iv) Based on the physical risk assessments, tropical
cyclones pose the greatest risk to MSCI’s officelocations, especially in Manila and Tokyo andextreme heat and coastal flooding risk exposure
may slightly increase at some office locations.
v) An example of how the Climate VaR results
directly influenced MSCI’s business objectives andstrategy is our choice of a second office location in
Pune, India, which is approximately 100 miles inlandfrom Mumbai and sits at a higher elevation. We
considered other locations such as Hyderabad andBangalore but decided on Pune for several reasons,
including those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise metric, which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. Implied Temperature Rise
indicates how much the world’s temperature would

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

increase if the whole economy had the same carbon
overshoot or undershoot as the company inquestion.

C3.2b(C3.2b) Provide details of the focal questions your organization seeks to address byusing climate-related scenario analysis, and summarize the results with respect tothese questions.
Row 1
Focal questions
While conducting scenario analysis we try to answer the following questions:
1. How resilient is MSCI to the different climate scenario analyses?
2. What are the major climate risks MSCI faces?
3. What is MSCI’s exposure to extreme weather events?
4. Which MSCI offices are most exposed to physical risks?
5. Where can we potentially expand our presence and/or open new locations?
6. What is MSCI’s climate transition trajectory?

Results of the climate-related scenario analysis with respect to the focal
questions
MSCI uses our Climate VaR model to assess the resilience of its business model under
several climate scenarios and answer its focal questions. In addition, MSCI ESG
Research developed Implied Temperature Rise, a metric designed to show thetemperature alignment of companies, portfolios and funds with global climate targets.
MSCI Inc. is the ultimate parent company of MSCI ESG Research. The disclosure of the
Climate VaR model and Implied Temperature Rise analysis included herein for MSCI
Inc. were conducted in the same manner and based on the same information available
for other companies that are not affiliated with MSCI Inc. but have not been
independently reviewed or audited. Due to the affiliate relationship and the potential fora conflict of interest, this report should not be relied upon as an independent analysis of
MSCI Inc. with respect to the use of Climate VaR or Implied Temperature Rise.
1. Overall, we found that the MSCI aggregate Climate VaR is -1.32%, which means that
the Company’s valuation can be reduced by -1.32% in a 2° mid-range and aggressive
physical risks scenario. We believe that the nature of MSCI’s business as a service
provider of tools and solutions to the investment industry helps limit many common
physical risks of climate change in even aggressive scenarios.
2. Looking more closely at the Climate VaR result, we identified that the main contributor
is physical risks, as -0.05% of the Climate VaR comes from policy risks, while -1.27%
comes from physical risks. This analysis reports an impact on valuation that is limited
and would come mainly from tropical cyclones, extreme heat and coastal flooding.
Taken together, the analysis suggests these impacts would lower MSCI’s valuation by
1.27% in an aggressive scenario (this scenario represents a more severe future physicalclimate and is derived from the 95th percentile of the cost distribution and explores the

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

most serious downside risk).
3. While focusing on physical risks and assessing MSCI’s exposure to 10 different
hazards, we found that tropical cyclones present the greatest risk to our facilities.
4. The analysis at the facility level revealed that our office in Manila, Philippines, has thelargest exposure to tropical cyclones.
5. While assessing all hazards, we specifically identified the offices with the greatest
exposure to physical risks to help inform office location and expansion/contraction
decisions.
6. Our Implied Temperature Rise analysis indicates MSCI’s Implied Temperature Rise is
1.3°C, indicating how much the temperature of the world would increase if the whole
economy had the same carbon undershoot as MSCI.

C3.3(C3.3) Describe where and how climate-related risks and opportunities haveinfluenced your strategy.
Have climate-relatedrisks andopportunities
influenced yourstrategy in this area?
Products and Yes
services

Description of influence

The growing focus by investors on taking climate change
into account has led to a strategic focus on climate in our
product development. We offer climate solutions across our
product lines and asset classes, and to support a growing
number of client types and use cases. Since launching our
climate product, the MSCI Low Carbon indexes in 2015, wehave observed a growing interest from investors in climaterelated issues. This demand, which influences MSCI’s
short- and long-term business strategy, has resulted in thediversification and expansion of our offerings.
The emergence of climate-disclosure frameworks andclimate-related financial and transparency regulation has
also increased demand for climate-related stress testingand scenario analysis. Our Climate Risk Center, which weestablished following MSCI’s acquisition of Carbon Delta in
2019, comprises specialists who are dedicated to thedevelopment of intuitive, forward-looking tools designed tohelp investors measure and manage risks associated withclimate change, to identify climate-related opportunities forinnovation and positive impact and to make environmental
sustainability part of their long-term investment strategy.
We anticipate continuing to expand and enhance ourclimate and ESG -related products and services. MSCI’s

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

climate indexes, metrics, data and analytical tools, together
with our ESG research and ratings, are some of our moststrategically important and highest-growth offerings. They
address growing demand from investors, companies andfinancial intermediaries for making climate change part oftheir investment decision. We are focused on being an
influential thought leader on climate-related considerations
for the investment industry.
Supply chain Yes
and/or value
chain

MSCI regularly evaluates the potential for disruptions to our
supply chain. New business-critical suppliers are evaluatedby MSCI’s Information Security, Business Resiliency andSustainable Supplier Management teams to ensure they
pass rigorous onboarding requirements. This review
includes understanding the potential for disruption in the
short- and long-term due to various factors, including
climate, weather-related and other physical risks. We
analyze our suppliers’ resiliency and business continuity
plans to deal with various risks, including temperature
extremes, storm damage, coastal flooding and otherphysical climate risks which may disrupt their operations
and in turn may directly or indirectly impact our operations
or ability to deliver our products and services.
We identify sources of critical services to reduce thepotential impact of supply chain disruptions wherever
possible. For example, MSCI operates in co-located data
centers in both Europe and the U.S. to enhance our ability
to maintain continuity in the event extreme weather or otherclimate-related risks were to impact one of the locations.
Notably, MSCI also partners with Microsoft Azure and
Google Cloud Platform as strategic cloud services
providers. Both provide MSCI geographically diverse data
center locations, allowing us to mitigate the potential impactof a climate event to any specific site. We work to reduce
our reliance on extended supply chains with the goal of
improving resilience and lowering costs. For example, we
use regional and local re-distributers for technology
hardware and software. We also consider the office locationof when evaluating the decision to leverage consultants andcontingent workers in support of any business-criticaloperations as well as emphasize local and regional sourcing
for furniture, fixtures and office supplies for our offices
around the world.
When selecting new office space, we follow a checklist(which considers nearly 50 criteria and is reviewed andupdated at least annually) to account for a building’s
vulnerability to extreme weather events and natural

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

disasters, the availability of renewable electricity, proximity
to public transportation, energy-efficient core building
systems, and controls to reduce electricity consumption. We
also purchase energy-efficient and sustainable products forour offices.
Investment in Yes
R&D

MSCI continues to invest in climate solutions to enhance
MSCI’s product line due to increasing demand for betterdata on the impacts of climate change on organizations andinvestment portfolios globally. The demand for disclosure oftimely, accurate and reasonable data on climate change has
influenced MSCI’s strategy for investment in R&D. MSCI
continues to strive to serve as a leader providing valuable
insights pertaining to ESG and climate change impacts tothe institutional investor community.
Examples of our climate-related R&D investments include:• Implied Temperature Rise, a forward-looking metric,
designed to show the temperature alignment of companies,
portfolios and funds with global climate targets. Investors
can use Implied Temperature Rise to set decarbonization
targets and support engagement on climate risk. Our
Implied Temperature Rise data on over 2,900 companies ispublicly available via an open search tool on MSCI.com. We
have since expanded the public availability of the metric to
include MSCI indexes and thousands of funds. The metric isalso designed to support TCFD reporting.
• Climate Lab Enterprise, which combines a comprehensive
set of climate data and analytics with powerful forecasting
tools to help investors measure, manage and monitor
climate risk and the shift to sustainable growth consistently
across companies, portfolios and enterprises.
• MSCI Net-Zero Tracker, a quarterly report on progress by
the world’s listed companies in curbing climate risk. The
Net-Zero Knowledge Hub is an open educational resource
provided by MSCI.

Operations

Yes

To reduce climate risks related to our own operations, MSCI
aims to align our business operations with the goal of
limiting the rise in average temperatures to 1.5°C above
preindustrial levels. Our strategic and operational decisionmaking consider climate change, with the goal of aligning
our operations with achieving net-zero emissions andencouraging our suppliers to do the same.
MSCI has developed an Environmental Policy which isreviewed and updated on at least annually — more
frequently as priorities and/or relevant regulations change.
The implementation of the policy is managed and monitored
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

by the Global Corporate Services Department (GCSD). The
policy outlines the environmental, including climate andcarbon, principles which guide our strategic and operational
decisions. Climate and carbon factors weigh into decisions
taken in support of the policy. MSCI supports and enables
its employees to adopt hybrid-work patterns. Our support ofthis approach has led the GCSD to reduce and/or eliminate
the need for office space in some locations. This reduction
trend continued during 2022, as demonstrated by reducing
the size of our single largest office, located in Mumbai, Indiaby 50%, or nearly 60,000 rentable square feet. This change
is expected to materially reduce the carbon footprint of thislocation. We are evaluating additional opportunities toimplement further office-size reductions.
MSCI also considers chronic or acute physical climate risks
that have the potential to disrupt business operations for the
short- and long-term as part of its new location and new
office selection process. We investigate the availability of
renewable energy options, apply our Climate VaRquantitative tools, and conduct a comprehensive site
selection checklist (nearly 50 criteria are considered) toevaluate all potential new locations and/or select physicalbuildings for proposed MSCI offices. In 2022, we evaluatedseveral locations for our new Data Operations Center,
before selecting Coimbatore as referenced in the case study
above (2.3a).

C3.4(C3.4) Describe where and how climate-related risks and opportunities haveinfluenced your financial planning.
Financial planning Description of influence
elements thathave been
influenced
Row Revenues
1
Direct costs
Indirect costs
Acquisitions anddivestments
AssetsLiabilities

As part of MSCI’s short-, medium- and long-term strategic and financial
processes and quarterly business reviews, senior management,
including the Executive Committee, reviews business results and trends,
including incurred and projected costs associated with providing climaterelated products, as well as creating more sustainable operations. As
part of this planning, MSCI evaluates the impact of climate change on
MSCI’s direct costs. Examples of how climate-related costs have
impacted these processes include:• Direct costs of investing in technology to reduce MSCI’s Scope 3 GHG
39Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

emissions by:A) automating labor-intensive processesB) strengthening virtual meeting tools to support increased use of virtual
meetings so we travel less while maintaining high levels of client
engagement• Direct costs of developing policies and practices to promote
environmental sustainability and efficiencies, including prioritizing officespace certified by the Leadership in Energy and Environmental Design(LEED) or Building Research Establishment Environmental Assessment
Methodology (BREEAM) when entering into new leases
A similar process exists to review opportunities for acquisitions anddivestments. In 2019, MSCI acquired Zurich-based environmental fintech
and data analytics firm Carbon Delta AG (Carbon Delta) to create an
extensive climate risk assessment and reporting offering for the
institutional investor market.
We also consider any climate-related impacts through our businessresilience process and insurance coverage, including the cost ofpremiums.
MSCI’s financial planning process includes an evaluation of changes inclient demand for climate-related solutions.

C3.5(C3.5) In your organization’s financial accounting, do you identify spending/revenue
that is aligned with your organization’s climate transition?
Identification of spending/revenue that is aligned with your organization’s climatetransitionRow
1

No, and we do not plan to in the next two years

C4. Targets and performance
C4.1(C4.1) Did you have an emissions target that was active in the reporting year?
Absolute target

C4.1a(C4.1a) Provide details of your absolute emissions target(s) and progress madeagainst those targets.
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Target reference number
Abs 1

Is this a science-based target?
Yes, and this target has been approved by the Science Based Targets initiative

Target ambition
1.5°C aligned

Year target was set
2022

Target coverage
Company-wide

Scope(s)Scope 1
Scope 2

Scope 2 accounting method
Market-based

Scope 3 category(ies)Base year
2019

Base year Scope 1 emissions covered by target (metric tons CO2e)272

Base year Scope 2 emissions covered by target (metric tons CO2e)4,196Base year Scope 3, Category 1: Purchased goods and services emissions
covered by target (metric tons CO2e)

Base year Scope 3, Category 2: Capital goods emissions covered by target(metric tons CO2e)

Base year Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 4: Upstream transportation and distribution
emissions covered by target (metric tons CO2e)41
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Base year Scope 3, Category 5: Waste generated in operations emissions
covered by target (metric tons CO2e)

Base year Scope 3, Category 6: Business travel emissions covered by target(metric tons CO2e)

Base year Scope 3, Category 7: Employee commuting emissions covered bytarget (metric tons CO2e)

Base year Scope 3, Category 8: Upstream leased assets emissions covered bytarget (metric tons CO2e)

Base year Scope 3, Category 9: Downstream transportation and distribution
emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 10: Processing of sold products emissions
covered by target (metric tons CO2e)

Base year Scope 3, Category 11: Use of sold products emissions covered bytarget (metric tons CO2e)

Base year Scope 3, Category 12: End-of-life treatment of sold products
emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 13: Downstream leased assets emissions
covered by target (metric tons CO2e)

Base year Scope 3, Category 14: Franchises emissions covered by target(metric tons CO2e)

Base year Scope 3, Category 15: Investments emissions covered by target(metric tons CO2e)

Base year Scope 3, Other (upstream) emissions covered by target (metric tons
CO2e)

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year Scope 3, Other (downstream) emissions covered by target (metrictons CO2e)

Base year total Scope 3 emissions covered by target (metric tons CO2e)

Total base year emissions covered by target in all selected Scopes (metrictons CO2e)4,468Base year Scope 1 emissions covered by target as % of total base year
emissions in Scope 1
100

Base year Scope 2 emissions covered by target as % of total base year
emissions in Scope 2
100

Base year Scope 3, Category 1: Purchased goods and services emissions
covered by target as % of total base year emissions in Scope 3, Category 1:
Purchased goods and services (metric tons CO2e)

Base year Scope 3, Category 2: Capital goods emissions covered by target as% of total base year emissions in Scope 3, Category 2: Capital goods (metrictons CO2e)

Base year Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) emissions covered by target as % of total base year
emissions in Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) (metric tons CO2e)

Base year Scope 3, Category 4: Upstream transportation and distribution
covered by target as % of total base year emissions in Scope 3, Category 4:
Upstream transportation and distribution (metric tons CO2e)

Base year Scope 3, Category 5: Waste generated in operations emissions
covered by target as % of total base year emissions in Scope 3, Category 5:
Waste generated in operations (metric tons CO2e)

Base year Scope 3, Category 6: Business travel emissions covered by target
as % of total base year emissions in Scope 3, Category 6: Business travel(metric tons CO2e)43
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Base year Scope 3, Category 7: Employee commuting covered by target as %of total base year emissions in Scope 3, Category 7: Employee commuting(metric tons CO2e)

Base year Scope 3, Category 8: Upstream leased assets emissions covered bytarget as % of total base year emissions in Scope 3, Category 8: Upstream
leased assets (metric tons CO2e)

Base year Scope 3, Category 9: Downstream transportation and distribution
emissions covered by target as % of total base year emissions in Scope 3,
Category 9: Downstream transportation and distribution (metric tons CO2e)

Base year Scope 3, Category 10: Processing of sold products emissions
covered by target as % of total base year emissions in Scope 3, Category 10:
Processing of sold products (metric tons CO2e)

Base year Scope 3, Category 11: Use of sold products emissions covered bytarget as % of total base year emissions in Scope 3, Category 11: Use of soldproducts (metric tons CO2e)

Base year Scope 3, Category 12: End-of-life treatment of sold products
emissions covered by target as % of total base year emissions in Scope 3,
Category 12: End-of-life treatment of sold products (metric tons CO2e)

Base year Scope 3, Category 13: Downstream leased assets emissions
covered by target as % of total base year emissions in Scope 3, Category 13:
Downstream leased assets (metric tons CO2e)

Base year Scope 3, Category 14: Franchises emissions covered by target as %of total base year emissions in Scope 3, Category 14: Franchises (metric tons
CO2e)Base year Scope 3, Category 15: Investments emissions covered by target as% of total base year emissions in Scope 3, Category 15: Investments (metrictons CO2e)44
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year Scope 3, Other (upstream) emissions covered by target as % of
total base year emissions in Scope 3, Other (upstream) (metric tons CO2e)

Base year Scope 3, Other (downstream) emissions covered by target as % of
total base year emissions in Scope 3, Other (downstream) (metric tons CO2e)

Base year total Scope 3 emissions covered by target as % of total base year
emissions in Scope 3 (in all Scope 3 categories)

Base year emissions covered by target in all selected Scopes as % of total
base year emissions in all selected Scopes
100

Target year
2030

Targeted reduction from base year (%)
80

Total emissions in target year covered by target in all selected Scopes (metrictons CO2e) [auto-calculated]
893.6

Scope 1 emissions in reporting year covered by target (metric tons CO2e)154.023

Scope 2 emissions in reporting year covered by target (metric tons CO2e)578.513

Scope 3, Category 1: Purchased goods and services emissions in reporting
year covered by target (metric tons CO2e)

Scope 3, Category 2: Capital goods emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Category 3: Fuel-and-energy-related activities (not included in
Scopes 1 or 2) emissions in reporting year covered by target (metric tons
CO2e)

Scope 3, Category 4: Upstream transportation and distribution emissions inreporting year covered by target (metric tons CO2e)45
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Scope 3, Category 5: Waste generated in operations emissions in reporting
year covered by target (metric tons CO2e)

Scope 3, Category 6: Business travel emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Category 7: Employee commuting emissions in reporting year
covered by target (metric tons CO2e)

Scope 3, Category 8: Upstream leased assets emissions in reporting year
covered by target (metric tons CO2e)

Scope 3, Category 9: Downstream transportation and distribution emissions
in reporting year covered by target (metric tons CO2e)

Scope 3, Category 10: Processing of sold products emissions in reporting
year covered by target (metric tons CO2e)

Scope 3, Category 11: Use of sold products emissions in reporting year
covered by target (metric tons CO2e)

Scope 3, Category 12: End-of-life treatment of sold products emissions inreporting year covered by target (metric tons CO2e)

Scope 3, Category 13: Downstream leased assets emissions in reporting year
covered by target (metric tons CO2e)

Scope 3, Category 14: Franchises emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Category 15: Investments emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Other (upstream) emissions in reporting year covered by target(metric tons CO2e)46
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Scope 3, Other (downstream) emissions in reporting year covered by target(metric tons CO2e)

Total Scope 3 emissions in reporting year covered by target (metric tons
CO2e)Total emissions in reporting year covered by target in all selected scopes(metric tons CO2e)732.536

Does this target cover any land-related emissions?
No, it does not cover any land-related emissions (e.g. non-FLAG SBT)

% of target achieved relative to base year [auto-calculated]
104.5060429722

Target status in reporting year
Underway

Please explain target coverage and identify any exclusions
This target is company-wide and covers 100% of our Scope 1 + 2 emissions.
In 2020, MSCI established absolute targets to reduce Scope 1 and 2 CO2e emissions
by 50% and from a 2019 base year by 2035, which can be found on our website. In
2022, MSCI reaffirmed its commitment to reach net-zero emissions across the value
chain by 2040 and enhanced its science-based near-term, long-term and net-zeroemissions reduction targets, all of which were approved by the Science-based Targets
Initiative (SBTi) and is reflected above.

Plan for achieving target, and progress made to the end of the reporting year
To achieve reductions, we plan to reduce our operational footprint, continue improving
our operational energy efficiency and will continue to increase our sourcing of renewableelectricity. The progress curve is likely to be incremental over time.

List the emissions reduction initiatives which contributed most to achieving
this target

Target reference number
Abs 2

Is this a science-based target?
Yes, and this target has been approved by the Science Based Targets initiative

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Target ambition
Well-below 2°C aligned

Year target was set
2022

Target coverage
Company-wide

Scope(s)Scope 3

Scope 2 accounting method

Scope 3 category(ies)Category 1: Purchased goods and services
Category 3: Fuel-and-energy-related activities (not included in Scopes 1 or 2)
Category 5: Waste generated in operations
Category 6: Business travel
Category 7: Employee commuting
Category 11: Use of sold products
Category 13: Downstream leased assets

Base year
2019

Base year Scope 1 emissions covered by target (metric tons CO2e)

Base year Scope 2 emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 1: Purchased goods and services emissions
covered by target (metric tons CO2e)27,762

Base year Scope 3, Category 2: Capital goods emissions covered by target(metric tons CO2e)

Base year Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) emissions covered by target (metric tons CO2e)609

Base year Scope 3, Category 4: Upstream transportation and distribution
emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 5: Waste generated in operations emissions
covered by target (metric tons CO2e)48
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676

Base year Scope 3, Category 6: Business travel emissions covered by target(metric tons CO2e)4,417

Base year Scope 3, Category 7: Employee commuting emissions covered bytarget (metric tons CO2e)
2,568

Base year Scope 3, Category 8: Upstream leased assets emissions covered bytarget (metric tons CO2e)

Base year Scope 3, Category 9: Downstream transportation and distribution
emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 10: Processing of sold products emissions
covered by target (metric tons CO2e)

Base year Scope 3, Category 11: Use of sold products emissions covered bytarget (metric tons CO2e)
1,938

Base year Scope 3, Category 12: End-of-life treatment of sold products
emissions covered by target (metric tons CO2e)

Base year Scope 3, Category 13: Downstream leased assets emissions
covered by target (metric tons CO2e)
417

Base year Scope 3, Category 14: Franchises emissions covered by target(metric tons CO2e)

Base year Scope 3, Category 15: Investments emissions covered by target(metric tons CO2e)

Base year Scope 3, Other (upstream) emissions covered by target (metric tons
CO2e)Base year Scope 3, Other (downstream) emissions covered by target (metrictons CO2e)49
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year total Scope 3 emissions covered by target (metric tons CO2e)38,387

Total base year emissions covered by target in all selected Scopes (metrictons CO2e)38,387

Base year Scope 1 emissions covered by target as % of total base year
emissions in Scope 1

Base year Scope 2 emissions covered by target as % of total base year
emissions in Scope 2

Base year Scope 3, Category 1: Purchased goods and services emissions
covered by target as % of total base year emissions in Scope 3, Category 1:
Purchased goods and services (metric tons CO2e)100

Base year Scope 3, Category 2: Capital goods emissions covered by target as% of total base year emissions in Scope 3, Category 2: Capital goods (metrictons CO2e)

Base year Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) emissions covered by target as % of total base year
emissions in Scope 3, Category 3: Fuel-and-energy-related activities (notincluded in Scopes 1 or 2) (metric tons CO2e)100

Base year Scope 3, Category 4: Upstream transportation and distribution
covered by target as % of total base year emissions in Scope 3, Category 4:
Upstream transportation and distribution (metric tons CO2e)

Base year Scope 3, Category 5: Waste generated in operations emissions
covered by target as % of total base year emissions in Scope 3, Category 5:
Waste generated in operations (metric tons CO2e)100

Base year Scope 3, Category 6: Business travel emissions covered by target
as % of total base year emissions in Scope 3, Category 6: Business travel(metric tons CO2e)100

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year Scope 3, Category 7: Employee commuting covered by target as %of total base year emissions in Scope 3, Category 7: Employee commuting(metric tons CO2e)100

Base year Scope 3, Category 8: Upstream leased assets emissions covered bytarget as % of total base year emissions in Scope 3, Category 8: Upstream
leased assets (metric tons CO2e)

Base year Scope 3, Category 9: Downstream transportation and distribution
emissions covered by target as % of total base year emissions in Scope 3,
Category 9: Downstream transportation and distribution (metric tons CO2e)

Base year Scope 3, Category 10: Processing of sold products emissions
covered by target as % of total base year emissions in Scope 3, Category 10:
Processing of sold products (metric tons CO2e)

Base year Scope 3, Category 11: Use of sold products emissions covered bytarget as % of total base year emissions in Scope 3, Category 11: Use of soldproducts (metric tons CO2e)100

Base year Scope 3, Category 12: End-of-life treatment of sold products
emissions covered by target as % of total base year emissions in Scope 3,
Category 12: End-of-life treatment of sold products (metric tons CO2e)

Base year Scope 3, Category 13: Downstream leased assets emissions
covered by target as % of total base year emissions in Scope 3, Category 13:
Downstream leased assets (metric tons CO2e)100

Base year Scope 3, Category 14: Franchises emissions covered by target as %of total base year emissions in Scope 3, Category 14: Franchises (metric tons
CO2e)Base year Scope 3, Category 15: Investments emissions covered by target as% of total base year emissions in Scope 3, Category 15: Investments (metrictons CO2e)

Base year Scope 3, Other (upstream) emissions covered by target as % of
total base year emissions in Scope 3, Other (upstream) (metric tons CO2e)51
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Base year Scope 3, Other (downstream) emissions covered by target as % of
total base year emissions in Scope 3, Other (downstream) (metric tons CO2e)

Base year total Scope 3 emissions covered by target as % of total base year
emissions in Scope 3 (in all Scope 3 categories)
100

Base year emissions covered by target in all selected Scopes as % of total
base year emissions in all selected Scopes
100

Target year
2030

Targeted reduction from base year (%)
50

Total emissions in target year covered by target in all selected Scopes (metrictons CO2e) [auto-calculated]
19,193.5

Scope 1 emissions in reporting year covered by target (metric tons CO2e)

Scope 2 emissions in reporting year covered by target (metric tons CO2e)

Scope 3, Category 1: Purchased goods and services emissions in reporting
year covered by target (metric tons CO2e)
33,377

Scope 3, Category 2: Capital goods emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Category 3: Fuel-and-energy-related activities (not included in
Scopes 1 or 2) emissions in reporting year covered by target (metric tons
CO2e)
2,331

Scope 3, Category 4: Upstream transportation and distribution emissions inreporting year covered by target (metric tons CO2e)

Scope 3, Category 5: Waste generated in operations emissions in reporting
year covered by target (metric tons CO2e)
190

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Scope 3, Category 6: Business travel emissions in reporting year covered bytarget (metric tons CO2e)
1,929

Scope 3, Category 7: Employee commuting emissions in reporting year
covered by target (metric tons CO2e)
1,664

Scope 3, Category 8: Upstream leased assets emissions in reporting year
covered by target (metric tons CO2e)

Scope 3, Category 9: Downstream transportation and distribution emissions
in reporting year covered by target (metric tons CO2e)

Scope 3, Category 10: Processing of sold products emissions in reporting
year covered by target (metric tons CO2e)

Scope 3, Category 11: Use of sold products emissions in reporting year
covered by target (metric tons CO2e)
2,883

Scope 3, Category 12: End-of-life treatment of sold products emissions inreporting year covered by target (metric tons CO2e)

Scope 3, Category 13: Downstream leased assets emissions in reporting year
covered by target (metric tons CO2e)
316

Scope 3, Category 14: Franchises emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Category 15: Investments emissions in reporting year covered bytarget (metric tons CO2e)

Scope 3, Other (upstream) emissions in reporting year covered by target(metric tons CO2e)

Scope 3, Other (downstream) emissions in reporting year covered by target(metric tons CO2e)53
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Total Scope 3 emissions in reporting year covered by target (metric tons
CO2e)42,690Total emissions in reporting year covered by target in all selected scopes(metric tons CO2e)42,690

Does this target cover any land-related emissions?
No, it does not cover any land-related emissions (e.g. non-FLAG SBT)

% of target achieved relative to base year [auto-calculated]-22.4190481152

Target status in reporting year
Underway

Please explain target coverage and identify any exclusions
This target is company-wide and covers 100% of our Scope 3 emissions.
In 2020, MSCI established absolute targets to reduce Scope 3 emissions by 20%, froma 2019 base year by 2035 which can be found on our website. In 2022, MSCI
reaffirmed its commitment to reach net-zero emissions across the value chain by 2040
and enhanced its science-based near-term, long-term and net-zero emissions reduction
targets, all of which were approved by the Science-based Targets Initiative (SBTi) and isreflected above.
Please note: MSCI is in the process of recalculating base-year emissions and reverifying Scope 3 purchase goods and services emissions. We currently anticipate
significant changes to our base year emissions compared to the previously calculated
value. We plan to publicly disclose these updated values once they have received thirdparty verification on our website.

Plan for achieving target, and progress made to the end of the reporting year
We plan to drive emissions reductions in our supply chain through supplier engagement
and procuring low-carbon products. We are pursuing remote working opportunities
where possible for our office staff. We are also aiming to minimize business travel andare shifting to lower carbon modes of business travel where possible. We also plan toincentivize the procurement of renewable energy at our downstream leased offices. The
progress curve is likely to be incremental over time.

List the emissions reduction initiatives which contributed most to achieving
this target

C4.2(C4.2) Did you have any other climate-related targets that were active in the reportingyear?
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Net-zero target(s)C4.2c(C4.2c) Provide details of your net-zero target(s).

Target reference number
NZ1

Target coverage
Company-wide

Absolute/intensity emission target(s) linked to this net-zero target
Abs1
Abs2

Target year for achieving net zero2040

Is this a science-based target?
Yes, and this target has been approved by the Science Based Targets initiative

Please explain target coverage and identify any exclusions
This target is company-wide and covers 100% of both our Scope 1, Scope 2 and Scope
3 emissions.

Do you intend to neutralize any unabated emissions with permanent carbon
removals at the target year?
Yes

Planned milestones and/or near-term investments for neutralization at target
year
MSCI has not yet finalized plans to invest in neutralization activities. We are currently
evaluating different carbon removal / offset options.

Planned actions to mitigate emissions beyond your value chain (optional)

C4.3(C4.3) Did you have emissions reduction initiatives that were active within thereporting year? Note that this can include those in the planning and/or
implementation phases.
Yes

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C4.3a
(C4.3a) Identify the total number of initiatives at each stage of development, and for
those in the implementation stages, the estimated CO2e savings.
Number of
initiatives

Total estimated annual CO2e savings in metrictonnes CO2e (only for rows marked *)Under investigation0

0

To be implemented*

00

Implementationcommenced*

00

Implemented*

4

187.94

Not to be implemented 0

0

C4.3b
(C4.3b) Provide details on the initiatives implemented in the reporting year in the tablebelow.

Initiative category & Initiative typeCompany policy or behavioral change
Site consolidation/closure

Estimated annual CO2e savings (metric tonnes CO2e)
41.04

Scope(s) or Scope 3 category(ies) where emissions savings occur
Scope 2 (market-based)

Voluntary/Mandatory
Voluntary

Annual monetary savings (unit currency – as specified in C0.4)
5,000

Investment required (unit currency – as specified in C0.4)
0Payback period
No payback

Estimated lifetime of the initiative
Ongoing

Comment
Monterrey: 8th floor representing 18% of the total space we occupy continues to be shut
down and, therefore, results in energy savings (lights and AC).
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Initiative category & Initiative typeCompany policy or behavioral change
Site consolidation/closure

Estimated annual CO2e savings (metric tonnes CO2e)
122.4

Scope(s) or Scope 3 category(ies) where emissions savings occur
Scope 2 (market-based)

Voluntary/Mandatory
Voluntary

Annual monetary savings (unit currency – as specified in C0.4)
20,000Investment required (unit currency – as specified in C0.4)
85,000

Payback period
4-10 years

Estimated lifetime of the initiative
6-10 years

Comment
Mumbai: Returned 50% space in August 2022 so all consumption will, accordingly,
reduce. In addition, implemented the following measures:
1. All lights LED. Maximize day light by not placing closed rooms in front of external
glazing
2. Lux level regulator that controls the brightness of the lights.

Initiative category & Initiative typeCompany policy or behavioral change
Site consolidation/closure

Estimated annual CO2e savings (metric tonnes CO2e)
12.3

Scope(s) or Scope 3 category(ies) where emissions savings occur
Scope 2 (market-based)

Voluntary/Mandatory
Voluntary

Annual monetary savings (unit currency – as specified in C0.4)
7,826
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Investment required (unit currency – as specified in C0.4)
0Payback period
No payback

Estimated lifetime of the initiative
Ongoing

Comment
New York 47th floor (16% of total rented space) sublet from 1st May 2022. We hadalready sublet 18% before 2022 and, with this, a total of 34% is now sublet

Initiative category & Initiative typeCompany policy or behavioral change
Site consolidation/closure

Estimated annual CO2e savings (metric tonnes CO2e)
12.2

Scope(s) or Scope 3 category(ies) where emissions savings occur
Scope 2 (market-based)

Voluntary/Mandatory
Voluntary

Annual monetary savings (unit currency – as specified in C0.4)
20,490Investment required (unit currency – as specified in C0.4)
0Payback period
No payback

Estimated lifetime of the initiative
Ongoing

Comment
Additional space sublet from 1st August 2022

C4.3c
(C4.3c) What methods do you use to drive investment in emissions reduction
activities?
MethodComment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Dedicated
Throughout 2022, we continued to explore many opportunities related to resource
budget for
efficiency and continually seek to do more, including by selecting office space inenergy efficiency buildings certified by the Leadership in Energy and Environmental Design (LEED)or Building Research Establishment Environmental Assessment Methodology(BREEAM) — with highly efficient design, construction and operations. We
continue to implement energy efficient systems and equipment and use
automated lighting and air controls across our offices.
As we adjust our offices or add new locations, we prioritize efficient space andrenewable energy accessibility. We use a comprehensive sustainability checklist
to evaluate all potential new office buildings to ensure MSCI offices meet highenergy efficiency standards. For example, in 2021 MSCI’s Zurich office wasestablished in a building which received LEED Gold certification and ourBudapest office was refreshed with motion-sensor controlled LED lighting andreceived LEED Platinum certification.
MSCI also annually reviews the acquisition of energy attribute certificates (EACs)
to “green” the electricity we use across our physical operations. We purchased,for example, unbundled EACs for virtually all global office locations in 2022.
These EAC purchases, combined with some Green Power contracts through local
utilities offset 99.86% of our total Electric Power usage in 2022. We were unable
to reach 100% renewable power due to lack of access to renewable energy
instruments for our South Korea office, but are actively monitoring that market
and looking at other options to close this gap.
Employeeengagement

In addition to taking steps to lower Scope 3 emissions, we also believe thatclimate education and employee engagement on local climate action can help
integrate a carbon-reduction focus across MSCI. As of December 31, 2022, there
were 25 Climate Action Network (CAN) groups and 93% of our employee basehad the opportunity to participate in a CAN. CAN groups work across our global
offices to increase awareness, engagement and management of local and global
environmental issues. These groups lead discussions on local and at-homeclimate aware practices such as increasing energy efficiency, renewable energy
usage and water conservation.
Employees are also required to conduct business travel by the guidelines outlined
in MSCI's travel policy;• Guidelines that encourage virtual meetings instead of traveling.
• Requirement to use electric or hybrid vehicles if available whenever it isnecessary to rent a car.
• Requirement to use pre-approved hotels with strong sustainability practices.
• Requirement to book economy instead of business for most air travel.
• Guidelines that prioritize use of rail instead of air travel; we proactively identify
for travelers the city combinations where rail options are available.
• Guidelines that prioritize use of public transportation in lieu of cars or ride/taxi
services.
• Options for booking flight and rail presented to travelers via our online travel

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

booking tool, prioritized by level of emissions. Travel details, including emissions,
are noted in pre-travel approval and regularly reviewed with senior managers.
• Tips for sustainable travel through a travel website and webinars aimed toeducate travelers.
Our hybrid work policies also potentially lower emissions by decreasing employee
commuting.

C4.5(C4.5) Do you classify any of your existing goods and/or services as low-carbon
products?
Yes

C4.5a
(C4.5a) Provide details of your products and/or services that you classify as lowcarbon products.

Level of aggregation
Group of products or services

Taxonomy used to classify product(s) or service(s) as low-carbon
Low-Carbon Investment (LCI) Registry Taxonomy

Type of product(s) or service(s)Other
Other, please specify
ESG & Climate index equity and fixed income indexes

Description of product(s) or service(s)MSCI’s suite of climate equity and fixed income indexes aims to address the key
dimensions of climate investing including reducing investors’ carbon footprint, shiftingfrom fossil fuel to clean technologies and aligning with the Paris Agreement. Examplesof our climate indexes include MSCI Low Carbon Indexes, MSCI Climate Change
Indexes and MSCI Climate Paris Aligned Indexes.
We also provide a circular economy index series which includes exposure to
renewables and energy efficiency, sustainable water transition, sharing economy,
plastics transition and natural resources.
The MSCI Global Green Building Index includes developed and emerging market large-,
mid- and small-cap companies that derive 50% or more of their revenues from products
and services in green building. ESG ratings, research and analysis are produced by
MSCI ESG Research LLC. MSCI ESG Indexes and Analytics use information from, but
are not provided by, MSCI ESG Research LLC. MSCI Indexes and Analytics are

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

products of MSCI Inc. MSCI Indexes are administered by MSCI Limited (UK).
Calculation note: MSCI does not disclose the revenue of these indexes.
The run rate, as defined in MSCI’s financial statements, for our Company-wide ESG andClimate offerings (including ESG and Climate-related products reported across all
operating segments) was USD 433 million as of Dec. 31, 2022.

Have you estimated the avoided emissions of this low-carbon product(s) or
service(s)NoMethodology used to calculate avoided emissions

Life cycle stage(s) covered for the low-carbon product(s) or services(s)Functional unit used

Reference product/service or baseline scenario used

Life cycle stage(s) covered for the reference product/service or baseline
scenario

Estimated avoided emissions (metric tons CO2e per functional unit) compared
to reference product/service or baseline scenario

Explain your calculation of avoided emissions, including any assumptions

Revenue generated from low-carbon product(s) or service(s) as % of total
revenue in the reporting year

C5. Emissions methodology
C5.1(C5.1) Is this your first year of reporting emissions data to CDP?
No

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C5.1a
(C5.1a) Has your organization undergone any structural changes in the reporting year,
or are any previous structural changes being accounted for in this disclosure ofemissions data?
Row 1
Has there been a structural change?
No

C5.1b
(C5.1b) Has your emissions accounting methodology, boundary, and/or reporting year
definition changed in the reporting year?
Change(s) in methodology, boundary, and/or reporting year definition?
Row 1

No

C5.2
(C5.2) Provide your base year and base year emissions.
Scope 1
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)272.1

Comment

Scope 2 (location-based)
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)
7,767

Comment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Scope 2 (market-based)
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)4,196Comment

Scope 3 category 1: Purchased goods and services
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)27,762

Comment
MSCI is in the process of recalculating base-year emissions and re-verifying Scope 3
purchase goods and services emissions. We currently anticipate significant changes toour base year emissions compared to the previously calculated value. We plan to
publicly disclose these updated values once they have received third-party verificationon our website.

Scope 3 category 2: Capital goods
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3 category 3: Fuel-and-energy-related activities (not included in Scope 1 or
2)
Base year start
January 1, 201963
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)609

Comment

Scope 3 category 4: Upstream transportation and distribution
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3 category 5: Waste generated in operations
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)676

Comment

Scope 3 category 6: Business travel
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)4,417

Comment

Scope 3 category 7: Employee commuting

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)
2,568Comment

Scope 3 category 8: Upstream leased assets
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3 category 9: Downstream transportation and distribution
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3 category 10: Processing of sold products
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Scope 3 category 11: Use of sold products
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)
1,938

Comment

Scope 3 category 12: End of life treatment of sold products
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3 category 13: Downstream leased assets
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)417

Comment

Scope 3 category 14: Franchises
Base year start

Base year end

Base year emissions (metric tons CO2e)66
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Comment

Scope 3 category 15: Investments
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3: Other (upstream)
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

Scope 3: Other (downstream)
Base year start

Base year end

Base year emissions (metric tons CO2e)

Comment

C5.3(C5.3) Select the name of the standard, protocol, or methodology you have used tocollect activity data and calculate emissions.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised
Edition)

C6. Emissions data
C6.1
(C6.1) What were your organization’s gross global Scope 1 emissions in metric tons
CO2e?
Reporting year
Gross global Scope 1 emissions (metric tons CO2e)154

Comment

C6.2(C6.2) Describe your organization’s approach to reporting Scope 2 emissions.
Row 1
Scope 2, location-based
We are reporting a Scope 2, location-based figure

Scope 2, market-based
We are reporting a Scope 2, market-based figure

Comment

C6.3(C6.3) What were your organization’s gross global Scope 2 emissions in metric tons
CO2e?
Reporting year
Scope 2, location-based
6,824

Scope 2, market-based (if applicable)
579

Comment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

C6.4
(C6.4) Are there any sources (e.g. facilities, specific GHGs, activities, geographies,etc.) of Scope 1, Scope 2 or Scope 3 emissions that are within your selected reporting
boundary which are not included in your disclosure?
No

C6.5(C6.5) Account for your organization’s gross global Scope 3 emissions, disclosing
and explaining any exclusions.
Purchased goods and services
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
33,377

Emissions calculation methodology
Spend-based method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
Financial spend data was provided by internal MSCI databases for PG&S categories.
The financial data was used in an Economic Input-Output LCA database called CEDA toderive emissions per financial category type. The model was adjusted to account for
Adjusted Price Indices of the model, such as inflation, and a Purchase to Producer
Adjustment.
MSCI is in the process of recalculating base-year emissions and re-verifying Scope 3
purchase goods and services emissions. We currently anticipate significant changes toour base year emissions compared to the previously calculated value. We plan to
publicly disclose these updated values once they have received third-party verificationon our website.

Capital goods
Evaluation status
Not relevant, explanation provided

Please explain
MSCI's internal databases do not differentiate between capital goods and purchased
goods and services. As such, per guidance from the GHG Protocol, all emissions

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

associated with purchases are accounted for in C1 - Purchased Goods & Services.

Fuel-and-energy-related activities (not included in Scope 1 or 2)
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)2,331

Emissions calculation methodology
Fuel-based method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
Emissions are calculated using Defra’s Well-to-tank (WTT) and IEA & EPA transmission
and distribution (T&D) emission factors for fuels and electric power for MSCI's inventory.

Upstream transportation and distribution
Evaluation status
Not relevant, explanation provided

Please explain
Upstream transport is not relevant to MSCI's business activities. MSCI does not provide
any durable products that requirement shipment. All of MSCI's products are either digitalor service based. Emissions from the usage of digital products is captured in the Use of
Sold Goods Scope 3 category. Emissions from the transportation of employees on their
way to provide services are captured in the Business Travel Scope 3 category.
Emissions from shipments of goods, such as office equipment, that facilitate the deliveryof MSCI's services are captured in the Purchased Goods and Services category.

Waste generated in operations
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
190

Emissions calculation methodology
Waste-type-specific method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Please explain
MSCI utilized a waste generation study for global offices that estimated average waste
generation and destination per FTE. MSCI then used Defra emission factors per end oflife destination to derive total emissions.

Business travel
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
1,929

Emissions calculation methodology
Distance-based method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
This category includes air travel, hotel stays and car rentals. Air travel data is based oninternal tracking of flights taken, multiplied by Defra air travel emission factors. Hotelemissions are calculated based on the total room nights per country multiplied by Defra
emission factors for hotel stays per country. Car rental is calculated by taking total miles
per vehicle type, using Defra emission factors for passenger vehicles.

Employee commuting
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
1,664

Emissions calculation methodology
Distance-based method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
This category includes employee commuting to the office and employee homeworking
estimates. Employee commuting is calculated by extrapolating commuting patterns for
all global locations. This included an analysis of total driving distance (based on
distance between home and office zip codes) and average employee commuting
patterns (based on MSCI's office manager feedback on modes including public
transport, car, walking/bike and rail). The total distance for the commute was multiplied

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

by total assumed trips per year, multiplied by a mode-specific emission factor.
Employee homeworking energy usage was estimated using an assumed average
allocation of home energy intensity and working hours, multiplied by the total number of
employees per region. Emissions were estimated by taking the total energy usage percountry/region and multiplying by regional electric power and natural gas factors.

Upstream leased assets
Evaluation status
Not relevant, explanation provided

Please explain
MSCI offsets 100% of emissions from our upstream leased asset properties; therefore,
the emissions in this category are not relevant to the overall Scope 3 impact.

Downstream transportation and distribution
Evaluation status
Not relevant, explanation provided

Please explain
Downstream transport is not relevant to MSCI's business activities. MSCI does notprovide any durable products that require shipment. All of MSCI's products are either
digital or service based. Emissions from the usage of digital products is captured in the
Use of Sold Goods Scope 3 category. Emissions from the transportation of employeeson their way to provide services are captured in the Business Travel Scope 3 category.
Emissions from shipments of goods, such as office equipment, that facilitate the deliveryof MSCI's services are captured in the Purchased Goods and Services category.

Processing of sold products
Evaluation status
Not relevant, explanation provided

Please explain
MSCI does not sell products that require further processing downstream. All of MSCI's
products are either digital or services based. Emissions from the usage of digitalproducts is captured in the Use of Sold Goods Scope 3 category.

Use of sold products
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
2,883

Emissions calculation methodology
Methodology for direct use phase emissions, please specify

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Involves breaking down the use phase, measuring emissions per product, andaggregating emissions

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
MSCI evaluated user login statistics for all file transfers and webpage engagement.
Data center usage is accounted for in Scopes 1 and 2; this category evaluates thecomputer energy usage (and resulting emissions) from clients using desktop or laptop
computers when using MSCI's web-based tools. Energy usage was calculated using an
average assumed engagement time per login (and average file transfer time).
Emissions were calculated based on total energy multiplied by the assumed client
location, assuming only electric power usage.

End of life treatment of sold products
Evaluation status
Not relevant, explanation provided

Please explain
This category is not relevant to MSCI's business activities because no physical goods
are sold that result in an end-of-life emission. All of MSCI's products are either digital orservices based. Emissions from the usage of digital products is captured in the Use of
Sold Goods Scope 3 category.

Downstream leased assets
Evaluation status
Not relevant, calculated

Emissions in reporting year (metric tons CO2e)
316

Emissions calculation methodology
Asset-specific method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
MSCI used total square footage of downstream leased assets (not included in Scopes 1
and 2) multiplied by an average assumed energy consumption per square footage
intensity figure to derive total energy use. Emissions were estimated using total energy
usage multiplied by the regional emission factor (eGRID).

Franchises

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Evaluation status
Not relevant, explanation provided

Please explain
This category is not relevant to MSCI's business activities - MSCI does not have any
franchises.

Investments
Evaluation status
Not relevant, explanation provided

Please explain
MSCI offsets 100% of emissions from our investment properties; therefore, emissions
in this category are not relevant to the overall Scope 3 impact.

Other (upstream)
Evaluation status
Not evaluatedPlease explain

Other (downstream)
Evaluation status
Not evaluatedPlease explain

C6.7(C6.7) Are carbon dioxide emissions from biogenic carbon relevant to yourorganization?
No

C6.10
(C6.10) Describe your gross global combined Scope 1 and 2 emissions for thereporting year in metric tons CO2e per unit currency total revenue and provide any
additional intensity metrics that are appropriate to your business operations.

Intensity figure
0.00000033

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Metric numerator (Gross global combined Scope 1 and 2 emissions, metrictons CO2e)733

Metric denominator
unit total revenue

Metric denominator: Unit total
2,248,596,000

Scope 2 figure used
Market-based% change from previous year
40.77

Direction of change
Decreased

Reason(s) for change
Change in renewable energy consumption

Please explain
The 2021 Scope 1 and 2 (market-based) emissions totaled 1,124 mtCO2e. Therefore
1,124 / $2,043,544,000 = 0.000000550. The 2022 Scope 1 and 2 (market-based)emissions totaled 733 mtCO2e. Therefore, 733 /$2,248,598,000 = 0.00000033. The
reason for the change was primarily attributed to MSCI’s increase in renewable energy
consumption, as well as energy efficiency initiatives including scaling down the size ofcertain locations, which helped drive a 40.77% decrease in total Scope 1 and 2
emissions per total unit revenue from 2021.

Intensity figure
0.15392646

Metric numerator (Gross global combined Scope 1 and 2 emissions, metrictons CO2e)733

Metric denominator
full time equivalent (FTE) employee

Metric denominator: Unit total
4,759

Scope 2 figure used
Market-based% change from previous year
41.07
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Direction of change
Decreased

Reason(s) for change
Change in renewable energy consumption

Please explain
The 2021 Scope 1 and 2 (market-based) emissions totaled 1,124 mtCO2e. Therefore,
1,124 / 4,303 = 0.2612. This year’s (2022) Scope 1 and 2 (market-based) emissions
totaled 733 mtCO2e. Therefore, 733 / 4,759 = 0.15392646. The reason for the change
was primarily attributed to MSCI’s increase in renewable energy consumption, as wellas energy efficiency initiatives including scaling down the size of certain locations, which
helped drive a 41.07% decrease in total Scope 1 and 2 emissions per full time employee
from 2021.

C7. Emissions breakdowns
C7.1(C7.1) Does your organization break down its Scope 1 emissions by greenhouse gas
type?
Yes

C7.1a
(C7.1a) Break down your total gross global Scope 1 emissions by greenhouse gas
type and provide the source of each used greenhouse warming potential (GWP).
Greenhousegas

Scope 1 emissions (metric tons of
CO2e)

GWP Reference

CO2

153.66IPCC Fifth Assessment Report (AR5 –100 year)

CH4

0.11

IPCC Fifth Assessment Report (AR5 –100 year)

N2O

0.24

IPCC Fifth Assessment Report (AR5 –100 year)C7.2(C7.2) Break down your total gross global Scope 1 emissions by country/area/region.
Country/area/region

Scope 1 emissions (metric tons CO2e)

Canada

3.16

China

3

France0.24

Hungary

0.17
76
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

India

11.75

Mexico2.82

Philippines

12.04

United Arab Emirates

0.29

United Kingdom of Great Britain and Northern Ireland

11.74

United States of America

108.83

C7.3(C7.3) Indicate which gross global Scope 1 emissions breakdowns you are able toprovide.
By facility

C7.3b(C7.3b) Break down your total gross global Scope 1 emissions by business facility.
Facility

Scope 1 emissions (metric tons CO2e)

LatitudeLongitude

Beijing

0.37

39.923599

116.360397

Berkeley

30.58

37.870673-122.270904

Budapest

0.17

47.52056

19.06436

Chicago4.4

41.877443-87.635733

Dubai

0.29

25.17868

55.22482

Hong Kong

0.96

22.271727

114.178162

London11.74

51.51981-0.077342

Manila12.04

42.4729-73.164146

Monterrey

2.82

25.64767-100.3529

Mumbai

7.06

19.16180672.857589

New York

7.81

40.713406-74.011943

Norman66.04

35.183685-97.438296

Paris

0.24

48.873281

2.305578

Pune

4.69

18.520283

73.932422

Shanghai

1.67

31.232398

121.507949

Toronto3.16

43.649251-79.380776

C7.5(C7.5) Break down your total gross global Scope 2 emissions by country/area/region.
Country/area/region

Scope 2, location-based(metric tons CO2e)

Scope 2, market-based(metric tons CO2e)77
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Australia

27.48

0.07

Canada

4.34

0

China

91.99

0

Republic of Korea

8.88

8.88

France3.61

0Germany

17.04

13.84

Hungary

88.35

0

India

947.71163.45

Italy

6.88

0

Japan

78.76

58.89

Mexico308.020Philippines

551.740Singapore

15.04

4.38

Sweden0.44

0Switzerland

64.81

0

Taiwan, China

0.73

0

United Arab Emirates

285.53176.87

United Kingdom of Great Britain andNorthern Ireland

125.5973.05

United States of America

4,197.56

79.13

C7.6
(C7.6) Indicate which gross global Scope 2 emissions breakdowns you are able toprovide.
By facility

C7.6b(C7.6b) Break down your total gross global Scope 2 emissions by business facility.
Facility

Scope 2, location-based (metrictons CO2e)

Scope 2, market-based (metrictons CO2e)

Bangalore

16.09

0

Beijing

17.78

0Berkeley

48.55

0

Boston5.97

0Budapest

88.35

0Chicago

18.16

0
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Dubai

285.53176.87Frankfurt

17.04

13.84

Geneva1.54

0Geneva DC1 - Safehost

29.67

0

Geneva DC2 - GTT

32.77

0

Hong Kong

47.03

0

Las Vegas DC1 - Switch
NAP4

1,539.72

0

Las Vegas DC2 - Switch
NAP8

1,889.11

0

London125.59

73.05

Lulea

0.04

0

Manila551.74

0

Milan

6.88

0

Monterrey

308.020

Mumbai792.11163.45

New York

410.310

Norman153.96

79.13

Paris

3.61

0

Pune

139.510

San Francisco

14.41

0

San Jose

25.92

0

Seoul

8.88

8.88

Shanghai

27.18

0Singapore

15.04

4.38

Stockholm

0.4

0Sydney

27.48

0.07

Taipei

0.73

0

Tokyo

78.76

58.89

Toronto4.34

0

Zurich - Prime Tower

0.83

0

New York (2)

91.46

0

C7.7
(C7.7) Is your organization able to break down your emissions data for any of thesubsidiaries included in your CDP response?

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

No

C7.9
(C7.9) How do your gross global emissions (Scope 1 and 2 combined) for thereporting year compare to those of the previous reporting year?
Decreased

C7.9a(C7.9a) Identify the reasons for any change in your gross global emissions (Scope 1
and 2 combined), and for each of them specify how your emissions compare to theprevious year.
Change in
Direction of Emissions
emissionschange invalue(metric tons emissions (percentage)
CO2e)Please explain calculation

Change inrenewableenergyconsumption

782.766

Decreased

69.66

MSCI procures renewable energy inthe form of unbundled Renewable
Energy Credits (REC) at all of its Data
Centers. In both 2021 and 2022, thevolume of unbundled RECs purchased
at these facilities has been equivalent
to total energy consumption andtherefore, market-based Scope 2
emissions at these sites has remained
at 0. Additionally, MSCI purchased
unbundled EACs for global officelocations in 2022. These EACs offset
783 mtons more of CO2e from electric
power usage than in 2021. Emissions
savings from EACs were calculated bymultiplying the volume of EACs
purchased (in terms of MWh) by theappropriate market-based emissions
factor. The formula used to calculate
the emissions value (percentage)
column was as follows: (Change in
Scope 1+2 emissions attributed to newrenewable energy purchases [783mtons CO2e]) / (Previous year Scope
1+2 emissions [1,124]) X 100 =69.66% decrease.

Otheremissions188

Decreased

16.73

MSCI's emissions were reduced by
188 MTCO2e between 2021 and 2022
as a result of energy efficiency projects
80

Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

reduction
activities

during the reporting year including
scaling down office space inMonterrey, Mumbai, New York and
San Jose. The reduction in officespace decreased MSCI's 2022 electric
power load by an estimated 364,323
kWh compared to 2021. The formulaused to calculate the emissions value(percentage) column was as follows:(Change in Scope 1+2 emissions
attributed to scaling down office space[188 mtons CO2e]) / (Previous year
Scope 1+2 emissions [1,124]) X 100 =16.73% decrease.

Divestment0

No change

0

MSCI did not have any divestments in
2022.

Acquisitions

0

No change

0

MSCI did not have any acquisitions in
2022.

Mergers0

No change

0

MSCI did not have any mergers occur
in 2022.

Change in
output0

No change

0

MSCI did not have any output changes
in 2022.

Change inmethodology0

No change

0

MSCI did not have any methodology
changes in 2022.

Change inboundary0

No change

0

MSCI did not have any boundarychanges in 2022.

Change inphysicaloperatingconditions

0

No change

0

MSCI did not have any change inphysical operating conditions in 2022.

Unidentified

580

Increased

51.57

Total S1+2 market-based emissions
decreased by 391 metric tons CO2efrom 2021 to 2022. After accounting foremissions reductions from efficiency
projects and changes in renewableenergy, an increase of 580 metric tonsof CO2e remains unidentified. The
emissions percentage is calculated bytaking the unidentified change inemissions (metric tons CO2e) / 2021
total Scope 1&2 emissions = 580
metric tons CO2e / 1,124 metric tons
CO2e= 51.57% increase.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Other

0

No change0

No other changes in 2022.

C7.9b(C7.9b) Are your emissions performance calculations in C7.9 and C7.9a based on alocation-based Scope 2 emissions figure or a market-based Scope 2 emissions
figure?
Market-based

C8. Energy
C8.1(C8.1) What percentage of your total operational spend in the reporting year was onenergy?
More than 0% but less than or equal to 5%

C8.2(C8.2) Select which energy-related activities your organization has undertaken.
Indicate whether your organization undertook this energyrelated activity in the reporting year
Consumption of fuel (excluding
feedstocks)

Yes

Consumption of purchased or
acquired electricity

Yes

Consumption of purchased or
acquired heat

Yes

Consumption of purchased or
acquired steamNo

Consumption of purchased or
acquired cooling

Yes

Generation of electricity, heat,steam, or cooling

No

C8.2a
(C8.2a) Report your organization’s energy consumption totals (excluding feedstocks)
in MWh.
Heatingvalue

MWh from
renewable
sources

MWh from nonrenewablesources

Total (renewable
and non-renewable)
MWh82
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Consumption of fuel(excluding feedstock)

HHV (higher
heatingvalue)

0763.75763.75

Consumption ofpurchased or acquired
electricity

17,739.1

18.26

17,757.36

Consumption ofpurchased or acquired
heat

0

35.19

35.19

Consumption ofpurchased or acquired
cooling

03,135.57

3,135.57

Total energy
consumption

17,739.1

3,952.77

21,691.87

C8.2b
(C8.2b) Select the applications of your organization’s consumption of fuel.
Indicate whether your organization undertakes thisfuel application
Consumption of fuel for the generation ofelectricity

Yes

Consumption of fuel for the generation of
heat

Yes

Consumption of fuel for the generation of
steam

No

Consumption of fuel for the generation ofcooling

No

Consumption of fuel for co-generation or
tri-generation

No

C8.2c
(C8.2c) State how much fuel in MWh your organization has consumed (excluding
feedstocks) by fuel type.
Sustainable biomass
Heating value
Unable to confirm heating value

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity
83
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

0

MWh fuel consumed for self-generation of heat0

Comment
MSCI does not use any sustainable biomass.

Other biomass
Heating value
Unable to confirm heating value

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat0

Comment
MSCI does not use any other biomass.

Other renewable fuels (e.g. renewable hydrogen)Heating value
Unable to confirm heating value

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat0

Comment
MSCI does not use any other renewable fuels.

Coal
Heating value
Unable to confirm heating value

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity
084
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

MWh fuel consumed for self-generation of heat0

Comment
MSCI does not use coal.

Oil
Heating value
HHV

Total fuel MWh consumed by the organization
215.91

MWh fuel consumed for self-generation of electricity
215.91

MWh fuel consumed for self-generation of heat0

Comment
Includes diesel fuel used to power MSCI generators.

Gas
Heating value
HHV

Total fuel MWh consumed by the organization
547.84

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat
547.84

Comment
Includes natural gas used for MSCI space heating.

Other non-renewable fuels (e.g. non-renewable hydrogen)Heating value
Unable to confirm heating value

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat

85
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

0

Comment
MSCI does not use any other non-renewable fuels.

Total fuelHeating value
HHV

Total fuel MWh consumed by the organization
763.75

MWh fuel consumed for self-generation of electricity
215.91

MWh fuel consumed for self-generation of heat
547.84

Comment

C8.2e(C8.2e) Provide details on the electricity, heat, steam, and/or cooling amounts thatwere accounted for at a zero or near-zero emission factor in the market-based Scope
2 figure reported in C6.3.

Country/area of low-carbon energy consumption
Australia

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)40

Tracking instrument used
Australian LGC

Country/area of origin (generation) of the low-carbon energy or energy
attribute

86
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Australia

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
CanadaSourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeWind

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)36

Tracking instrument used
US-RECCountry/area of origin (generation) of the low-carbon energy or energy
attribute
United States of America

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

87
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Country/area of low-carbon energy consumption
China

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)149

Tracking instrument used
I-REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
China

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
FranceSourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)7088Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Tracking instrument used
GO

Country/area of origin (generation) of the low-carbon energy or energy
attribute
FranceAre you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Germany

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)10Tracking instrument used
GO

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Germany

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)89
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Comment

Country/area of low-carbon energy consumption
Hungary

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)400

Tracking instrument used
GO

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Hungary

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
India

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology type

90
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Solar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)1,132Tracking instrument used
Indian REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
India

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Italy

Sourcing method
Retail supply contract with an electricity supplier (retail green electricity)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)26

Tracking instrument used
Contract

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Italy

Are you able to report the commissioning or re-powering year of the energy
generation facility?
91
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Japan

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)42

Tracking instrument used
J-Credit (Renewable)

Country/area of origin (generation) of the low-carbon energy or energy
attributeJapan

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
MexicoSourcing method

92
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)771

Tracking instrument used
I-REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
MexicoAre you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Philippines

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)775

Tracking instrument used
I-REC

93
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Philippines

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Singapore

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)28

Tracking instrument used
I-REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Singapore

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

94
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Country/area of low-carbon energy consumption
SwedenSourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)43

Tracking instrument used
GO

Country/area of origin (generation) of the low-carbon energy or energy
attribute
SwedenAre you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Switzerland

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology type
Solar

95
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)2,519Tracking instrument used
GO

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Switzerland

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Switzerland

Sourcing method
Retail supply contract with an electricity supplier (retail green electricity)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)95

Tracking instrument used
Contract

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Switzerland

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
Taiwan, China

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)1

Tracking instrument used
I-REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
Taiwan, China

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
United Arab Emirates

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)206

Tracking instrument used
I-REC

Country/area of origin (generation) of the low-carbon energy or energy
attribute
United Arab Emirates

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
United Kingdom of Great Britain and Northern Ireland

Sourcing method
Retail supply contract with an electricity supplier (retail green electricity)

Energy carrier
Electricity

Low-carbon technology typeSolar

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)269

Tracking instrument used
Contract

Country/area of origin (generation) of the low-carbon energy or energy
attribute
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United Kingdom of Great Britain and Northern Ireland

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

Country/area of low-carbon energy consumption
United States of America

Sourcing method
Unbundled procurement of energy attribute certificates (EACs)

Energy carrier
Electricity

Low-carbon technology typeWind

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)11,127

Tracking instrument used
US-RECCountry/area of origin (generation) of the low-carbon energy or energy
attribute
United States of America

Are you able to report the commissioning or re-powering year of the energy
generation facility?
No

Commissioning year of the energy generation facility (e.g. date of firstcommercial operation or repowering)

Comment

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C8.2g
(C8.2g) Provide a breakdown by country/area of your non-fuel energy consumption in
the reporting year.

Country/area
Australia

Consumption of purchased electricity (MWh)40.36

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
40.36

Country/area
CanadaConsumption of purchased electricity (MWh)36.14

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
36.14

Country/area
China

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Consumption of purchased electricity (MWh)148.98Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
148.98Country/area
FranceConsumption of purchased electricity (MWh)70.17

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
70.17Country/area
Germany

Consumption of purchased electricity (MWh)10.25

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)78.74

Consumption of self-generated heat, steam, and cooling (MWh)101
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

0

Total non-fuel energy consumption (MWh) [Auto-calculated]
88.99

Country/area
Hungary

Consumption of purchased electricity (MWh)399.87

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
399.87

Country/area
India

Consumption of purchased electricity (MWh)
1,132.38

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)909.36

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
2,041.74

Country/area
Italy
102
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Consumption of purchased electricity (MWh)25.9

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
25.9

Country/areaJapan

Consumption of purchased electricity (MWh)41.58

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)327.62

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
369.2

Country/area
MexicoConsumption of purchased electricity (MWh)770.74

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)103
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

0

Total non-fuel energy consumption (MWh) [Auto-calculated]
770.74

Country/area
Philippines

Consumption of purchased electricity (MWh)775.25

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
775.25Country/area
SingaporeConsumption of purchased electricity (MWh)27.65

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)24.37

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
52.02

Country/area
Republic of Korea
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Consumption of purchased electricity (MWh)19.01

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
19.01

Country/area
SwedenConsumption of purchased electricity (MWh)42.56

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
42.56

Country/area
Switzerland

Consumption of purchased electricity (MWh)2,613.95

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)105
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

0

Total non-fuel energy consumption (MWh) [Auto-calculated]
2,613.95

Country/area
Taiwan, China

Consumption of purchased electricity (MWh)1.33

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)0Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
1.33

Country/area
United Arab Emirates

Consumption of purchased electricity (MWh)205.61

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)984

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
1,189.61

Country/area
United Kingdom of Great Britain and Northern Ireland
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Consumption of purchased electricity (MWh)269.09Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)406.41

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
675.5

Country/area
United States of America

Consumption of purchased electricity (MWh)11,126.54

Consumption of self-generated electricity (MWh)0Consumption of purchased heat, steam, and cooling (MWh)440.26

Consumption of self-generated heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
11,566.8

C9. Additional metrics
C9.1(C9.1) Provide any additional climate-related metrics relevant to your business.

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C10. Verification
C10.1(C10.1) Indicate the verification/assurance status that applies to your reported
emissions.
Verification/assurance status
Scope 1

Third-party verification or assurance process in place

Scope 2 (location-based or market-based)

Third-party verification or assurance process in place

Scope 3

Third-party verification or assurance process in place

C10.1a(C10.1a) Provide further details of the verification/assurance undertaken for your
Scope 1 emissions, and attach the relevant statements.

Verification or assurance cycle in place
Annual process

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2022 CDP Verification Report Final_issued 20230622.pdf

Page/ section reference
Page 10

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

C10.1b
(C10.1b) Provide further details of the verification/assurance undertaken for your
Scope 2 emissions and attach the relevant statements.

Scope 2 approach
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Scope 2 location-based

Verification or assurance cycle in place
Annual process

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2022 CDP Verification Report Final_issued 20230622.pdf

Page/ section reference
Page 10

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 2 approach
Scope 2 market-based

Verification or assurance cycle in place
Annual process

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2022 CDP Verification Report Final_issued 20230622.pdf

Page/ section reference
Page 10

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

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C10.1c(C10.1c) Provide further details of the verification/assurance undertaken for your
Scope 3 emissions and attach the relevant statements.

Scope 3 category
Scope 3: Purchased goods and services
Scope 3: Fuel and energy-related activities (not included in Scopes 1 or 2)
Scope 3: Waste generated in operations
Scope 3: Business travel
Scope 3: Employee commuting
Scope 3: Upstream leased assets
Scope 3: Investments
Scope 3: Use of sold products
Scope 3: Downstream leased assets

Verification or assurance cycle in place
Annual process

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2022 CDP Verification Report Final_issued 20230622.pdf

Page/section reference
Page 10

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

C10.2
(C10.2) Do you verify any climate-related information reported in your CDP disclosure
other than the emissions figures reported in C6.1, C6.3, and C6.5?
No, we are waiting for more mature verification standards and/or processes

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C11. Carbon pricing
C11.1(C11.1) Are any of your operations or activities regulated by a carbon pricing system(i.e. ETS, Cap & Trade or Carbon Tax)?
No, and we do not anticipate being regulated in the next three years

C11.2(C11.2) Has your organization canceled any project-based carbon credits within thereporting year?
No

C11.3
(C11.3) Does your organization use an internal price on carbon?
No, but we anticipate doing so in the next two years

C12. Engagement
C12.1(C12.1) Do you engage with your value chain on climate-related issues?
Yes, our suppliers
Yes, our customers/clients
Yes, other partners in the value chain

C12.1a(C12.1a) Provide details of your climate-related supplier engagement strategy.

Type of engagement
Information collection (understanding supplier behavior)

Details of engagement
Collect other climate related information at least annually from suppliers% of suppliers by number
50% total procurement spend (direct and indirect)
99% of supplier-related Scope 3 emissions as reported in C6.5

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

Rationale for the coverage of your engagement
Suppliers contribute to the majority of MSCI’s Scope 3 emissions. Therefore, in 2022 we
conducted online research using various sources including SBTi.org, CDP, GFANZ andcompany-specific websites to identify whether our suppliers either have or havecommitted to setting science-based targets. The information collected was used to
identify top suppliers by spend that had not committed or set science-based targets.
MSCI is actively encouraging these suppliers to implement emissions-reduction
initiatives.

Impact of engagement, including measures of successAs a result of our research, MSCI determined that 41% of our 2022 purchased goods
and services spend was with suppliers with science-based targets and 11% of our
spend was with suppliers that had a commitment to set science-based targets-- or a
total of 52% of suppliers by spend who either already have or have committed to having
science-based targets. This achieved an internal objective of increasing spend with
suppliers with science-based commitments. We are continuing these activities during2023 with the objective of monitoring the progress of our top 80% of suppliers by spend
and continuing to engage with those suppliers without science-based targets.

Comment

Type of engagement
Engagement & incentivization (changing supplier behavior)

Details of engagement
Run an engagement campaign to educate suppliers about climate change% of suppliers by number
1% total procurement spend (direct and indirect)
11% of supplier-related Scope 3 emissions as reported in C6.5

Rationale for the coverage of your engagement
Based on a detailed analysis, we identified top suppliers (by spend) which did not havescience-based emissions reduction targets. During 2022 we began to engage directlywith these suppliers to understand their plans and to encourage them to implement
emissions-reduction initiatives. Our CEO emailed top suppliers to emphasize MSCI’scommitment to reach net-zero emissions by 2040 and share our Supplier Code of
Conduct, which sets out MSCI’s values and expectations for our suppliers, including
environmental and climate commitments we expect them to adhere to. We haveinstituted a process to engage and meet with suppliers to discuss their climate-related
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

plans, focusing on carbon emissions tracking and disclosure, and setting carbon
reduction targets, stressing the importance of their alignment with our climate goals. In
addition to members of our Supplier Sustainability and Diversity team, senior
management stakeholders from across the company are joining these discussions toemphasize the critical nature of setting and achieving science-based emissions
reduction targets.

Impact of engagement, including measures of success
Supplier engagement resulted in having conversations during 2022 with 23 suppliers
which did not have science-based targets. These suppliers represented 11% of our2022 purchased goods and services spend. We plan to continue these activities during2023, with the objective of increasing our spend on suppliers which have establishedscience-based targets to 60% of our total spend by 2025.

Comment

Type of engagement
Other, please specify
Climate change is integrated into supplier evaluation processes

Details of engagement
Other, please specify
Supplier Code of Conduct featuring climate change KPIs

% of suppliers by number
100% total procurement spend (direct and indirect)
100% of supplier-related Scope 3 emissions as reported in C6.5
100

Rationale for the coverage of your engagement
MSCI Inc. (including its subsidiaries, “MSCI”) is committed to acting in accordance with
its core values and expects its suppliers to exhibit a commitment to similar standards.
MSCI recognizes the importance of active engagement with, and enhanced knowledgeof, its suppliers given their impact on MSCI’s performance, reputation and success.
The Supplier Code of Conduct, updated in April 2023 to include policies in place during
the reporting year (https://www.msci.com/who-we-are/corporateresponsibility/environmental-sustainability), summarizes MSCI’s principles for sourcing
and collaborating on its products, goods, functions, data, technology, activities and/or
services with its suppliers (for purposes of this Code, a “Supplier” is a third-party vendor,
distributor, channel partner, provider, agent, contractor and/or other key alliancesupplier). This code also defines the conduct MSCI expects from its suppliers andestablishes MSCI’s values and expectations, including sourcing principles, as well as
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

the labor, human rights, environmental, legal and regulatory compliance principles, we
expect suppliers to uphold.
All new suppliers are evaluated for a number of issues, including their commitment tomanaging their climate impact. Suppliers are expected to take steps to understand theirclimate risks, minimize their impact, and implement policies and carbon-reduction
targets to reduce their direct and indirect GHG emissions to reach net‐zero emissions
before 2040.
MSCI also expects suppliers to track and disclose their energy consumption and all
relevant/available Scope 1, 2 and 3 GHG emissions at each location and/or corporate
level. Public reporting on annual performance and progress toward established targets
is strongly encouraged.
To help with this effort, an ESG questionnaire for suppliers was created in 2021 and has
been integrated as part of MSCI’s formal Supplier Onboarding Process. New suppliers
are asked to complete the ESG questionnaire and MSCI employees are encouraged toconsider suppliers’ environmental practices as factors in the supplier selection criteria tohelp MSCI reach its net-zero goal by 2040.

Impact of engagement, including measures of success
MSCI’s objective is to increase both our number of suppliers and spend with suppliers
that have clear commitments to implement emissions-reduction initiatives. We measure
our impact by having all new significant suppliers (by spend) complete the ESG
questions so MSCI can clearly understand where the suppliers stand in theirenvironmental and climate journey and to enable us to make selections and/or decide
whether to hold additional engagement discussions with existing and proposed new
suppliers. We achieved this objective in 2022 with 100% of new suppliers completing an
ESG questionnaire as part of the Supplier Onboarding Process.

Comment

C12.1b
(C12.1b) Give details of your climate-related engagement strategy with yourcustomers.

Type of engagement & Details of engagement
Education/information sharing
Run an engagement campaign to educate customers about the climate change impactsof (using) your products, goods, and/or services% of customers by number
100% of customer - related Scope 3 emissions as reported in C6.5
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

100

Please explain the rationale for selecting this group of customers and scopeof engagement
Analysis by the MSCI Climate Risk Center has shown the increasingly signiﬁcant threat
climate change poses to the long-term resilience of investment portfolios. Our aim is toequip investors with the tools to benchmark, measure and manage exposure to climate
risk and identify sustainable investment opportunities. MSCI’s position at the intersectionof capital markets enables us to analyze data as it emerges, discover previously hidden
or undervalued opportunities and risks and anticipate future needs. Our end-to-end
solutions and data help investors integrate climate change throughout their investment
processes. Whether they are in the process of defining their objectives, making climate
considerations part of portfolio construction and risk management, engaging withcompanies and external stakeholders or reporting on progress, we can help them findthe right solution at every stage. Through our analysis, we can help clients extract value
from large amounts of climate and biodiversity data.
• We have decades of experience compiling climate data that clients can trust. Our
climate data includes more than 2,250 climate change metrics covering over 18,000
issuers.
• We feed roughly 600,000 asset locations into our physical Climate VaR model.
• Our climate solutions harness the depth of our data and the collective insight of ouranalysts, who combine decades of experience in helping clients understand how to
generate return, quantify risk and adapt their strategies accordingly.
The launch of our Climate Action Indexes in October 2022 complemented MSCI’s
extensive range of ESG and Climate indexes, which enable investors to integrate
climate considerations into global and regional equity market portfolios. Along withselecting our Climate Action Indexes to help drive the transition in the real economy,
investors can select our Low Carbon Target Indexes, which aim to reduce portfolio
emissions, and our Climate Paris Aligned Indexes, which aim to align with a 1.5°C
temperature rise scenario for those implementing net-zero strategies.

Impact of engagement, including measures of success
MSCI measures success based on the number of customers subscribing to our climaterelated products and services, and the industry identifying us as experts for ESG
Indexes. Our ESG products include Ratings, Screening and ESG-Related Indexes aswell as climate products. These are some of our most strategically important andhighest-growth product offerings.
Measures of customer subscription include:
The run rate for MSCI’s ESG and Climate-related ESG Research and Index products
was USD 433 million in 2022 compared to USD 357 million in 2021, representing a 21%
increase from the prior year (run rate is defined in the Company’s financial statements).
Measures of our industry recognition include:• MSCI ESG Research has been recognized as a "Gold Standard Data Provider"" by the
Deep Data Delivery Standard since 2016.

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• Our Implied Temperature Rise is the winner of ESG Investing Awards 2023: Most
Innovative ESG Product• Winner of “Best Index Provider — ESG ETFs” at the ETF Express European Awards• Winner of the “Best Green Bond Index” 2017, 2018, 2019, 2020, 2021, 2022 and 2023:
The Bloomberg MSCI Green Bond Index at the Environmental Finance Green Bond
Awards• MSCI has won the following categories in Environmental Finance's Sustainable
Investment Awards 2023:• ESG assessment tool of the year (ratings): MSCI ESG Assessment Tool: Ratings• ESG data initiative of the year: MSCI Net-Zero Tracker
You can find an overview of all of our recognitions here:
https://www.msci.com/recognition

C12.1d(C12.1d) Give details of your climate-related engagement strategy with other partners
in the value chain.
MSCI’s employees: MSCI includes its employees in the firm’s execution of climate-related
engagement strategy. Specifically:
Local employee-driven Climate Action Network (CAN) groups have been established in MSCI’s
offices. As of Dec. 31, 2022, there were 25 CAN groups and 93% of our employee base had
the opportunity to participate in a CAN. These groups aim to increase awareness of regional
staff around environmental issues and manage them over time through behavior change andother methods. Examples of activities in 2022 included global leadership events on the carbon
footprint management and marine ecosystem, local educational sessions on composting,recycling and reducing waste, Earth Day, fast fashion, the water challenge, tree plantation andbeach clean-up.

C12.2(C12.2) Do your suppliers have to meet climate-related requirements as part of yourorganization’s purchasing process?
Yes, suppliers have to meet climate-related requirements, but they are not included in our
supplier contracts

C12.2a(C12.2a) Provide details of the climate-related requirements that suppliers have tomeet as part of your organization’s purchasing process and the compliancemechanisms in place.

Climate-related requirement
Setting a science-based emissions reduction target

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Description of this climate related requirement
Within MSCI’s Supplier Code of Conduct, updated in April 2023 to reflect policies thatwere operational in the reporting year, we outline practices we expect from suppliers,
including climate-related practices, including:- Compliance with applicable environmental laws, regulations and standards- Development, adoption, monitoring and disclosure of climate‐related strategies,
policies, risk management and targets- Active stewardship of natural resources- Responsible waste management- Preservation of biodiversity- Responsible water management
MSCI requires suppliers to complete a comprehensive onboarding questionnairedetailing their compliance with these practices. On a quarterly basis, MSCI also reviews
its suppliers’ public climate commitments, specifically to determine whether they havescience-based targets, ideally certified by SBTi, or they have commitments to obtainsuch certification, and/or whether they are a member of GFANZ or NZFSPA, sincemembership in those organizations carries a commitment to adopt science-basedtargets. Currently MSCI retains but engages with suppliers who are found to not fullycomply with these practices.

% suppliers by procurement spend that have to comply with this climaterelated requirement100% suppliers by procurement spend in compliance with this climate-related
requirement
41

Mechanisms for monitoring compliance with this climate-related requirement
Supplier self-assessment
First-party verification
Grievance mechanism/Whistleblowing hotline
Supplier scorecard or rating

Response to supplier non-compliance with this climate-related requirement
Retain and engage

C12.3(C12.3) Does your organization engage in activities that could either directly or
indirectly influence policy, law, or regulation that may impact the climate?
Row 1
External engagement activities that could directly or indirectly influence
policy, law, or regulation that may impact the climate
Yes, we engage directly with policy makers

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Does your organization have a public commitment or position statement to
conduct your engagement activities in line with the goals of the Paris
Agreement?
No, and we do not plan to have one in the next two years

Describe the process(es) your organization has in place to ensure that yourexternal engagement activities are consistent with your climate commitments
and/or climate transition plan
Ensuring consistency is ultimately the responsibility of supervisors and/or Executive
Committee members. Under the MSCI Code of Conduct, employees are required todisclose and obtain pre-approval from the applicable member of MSCI’s Executive
Committee and the Compliance Department to serve as a representative of MSCI on aboard or committee or in another position constituting a leadership role in industry
associations or groups. To ensure all communications are consistent, publicannouncements and press releases are subject to review by MSCI Legal and
PR/Marketing teams. The Head of Global Communications and the Head of Investor
Relations are members of the Corporate Responsibility Committee and are involved indeveloping the messaging around MSCI’s ESG and Climate practices for both internaland external purposes. Additionally, the Government and Regulatory Affairs teamreviews consultation responses/comment letters for consistency with the firm’s position.

C12.3a(C12.3a) On what policy, law, or regulation that may impact the climate has yourorganization been engaging directly with policy makers in the reporting year?

Specify the policy, law, or regulation on which your organization is engaging
with policy makers
Green and Blue Bonds as a mode of Sustainable Finance in India

Category of policy, law, or regulation that may impact the climate
Climate change mitigation

Focus area of policy, law, or regulation that may impact the climate
Climate-related reporting

Policy, law, or regulation geographic coverage
National

Country/area/region the policy, law, or regulation applies to
IndiaYour organization’s position on the policy, law, or regulation
Support with minor exceptions

Description of engagement with policy makers

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2023 Tuesday, July 25, 2023

MSCI responded to the public consultation and supported the proposals that will help
mobilize investments to achieve India’s environmental goals. We recommended that any
green bond standard, if developed, should converge with the international standards
particularly around low carbon, transitional and enabling activities.

Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
MSCI suggested the following to the Securities and Exchange Board of India (SEBI):a. Refine the list of in-scope blue bond activities such as “ocean resource mining” since
the activity is not aligned with the broader sustainability goals due to the harm it cancause to the ocean habitat.
b. Colored bonds such as green, blue or yellow bonds should fall within the broader
category of green bonds and follow the same Green Bond Principles. An additional layerof color visual, green, blue or yellow, could lead to ambiguity over the funding to specificeligible projects under these specific bonds, which could potentially give rise to
greenwashing.

Have you evaluated whether your organization’s engagement on this policy,
law, or regulation is aligned with the goals of the Paris Agreement?
No, we have not evaluatedPlease explain whether this policy, law or regulation is central to theachievement of your climate transition plan and, if so, how?
This regulation is not central to the achievement of our climate transition plan. We
provided feedback on the proposal in our capacity as a provider of ESG data and ratings
to the global investment community.

Specify the policy, law, or regulation on which your organization is engaging
with policy makers
The Role of Environmental Risks in the European Union Prudential Framework

Category of policy, law, or regulation that may impact the climate
Climate change mitigation

Focus area of policy, law, or regulation that may impact the climate
Climate-related reporting

Policy, law, or regulation geographic coverage
Regional

Country/area/region the policy, law, or regulation applies toEuropeYour organization’s position on the policy, law, or regulation
Support with no exceptions

Description of engagement with policy makers

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MSCI responded to the consultation paper by the European Banking Authority (EBA)
wherein we supported and provided our views on integration of ESG risks into thebusiness strategies and processes of institutions, internal governance of institutions,and risk management framework of institutions.

Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
Have you evaluated whether your organization’s engagement on this policy,
law, or regulation is aligned with the goals of the Paris Agreement?
No, we have not evaluatedPlease explain whether this policy, law or regulation is central to theachievement of your climate transition plan and, if so, how?
This regulation is not central to the achievement of our climate transition plan. We
provided feedback on the proposal in our capacity as a provider of ESG data and ratings
to the global investment community.

Specify the policy, law, or regulation on which your organization is engaging
with policy makers
Update to Green Finance Strategy in the United Kingdom

Category of policy, law, or regulation that may impact the climate
Climate change mitigation

Focus area of policy, law, or regulation that may impact the climate
Climate-related reporting

Policy, law, or regulation geographic coverage
National

Country/area/region the policy, law, or regulation applies toUnited Kingdom of Great Britain and Northern IrelandYour organization’s position on the policy, law, or regulation
Support with no exceptions

Description of engagement with policy makers
MSCI supported the UK Government’s proposed update to the Green Finance Strategy
and provided the following inputs:a. Incorporate enhancement of climate-related disclosures into the strategy to require
quantitative disclosures based on defined metrics of measurement.
b. Cohesive effort required by the private and public sectors with a common goal of
meeting a net zero target. The milestones for UK in this journey could include a green
taxonomy, mandatory disclosures of transition plans, and sustainability disclosure
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requirements.
c. Actively engage with initiatives such as the Taskforce on Nature-related Financial
Disclosures (TNFD) to facilitate a global nature-related financial reporting standard.

Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
Have you evaluated whether your organization’s engagement on this policy,
law, or regulation is aligned with the goals of the Paris Agreement?
No, we have not evaluatedPlease explain whether this policy, law or regulation is central to theachievement of your climate transition plan and, if so, how?
This policy is not central to the achievement of our climate transition plan. We provided
feedback on the proposal in our capacity as a provider of ESG data and ratings to theglobal investment community.

Specify the policy, law, or regulation on which your organization is engaging
with policy makers
The Enhancement and Standardization of Climate-Related Disclosures for Investors in
the United States

Category of policy, law, or regulation that may impact the climate
Climate change mitigation

Focus area of policy, law, or regulation that may impact the climate
Climate-related reporting

Policy, law, or regulation geographic coverage
National

Country/area/region the policy, law, or regulation applies toUnited States of AmericaYour organization’s position on the policy, law, or regulation
Support with minor exceptions

Description of engagement with policy makers
MSCI extended its support to the following proposals made by the U.S Securities andExchange Commission (SEC):
a. Application of the proposed safe harbor to Scope 3 emissions and other forwardlooking disclosures
b. Disclosure of a GHG target, where a company has set one, that includes Scope 3
emissions
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Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
For better comparability of Scope 3 emissions disclosures, MSCI recommended that theSEC define a materiality assessment threshold instead of allowing an individualcompany to determine materiality.

Have you evaluated whether your organization’s engagement on this policy,
law, or regulation is aligned with the goals of the Paris Agreement?
No, we have not evaluatedPlease explain whether this policy, law or regulation is central to theachievement of your climate transition plan and, if so, how?
This regulation is not central to the achievement of our climate transition plan. We
provided feedback on the proposal in our capacity as a provider of ESG data and ratings
to the global investment community.

Specify the policy, law, or regulation on which your organization is engaging
with policy makers
Statement of Principles for Climate-Related Financial Risk Management for Large
Financial Institutions in the United States

Category of policy, law, or regulation that may impact the climate
Climate change mitigation

Focus area of policy, law, or regulation that may impact the climate
Climate-related reporting

Policy, law, or regulation geographic coverage
National

Country/area/region the policy, law, or regulation applies toUnited States of AmericaYour organization’s position on the policy, law, or regulation
Support with minor exceptions

Description of engagement with policy makers
MSCI supported the U.S Federal Deposit Insurance Corporation’s (FDIC) principles forclimate-related financial risk management for large financial institutions but made thefollowing recommendations:a. Use a well-established set of reference scenarios to conduct stress testing toquantitatively assess the resilience of investment portfolios to a net-zero climatetransition and physical climate risks.
b. Align the disclosures with international standard setters to minimize burden andoptimize results.

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Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
While MSCI supported the principles, we also noted that the physical and transition risks
associated with climate change have the potential to impact banks of all sizes.
Therefore, to have a more comprehensive understanding of macroprudential climaterelated risks, we recommended lowering the USD $100 billion asset size threshold tobring into scope a greater part of the U.S. banking system through a phase-in approach.
Alternatively, a proportionate application was suggested where financial institutions
outside the threshold of holding assets over USD $100 billion may be invited to consider
these principles as a best practice.

Have you evaluated whether your organization’s engagement on this policy,
law, or regulation is aligned with the goals of the Paris Agreement?
No, we have not evaluatedPlease explain whether this policy, law or regulation is central to theachievement of your climate transition plan and, if so, how?
This policy is not central to the achievement of our climate transition plan. We provided
feedback on the proposal in our capacity as a provider of ESG data and ratings to theglobal investment community.

C12.4(C12.4) Have you published information about your organization’s response to climatechange and GHG emissions performance for this reporting year in places other thanin your CDP response? If so, please attach the publication(s).

Publication
In mainstream reports

StatusComplete

Attach the document
2023 MSCI Proxy_BMK.pdf

Page/Section reference
p. 11; p. 35-38; p. 45-48;

Content elements
Governance
Strategy
Emission targets

Comment

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Publication
In voluntary communications

StatusComplete

Attach the document
TCFD-Aligned-Climate-Risk-Reporting.pdf

Page/Section reference
The whole document relates to MSCI’s GHG emissions performance and response to
climate change.

Content elements
Governance
Strategy
Risks & opportunities
Emissions figures
Emission targets

Comment
MSCI’s 2022 TCFD report is fully aligned with the recommendations of the TCFD and
includes a scenario analysis that we conducted using our own Climate VaR model. We
found it important to use our own model as affirmation that our climate models are in linewith best practices and practical for use in climate scenario analysis.

Publication
In voluntary communications

StatusComplete

Attach the document
MSCI_Emissions_2019-2022.pdf

Page/Section reference
Entire document

Content elements
Emissions figures

Comment
This document, which is available on the MSCI website, shows the emissions figures for
MSCI's 2022 scope 1, 2, and 3 emissions.

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C12.5
(C12.5) Indicate the collaborative frameworks, initiatives and/or commitments related
to environmental issues for which you are a signatory/member.
Environmental collaborative
framework, initiative and/or
commitment
Row Science Based Targets Network
1(SBTN)
Task Force on Climate-related
Financial Disclosures (TCFD)
Task Force on Nature-related
Financial Disclosures (TNFD)

Describe your organization’s role within eachframework, initiative and/or commitment
We are a member of the TCFD taskforce and apply
the TCFD framework to our data collection and modeland product development. We have also mapped ourdata points to the TCFD framework. We contribute totheir consultations.

MSCI is a Business Ambition for 1.5°C campaign
member. We have supported SBTI’s Net Zero
Partnership for Carbon AccountingStandard for Financial Institutions Expert Advisory
Financials; Principle for Responsible
Investment; UNEP; Investor Group Group and are a member of SBTI’s Technicalon Climate Change; Network for
Advisory Group. We have contributed to its
Greening the Financial System;
consultations.
Glasgow Financial Alliance for Net
Zero; Net Zero Financial Providers
We are a Forum member of TNFD and are
Alliance;
considering the TNFD draft recommendations as partof our data collection and model and productdevelopment. We have also mapped our data points
to the TNFD draft framework. We contribute to theirconsultations.

Other, please specify

MSCI utilizes the PCAF standard to support thedevelopment of products, models and data collection,and provides PCAF quality scores for our emissions
data. In addition, MSCI climate data and metrics aredesigned to help banks and other financial institutions
report consistently and in alignment with global,
region- and country-specific voluntary or complianceframeworks. For example, our Total Portfolio
Footprinting solution, which measures the financed
emissions associated with lending and investment
activities, was designed to support clients seekingalignment with PCAF and other frameworks. We havecontributed to its consultations.
MSCI has been a PRI signatory since 2010. We havemade our commitments aligning with its principles by
supporting events as a supporter of its working
groups, sharing data and research to support its
activities, and making involvement in PRI Academy as
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course literature, and co-producing research papers
on ESG integration and performance considerations.
We have contributed to its consultations.
We have supported the UNEP FI’s annual Climate
Risk Tool landscape report and supplement. We also
aim to support the UNEPFI TCFD group’s wider
collaborations program with banks. We contribute totheir consultations/surveys.
We are a member and support IIGCC’s working groupand research programs. We also map and look toalign our products and services with therecommendations outlined in the NZIF guidelines.
We align the transition and physical risk scenarios
used in our MSCI Climate Value-at-Risk model withthe recommendations of the NGFS. Clients can use
our analytical tools to compare companies’ Climate
VaR using different NGFS policy scenarios. We
contribute to their consultations.
As a member GFANZ via the Net Zero Financial
Service Providers Alliance (NZFSPA), MSCI hascommitted to being net-zero before 2040 andspearhead an alliance of financial service providers to
supply market infrastructure that supports
sustainability. Furthermore, MSCI has supported
GFANZ events and promotion initiatives and GFANZ
workstreams.
In September 2021, MSCI became a founding
member of the Net Zero Financial Service Providers
Alliance and has committed to align their products andservices with the goal of global net-zero emissions by
2040.

C15. Biodiversity
C15.1(C15.1) Is there board-level oversight and/or executive management-level
responsibility for biodiversity-related issues within your organization?
Board-level oversight and/or executive management-level responsibility forbiodiversity-related issues

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Row
1

No, and we do not plan to have both within the next two years

C15.2(C15.2) Has your organization made a public commitment and/or endorsed any
initiatives related to biodiversity?
Indicate whether yourInitiatives endorsed
organization made a public
commitment or endorsed any
initiatives related to biodiversity
Row Yes, we have endorsed initiatives
1
only

Other, please specify
MSCI is a member of the Taskforce on Nature-related
Financial Disclosures (TNFD) Forum, which is a global
and multi-disciplinary consultative network of
institutional supporters who share the vision andmission of the TNFD.

C15.3(C15.3) Does your organization assess the impacts and dependencies of its value
chain on biodiversity?
Impacts on biodiversity
Indicate whether your organization undertakes this type of assessment
No, but we plan to within the next two years

Dependencies on biodiversity
Indicate whether your organization undertakes this type of assessment
No, but we plan to within the next two years

C15.4(C15.4) Does your organization have activities located in or near to biodiversitysensitive areas in the reporting year?
No

C15.5
(C15.5) What actions has your organization taken in the reporting year to progress
your biodiversity-related commitments?
Have you taken any actions in thereporting period to progress yourbiodiversity-related commitments?

Type of action taken to progress biodiversityrelated commitments

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Row Yes, we are taking actions to progress1
our biodiversity-related commitments

Other, please specify
Building selection criteria. Supplier Code of
Conduct. Environmental Policy. MSCI includes
biodiversity in data sets in products such as our
ESG Ratings.

C15.6(C15.6) Does your organization use biodiversity indicators to monitor performanceacross its activities?
Does your organization use indicators to monitor
biodiversity performance?
Row
1

Indicators used to monitor
biodiversity performance

No

C15.7
(C15.7) Have you published information about your organization’s response tobiodiversity-related issues for this reporting year in places other than in your CDP
response? If so, please attach the publication(s).
Report typeContent
elements

Attach the document and indicate where in the document therelevant biodiversity information is locatedNopublications

C16. Signoff
C-FI(C-FI) Use this field to provide any additional information or context that you feel isrelevant to your organization's response. Please note that this field is optional and is
not scored.
MSCI ESG and climate ratings, research and data are produced by MSCI ESG Research LLC(“MSCI ESG Research”), a subsidiary of MSCI Inc. MSCI ESG Indexes, Analytics and Real
Estate are products of MSCI Inc. that use information from MSCI ESG Research LLC. MSCI
Indexes are administered by MSCI Limited (UK).
Affiliate Conflicts Disclosure: MSCI ESG Research has developed a fully automated andforward-looking financial climate risk model called Climate Value-at-Risk (“Climate VaR”) thatwas used to quantitatively analyze certain climate-related risks and opportunities included inthis report for MSCI Inc. In addition, MSCI ESG Research has developed Implied Temperature
Rise, a metric designed to show the temperature alignment of companies, portfolios and fundswith global climate targets. MSCI Inc. is the ultimate parent company of MSCI ESG Research.
The disclosure of the Climate VaR model and Implied Temperature Rise score included hereinfor MSCI Inc. were conducted in the same manner and based on the same information
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available for other companies not affiliated with MSCI Inc. but have not been independently
reviewed or audited. Due to the affiliate relationship and the potential for a conflict of interest,
this report should not be relied upon as an independent analysis of MSCI Inc. with respect tothe use of the Climate VaR or Implied Temperature Rise.
This report and reports that are referenced in this report may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to future events and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, levels of activity,
performance, objectives or achievements to be materially different from any future results,
levels of activity, performance, objectives or achievements expressed or implied by thesestatements. In some cases, you can identify forward-looking statements by the use of words
such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,”“predict,” “potential” or “continue,” or the negative of these terms or other comparable
terminology. You should not place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties and other factors that are, in some cases,
beyond MSCI’s control and that could materially affect our actual results, levels of activity,
performance, objectives or achievements.
Other factors that could materially affect actual results, levels of activity, performance,
objectives or achievements can be found in the MSCI 2022 Annual Report on Form 10-K filedwith the SEC on February 10, 2023 and in quarterly reports on Form 10-Q and current reports
on Form 8-K filed or furnished with the Securities and Exchange Commission. If any of theserisks or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect,
actual results may vary significantly from what MSCI projected. Statements and reports on our
website or other websites that we refer to in this report will not be deemed a part of, orotherwise incorporated by reference in, this report. Some of the statements and reports containcautionary statements regarding forward-looking information that should be carefully
considered. Our statements and reports about our objectives may include statistics or metrics
that are estimates, make assumptions based on developing standards that may change, andprovide aspirational goals that are not intended to be promises or guarantees. Inclusion of
metrics or other information in such reports or in this report is not intended to imply that suchinformation is material to MSCI. In particular, the inclusion of information in this report regarding
climate opportunities and risks should not be construed as a characterization regarding themateriality or financial impact of that information with respect to MSCI for purposes of U.S.
securities laws or otherwise.
Any forward-looking statement in this report and statements and reports that are referenced inthis report reflect MSCI’s current views with respect to future events and is subject to these andother risks, uncertainties and assumptions relating to MSCI’s operations, results of operations,
growth strategy and liquidity. MSCI assumes no obligation to publicly update or revise theseforward-looking statements for any reason, whether as a result of new information, future
events, or otherwise, except as required by law.

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C16.1
(C16.1) Provide details for the person that has signed off (approved) your CDP climatechange response.
Row 1

Job title

Corresponding job category

Chief Financial Officer

Chief Financial Officer (CFO)

SC. Supply chain module
SC0.0(SC0.0) If you would like to do so, please provide a separate introduction to thismodule.
MSCI Inc. (hereinafter referred to as “MSCI” and “we” or “our”) is a leading provider of criticaldecision support tools and services for the global investment community. With over 50 years ofexpertise in research, data and technology, we power better investment decisions by enablingclients to understand and analyze key drivers of risk and return and confidently build more
effective portfolios. We also create industry-leading research-enhanced solutions that clientsuse to gain insight into and improve transparency across the investment process. Our
environmental, social and governance (ESG) research and data products and services,
including our climate change solutions, are offered by MSCI ESG Research LLC (“MSCI ESG
Research”), our wholly owned subsidiary and a registered investment adviser under theInvestment Advisers Act of 1940. MSCI ESG Research delivers in-depth research, ratings andanalysis of the ESG-related business practices of over 16,000 issuers, including subsidiaries,
more than 900,000 equity and fixed income securities worldwide and over 1,500 ESG equity
and fixed-income Indexes provided by MSCI. MSCI ESG Indexes and Analytics are products of
MSCI Inc. that use information from MSCI ESG Research. MSCI Indexes are administered by
MSCI Limited (UK).
Climate change is an important element of our ESG strategy and a key issue for many
investors. We deliver research and climate tools designed to help clients measure and reporton climate risk exposure (including through climate stress testing), implement climate change
risk mitigating strategies (including Paris-aligned, low carbon, fossil-fuel-free investment
strategies), and integrate climate change criteria into their investment processes. These
products and services include climate metrics, MSCI ESG Research’s Climate Value-at-Risk(VaR), Task Force on Climate-related Financial Disclosures (TCFD) reporting, carbon portfolio
reporting, and low carbon and Climate Paris Aligned indexes as well as tools to identify cleantech and environmentally oriented companies.
MSCI ESG Research acquired Zurich-based environmental fintech and data analytics firm
Carbon Delta AG (“Carbon Delta”) in 2019. Carbon Delta expanded MSCI’s suite of climate risk
capabilities supporting climate scenario analysis and forward-looking assessment of transitionand physical risks and extensive company-level analysis of publicly traded companies. This
includes MSCI Climate VaR, a climate risk metric that calculates the impact of climate change
on a company’s market value to help investors understand and quantify these risks within their130
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portfolio. In 2020, we used MSCI Climate VaR to publish our own TCFD report. Carbon Delta
acts as MSCI’s Climate Risk Center, the focal point for the development of climate change risk
analytics and tools. The aim of the center is to develop strong partnerships with leading
academic and research institutions around the world to advance the use of climate science forfinancial risk analysis. In June of 2020 MSCI launched the MSCI Real Estate Climate VaR, aforward-looking and return-based valuation assessment for individual assets and portfolios.
MSCI ESG Research’s ESG and Climate data available through MSCI Analytics applications
facilitate measurement of financial emissions at the portfolio level, portfolio reporting andportfolio construction. They also are used to construct MSCI ESG and Climate equity and fixedincome indexes.
The MSCI Net-Zero Tracker, first published in 2021, is a unique, periodic report offering
investors, companies, financial intermediaries and policymakers an objective gauge of thecontribution by the world's listed companies to total carbon emissions and their progress toward
a net-zero economy. The report indicates the collective progress, or lack thereof, of the world’s
listed companies toward keeping global temperature rise this century within 1.5°C ofpreindustrial levels. The estimate reflects companies’ Implied Temperature Rise, MSCI’s
forward-looking measure of climate impact that shows the warming potential of a company or
portfolio based on its current and projected greenhouse gas (GHG) emissions.
The Net-Zero Tracker has become a global barometer of progress by companies to curb
climate risk and a guide for investors to the energy transition.
For additional information on our forward-looking statements and other key topics, see section
C-FI.

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