MSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Welcome to your CDP Climate Change
Questionnaire 2022

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 14,800 issuers, including subsidiaries,
more than 650,000 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 LLC. MSCI Indexes are administeredby MSCI Limited (UK).
Climate change is an important element of our ESG strategy and a key issue for many
investors. Our climate change team supports clients by publishing research and providing
products that help them measure and report on climate risk exposure, including climate stresstesting, implement climate change risk mitigating strategies, including Paris- aligned, lowcarbon, fossil-fuel-free investment strategies, and integrate climate change criteria into theirinvestment processes. These products and services include climate metrics, Climate Value-atRisk (“VaR”), Task Force on Climate-related Financial Disclosures (“TCFD”) reporting, carbon
portfolio reporting, low carbon, and Climate Paris Aligned indexes as well as tools to identify
clean-tech and environmentally oriented companies.
MSCI acquired Zurich-based environmental fintech and data analytics firm Carbon Delta AG(“Carbon Delta”) in 2019. Carbon Delta expands MSCI’s suite of climate risk capabilities
supporting climate scenario analysis and forward-looking assessment of transition and physicalrisks 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
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

market value to help investors understand and quantify these risks within their 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’s ESG and Climate data available through MSCI Analytics applications facilitate risk
exposure, portfolio reporting, and construction. They also are used to construct MSCI ESG andClimate equity and fixed income Indexes.
In 2020, MSCI published “The MSCI Principles of Sustainable Investing,” to illustrate specific,
actionable steps investors can take to improve practices for ESG integration across theinvestment value chain. The framework includes three core pillars to achieve full ESG
integration: Investment Strategy, Portfolio Management, and Investment Research. In 2021,
MSCI published “The Role of Capital in the Net-Zero Revolution”. This call to action asserts that
addressing climate change will require the largest reconstruction of the global economy since
the Industrial Revolution, and highlights how capital markets participants must be a powerfuland positive force to urgently drive the systemic transformation needed to avert a climate
catastrophe. We identify specific steps that companies, as well as owners and managers ofcapital and financial intermediaries, must take to drive the achievement of a net-zero economy
by 2050. In conjunction with this publication and to support the transparency needed toevaluate the progress of decarbonization, as well as drive accountability, MSCI committed to
publishing the MSCI ACWI Investable Markets Index (“MSCI ACWI IMI”) Net-Zero Tracker
every quarter. The tracker is intended to serve as a measure of carbon emissions of the world’s
listed companies.
For important information, including regarding our use of forward-looking statements, see
Section C-FI.

C0.2(C0.2) State the start and end date of the year for which you are reporting data.

Reportingyear

Start dateEnd date

Indicate if you are providing emissions data forpast reporting years

January 1,
2021

December 31,
2021

No

C0.3
(C0.3) Select the countries/areas in which you operate.
Australia
BrazilCanadaChina

2Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

FranceGermany
Hungary
India
Italy
Japan
MexicoNetherlands
Philippines
Republic of Korea
Singapore
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

Yes, an ISIN code

US55354G1004

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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(s)Please explain

Chief Executive Our Chief Executive Officer (CEO) serves as the Chairman of MSCI’s Board of
Officer (CEO)Directors (Board), the highest governance and oversight body at MSCI, comprising
independent non-employee directors, other than our CEO. 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
any associated climate-related issues that might arise from time to time. For
example, in 2021, the CEO and Chairman of the Board, acting upon therecommendation of the Corporate Responsibility Policy Committee, approved thefirm’s commitment to be net-zero before 2040.
The Corporate Responsibility Policy Committee is composed of members of
MSCI’s Executive Committee, including MSCI’s Chief Responsibility Officer (CRO),
Chief Financial Officer (CFO), General Counsel, Chief Human Resources Officer(CHRO), Chief Product Officer and Head of Index, and Global Head of ESG
Research.
In 2021, following review by the Corporate Responsibility Policy Committee, theBoard, including the Governance and Corporate Responsibility Committee (theGovernance Committee) was also presented with our corporate responsibility
strategy and our near-term and long-term carbon reduction targets
Board-levelcommittee

The Governance Committee is responsible for overseeing MSCI’s corporate
responsibility policies and initiatives, including ESG and climate initiatives.
The CRO provides quarterly written updates and at least semiannually reports to
the Governance Committee. In 2021, the CRO provided quarterly updates to theGovernance Committee at each of its quarterly meetings. Regular reporting
provides a framework for the Board’s oversight of MSCI’s sustainability practices
and disclosures, and for developing and implementing short- and long-term plansto address key sustainability priorities and commitments. In 2021, for example, theCRO presented MSCI’s net-zero commitment, target- setting and proposed plan ofaction to the Governance Committee. From time to time, the Chair of theGovernance Committee requests that the CRO present topics to the full Board,
including updates to MSCI’s carbon targets and commitments. Members of theGovernance Committee participate in MSCI’s annual Corporate Responsibility
Roadshow with MSCI shareholders to hear and report back to the Board on
shareholder priorities, including climate-related risks and opportunities. The

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Governance Committee periodically reviews with management requests fromshareholders and the investment community for climate-related disclosures.
Board-levelcommittee

On a quarterly basis, the Audit and Risk Committee (the Audit Committee) is
updated on MSCI’s enterprise risk management program by our Enterprise Risk
Management Officer, including an overview of risks and trends that is also madeavailable to the full Board. Quarterly presentations to the Audit Committee include
more detailed discussions of emerging topics and trends. In 2021, these
discussions included topics such as climate-related risks and opportunities.
The 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 caused by change in the climate and extreme-weather events.

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 and Finance Committee. This
discussion focuses on MSCI’s strategic growth areas and regularly includes review
of opportunities for climate-focused products, data and services.
For example, as part of these efforts, in October 2021, MSCI announced thelaunch of an analytical tool in partnership with Burgiss, a global, market-leading
provider of data and analytics, that enables institutional asset owners andmanagers to better understand the impact of climate change on private asset
portfolios. This tool, the Carbon Footprinting of Private Equity and Debt Funds
covers over 15,000 private companies and nearly 4,000 active private equity anddebt funds, enabling investors of the ability to assess climate-related risks acrossasset types and align their private asset portfolios with global temperature targets.
The Strategy and Finance Committee also works with the Board and management
team in setting the agenda for the Board’s annual two-day strategy session. At
these strategy sessions, senior leaders of MSCI hold discussions on thecompany’s strategic priorities with the Board. In 2021, the strategy session
included discussion of opportunities relating to our ESG and Climate business anda presentation relating to global sustainability efforts.

Board-levelcommittee

Each year, the Compensation, Talent and Culture Committee (the Compensation
Committee) reviews and approves corporate goals and objectives relevant to thecompensation of certain of MSCI’s senior leaders, including its executive officers.
The Compensation Committee also oversees plans for talent management,
including talent acquisition and development, as well as progression planning andcareer progression, to provide guidance to management with respect to theCompany’s policies relating to diversity, equity and inclusion (“DE&I”), corporate
culture, resource allocation, resiliency and employee engagement. The

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Compensation Committee also oversees talent acquisition and succession
planning specifically related to leaders in MSCI’s ESG and Climate business.
Several members of our Executive Committee include climate-related productgoals and other climate-related objectives as part of the goals that are reviewed forcompensation, which goals can incorporate corporate climate commitment goals.
In 2021, several senior leaders were evaluated against goals relating to helping
MSCI’s clients transition to a net-zero world and advancing MSCI’s climate agenda
and products.

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

Scheduled – allmeetings

Setting performance
objectives

Please explain

Text field [maximum 3,000 characters]
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, CHRO and CRO andother senior-most executives of the Firm.
The Compensation Committee follows procedures
intended to ensure good compensation governance andthat MSCI’s executive compensation structure aligns
with the goal of long-term shareholder value creation.
Under our executive compensation program, executives
are eligible to receive cash bonuses under MSCI’s
Annual Incentive Plan (AIP) based on the achievementof certain financial performance metrics and individual
key performance indicators (KPIs) and DE&I goals.
MSCI has a formula-based annual incentive program
composed of three distinct components:• Annual financial criteria weighed at 70% of theexecutive’s target bonus.
• Individual KPIs tied to strategic goals and leadershipeffectiveness and engagement scores weighed at 20%of the executive’s target bonus.
• Progress toward DE&I goals weighed at 10% of the

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

executive’s target bonus.
The Compensation Committee is responsible on anannual basis for reviewing, approving and assessing theattainment of those goals, including financial
performance metrics, KPIs and DE&I goals.
In 2021, the goal of championing a strong ESG andClimate / corporate responsibility platform throughout
MSCI was incorporated into the KPIs of our CEO,CHRO and CRO. Progress against individual
performance goals for our executive officers is reviewed
by the Compensation Committee.
Scheduled – somemeetings

The Audit Committee oversees MSCI’s key businessrisks, which could include climate-related risks if suchrisks ever reached the level of materiality that would
result in a significant impact to MSCI’s operations or
Reviewing andfinancial results (e.g., impact of climate disasters on IT
guiding risk
management policies infrastructure / business continuity, etc.).
Reviewing andguiding major plansof action

The Audit Committee receives quarterly updates from
our Enterprise Risk Management Officer on the work of
the Enterprise Risk Oversight Committee (EROC). In
2021, this included a review of the governance and risksof ESG data integrity, as well as of opportunities related
to reducing the Company's carbon footprint.
The EROC oversees the Company’s key risk
management activities to ensure that the Company isidentifying, evaluating and managing risks that may
have an impact on the Company’s ability to achieve its
operational and strategic objectives, including ongoingassessments of climate risks.
On a quarterly basis, the Audit Committee is updated on
the Company’s IT risk program by MSCI’s CISO,
including an overview of risks and trends, including, ifmaterial or likely to have a significant impact, risks that
could be caused by climate and extreme weather
events. In addition, the Audit Committee receives
updates about the results of assessments conducted byoutside advisors who provide independent assessmentsof our IT risk program and our response preparedness.
The Chair of the Audit Committee provides a quarterly
report to the Board of any key updates, including

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

climate-related risks if they are likely to have significant
impact to MSCI’s operations or financial results.
Scheduled – somemeetings

Reviewing andguiding strategy

The Strategy Committee ensures that management
factors material climate-related risks and opportunities
into the Company’s strategy.

Overseeing major
capital expenditures,
The Strategy Committee also monitors and provides
acquisitions andguidance on strategic objectives, including ondivestitures
sustainability-related partnerships and acquisition
opportunities such as for those related to climate-related
products and services. The Committee meets with
MSCI’s senior management and Strategy and Corporate
Development Team on a quarterly 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, in October 2021, MSCI announced the launchof an analytical tool in partnership with Burgiss thatenables institutional asset owners and managers tobetter understand the impact of climate change on
private asset portfolios. This tool, Carbon Footprinting of
Private Equity and Debt Funds covers over 15,000
private companies and nearly 4,000 active private equity
and debt funds, enabling investors the ability to assessclimate-related risks across asset types and align theirprivate- asset portfolios with global temperature targets.

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 issues
Row 1

Not assessed

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

Frequency of reporting to theboard on climate-related
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Other C-Suite Officer, please
specify

Both assessing and managing
climate-related risks andChief Responsibility Officer opportunities

Other C-Suite Officer, please
specify
Chief Information Security
Officer

Both assessing and managing
climate-related risks andopportunities

Quarterly

Quarterly

Chief Executive Officer (CEO) Both assessing and managing
climate-related risks andopportunities

As important matters arise

Chief Financial Officer (CFO)

Both assessing and managing
climate-related risks andopportunities

As important matters arise

Other C-Suite Officer, please
specify

Both assessing and managing
climate-related risks andopportunities

As important matters arise

Both assessing and managing
climate-related risks andopportunities

As important matters arise

President

Both assessing and managing
climate-related risks andopportunities

As important matters arise

Risk manager

Both assessing and managing
climate-related risks andopportunities

Quarterly

Corporate responsibility
committee

Both assessing and managing
climate-related risks andopportunities

Not reported to the board

Risk committee

Both assessing and managing
climate-related risks andopportunities

Not reported to the board

Other committee, please
specify

Both assessing and managing
climate-related risks andopportunities

Not reported to the board

Chief Human Resources
Officer
Other C-Suite Officer, please
specify
Chief Technology Officer(CTO)

Corporate Responsibility
Policy Committee (CRPC)

C1.2a(C1.2a) Describe where in the organizational structure this/these position(s) and/or
committees lie, what their associated responsibilities are, and how climate-related
issues are monitored (do not include the names of individuals).

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

1. As the Chairman of MSCI’s Board, MSCI’s CEO ensures, through continuous
communication, alignment between management and the board on key climate and ESGrelated initiatives. MSCI’s CEO addressed advancing MSCI’s climate capabilities and support
for MSCI’s clients’ transition to more sustainable growth strategies. He spearheaded the pursuitof MSCI’s own climate goals and commitment to corporate responsibility. That includes ourtargeting net-zero carbon emissions throughout our value chain by 2040 and our becoming afounding member of the Net Zero Financial Service Providers Alliance.
2. Three management-level committees oversee climate-related risks: the Corporate
Responsibility Policy Committee (CRPC), the Corporate Responsibility Committee (CRC) andthe Enterprise Risk Oversight Committee (EROC).
1. EROC: The EROC oversees MSCI’s risk management activities to ensure we are identifying,evaluating and managing risks that may have an adverse impact on achieving operational andstrategic objectives. MSCI’s assessment and management of climate-related risks andopportunities, including transition and physical risks, is integrated into our firmwide risk
management framework and reporting. The EROC, comprised of MSCI’s President and Chief
Operating Officer (President), CFO, General Counsel, CHRO, Chief Technology Officer (CTO),
Head of Internal Audit and Enterprise Risk Management Officer (ERMO), helps to ensure wellrounded consideration of potential exposures.
2. CRPC: In 2021, we enhanced our governance by separating our CRC, which discusses
corporate responsibility issues and trends, from the newly created CRPC, a group of Executive
Committee members who review strategic proposals regarding corporate responsibility policies,
actions and disclosures at least quarterly. Members of the CRPC include MSCI’s CRO, CFO,
General Counsel, CHRO, Chief Product Officer (CPO) and Head of Index and Global Head of
ESG Research.
3. CRC:. The CRC meets monthly to consider trends, updates on implementation of MSCI’s
Corporate Responsibility Operating Plan (CROP) and metrics that monitor progress on goals
such as carbon targets. The CRC includes representatives from Corporate Responsibility, ESG
Research, Information Technology (IT), Data Management, Client Coverage, Human
Resources, Corporate Services, Finance, Legal, and Diversity, Equity and Inclusion.
3. MSCI’s President oversees, among others, our CRO, CTO and CPO, who have varying
responsibilities in assessing and managing climate-related risks and opportunities. The
President is a member of the EROC.
4. MSCI’s CFO chairs the EROC; oversees our ERMO, who is responsible for our firmwide risk
management framework and reporting, including relating to climate; and leads the strategy andcorporate development functions, including in efforts to engage potential strategic partners on
ESG commitments.
5. MSCI’s CRO sets the CRPC’s agenda and presents on actions that may be recommended to
our CEO, President and COO and/or the Board. As an Executive Committee member, shebrings corporate responsibility considerations to senior leadership discussions on businessstrategy and operations. She provides written updates, including metrics to monitor progress onlowering our carbon footprint, to the Governance Committee prior to each quarterly meeting.
The full Board also has access to these updates. In addition, at least twice per year, she
presents to the Governance Committee on key initiatives and management’s performanceagainst our CROP. In 2021, the CROP was informed by stakeholder feedback to increasetransparency around climate. Key developments are shared with the full Board during theGovernance Committee’s quarterly report to the Board.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

6. The Head of Corporate Responsibility reports to the CRO and leads our officer-level CRC
in ensuring cross-functional perspectives on the Company’s actions.
7. MSCI’s CHRO oversees our Head of Corporate Services (HCS), who manages climaterelated matters that impact our supply chain, physical locations and environmental
sustainability.
8. MSCI’s CTO oversees our Business Resiliency team, which assesses the severity,
probability and scale of potential extreme climate events in geographies where we operate, anddevelops, implements, and tests technology systems to support MSCI’s business continuity
plans.
9. The ERMO reports to the CFO and provides quarterly updates to the Audit Committee on the
EROC’s work. The ERMO helps ensure the Company is identifying, evaluating and managing
climate-related risks and opportunities that may directly or indirectly impact our operations orability to deliver our products and services.
10. MSCI’s CISO reports to the CTO and provides quarterly updates to the Audit Committee on
our IT risk program, including an overview of risks, if material or likely to have a significant
impact, that could be caused by climate and extreme weather events.

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 climate-related issues
Row 1

Comment

Yes

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 toincentive

Type of
Activity
incentive incentivized

Board Chair

Monetary
rewardComment

Emissions reduction In 2021, our Chairman and CEO’s goals included
targetchampioning MSCI’s own climate goals and astrong corporate responsibility platform. He
Other (please
oversaw MSCI’s commitment to become net-zero
specify)by 2040 and MSCI becoming a founding member
Environmentally
focused products of the Net Zero Financial Service Providers
Alliance. In addition, our CEO has specificallyaddressed advancing MSCI’s climate capabilities
and support for clients in the transition tosustainable growth. This included his leadership in
MSCI providing the transparency clients need tobetter integrate ESG and Climate risks andopportunities into their investment processes andthe introduction of a series of climate-related tools
and solutions such as MSCI’s Implied

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Temperature Rise, Climate Lab and Carbon
Footprinting of Private Equity and Debt Funds.
President

Monetary
rewardOther (please
specify)
Environmentally
focused products

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 basedon the financial performance of MSCI, including
the achievement of sales targets for products andservices in the ESG and Climate, Index and Real
Estate product lines, including ESG and Climate
Indexes.
In 2021, our President accelerated our technology
transformation by strengthening the technology
leadership team through key hires in ESG andClimate and Index and by targeting greater
investment into critical technology initiatives suchas driving progress on cloud migration acrossmultiple product lines including the complete
migration of ESG and Climate applications andservices. He also supported investments to further
the development of thematic relevance scores andThematic indexes that reflect ESG or Climate
considerations.
In addition, our President focused on helping ourclients build better portfolios by prioritizing focus
on new research, including related to ESG andClimate, to provide clarity on key investment
problems, and he furthered the development of
new ESG and Climate solutions, including throughthe launch of the first Paris Aligned Fixed Income
indexes in the market.

Chief
Financial
Officer (CFO)

Monetary
rewardBehavior change
related indicator

Our CFO, who also oversees MSCI's strategy andcorporate development functions, is also amember of MSCI’s Executive Committee. In 2021,
his compensation-related goals included, among
other areas, implementing new policies andprocedures for engaging with existing andprospective partners to ensure alignment with
MSCI’s corporate responsibility objectives. Our
CFO introduced a partnership Code of Conduct
questionnaire to evaluate the ESG practices ofprospective partners. He also enhanced review
and oversight of climate-related risks.
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Other C-Suite Monetary
Officer
rewardBehavior change
related indicator

Our General Counsel enhances MSCI’s corporate
governance and corporate responsibility practices
and profile. He is a member of MSCI’s Executive
Committee and advises management and theBoard on public disclosures, including of ESG andclimate metrics.
In 2021, his compensation-related goals included
advising on and championing increased ESG
reporting and related shareholder engagement. In
addition, under his leadership, MSCI also
expanded engagement with regulators andpolicymakers by establishing productive
relationships and open dialogues with key
regulators in multiple jurisdictions, with a focus on
enhancing their understanding of the scope, roleand uses of our ESG and climate and index
products.

Other C-Suite Monetary
Officer
rewardEmissions reduction The CHRO, who is also a member of thetargetExecutive Committee, is incentivized throughcompensation for overseeing the Corporate
Behavior change
Services function and the HCS’s actions. Our
related indicator
CHRO has established firmwide goals to support
Environmental
progress toward our positioning MSCI as a place
criteria included infor professionals who want to pursue careers inpurchases
climate. Initiatives relating to this goal include
Supply chain
creating a climate-specific section of theengagementcompany’s careers website, together with creating
Other (pleasea team within our procurement operations that is
specify)
overseeing engagement with suppliers to assess
Environmentally
their climate trajectories.
focused productsManagement
group

Emissions reduction The Head of Corporate Services (“HCS”), who
project
reports to the CHRO, is incentivized throughcompensation for implementing environmental
Behavior change
and sustainability initiatives that help us torelated indicator
minimize our environmental impact and progress
Environmental
on our carbon reduction efforts. Senior managers
criteria included inin the Corporate Services Team, including facility
purchases
managers, senior buyers in the global strategic
Supply chain
sourcing and procurement team, as well as theengagement
travel department are similarly evaluated andincentivized. The HCS and those that report tohim directly and indirectly establish goals andcriteria that consider various environmental factors

Monetary
reward13
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

and are monitored and linked to theircompensation. The goals measure, among otherthings, progress against emissions reduction
targets, support of behavior changes bystakeholders and employees across MSCI,
inclusion of environmental criteria in sourcing andpurchase decisions and active engagement with
our supply chain to drive alignment with ourapproach to climate change.
When selecting new office space, the HCS andfacility managers use a comprehensive multifactor checklist including environmental and othercriteria to evaluate a property’s environmental
sustainability. These criteria include theavailability of renewable energy, accessibility to
public transportation, energy efficient building
systems, protection of biodiversity and thelocation’s overall vulnerability to extreme weather
events and natural disasters.
The HCS and members of the global strategic
sourcing and procurement team are evaluatedand incentivized for ensuring suppliers are madeaware of MSCI’s environmental, climate andcarbon objectives, as outlined in MSCI’s Supplier
Code of Conduct (SCOC) as well as its
Environmental Policy (EP). To ensure theappropriate level of engagement with the supply
chain, the HCS has developed a Sustainable
Supplier Management (SSM) team within the
global strategic sourcing and procurement team.
Facilities
manager

Monetary
rewardEmissions reduction Facility managers report to the HCS and areproject
incentivized to prioritize the availability of
renewable energy, accessibility to public
Behavior changetransportation, energy efficient building systems,
related indicator
protection of biodiversity and the location’s overall
Environmental
vulnerability to extreme weather events andcriteria included innatural disasters. The existence of landlord-driven
purchases
or local recycling initiatives, the use of sustainable
and energy-efficient materials, elimination of theuse of single-use plates, flatware and cups
globally and design and implementation ofenvironmental and lighting control systems thatenable the efficient use of power are additional

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

practices that are evaluated.
The overall practices of the facility managers have
led to the purchase of energy-efficient products for
MSCI’s offices and the wide use of sustainableproducts, including recycled and low
environmental impact materials and theelimination of single-use plastic items. This should
continue to contribute to an emissions reduction
trend and MSCI expects the continued selection oflower-impact equipment and materials to result ina further reduction in MSCI’s emissions.
The global strategic sourcing and procurement
team, including the SSM team, reports to the
HCS. Their performance and compensation arelinked to various performance metrics including,among others, those that measure adherence tosustainability onboarding criteria and active review
of suppliers’ carbon emissions and demonstrated
commitment to science-based targets.
Travel managers report to the HCS and are in part
evaluated and compensated on how well businesstravel policies and processes contribute to
reduced environmental impact linked to physicaltravel. Travel managers encourage employees to
conduct business in the most environmentally
sustainable way possible, including by holding
virtual meetings supported by conferencing
technologies in lieu of physical trips, planning trips
well in advance, bundling multiple short-duration
trips into fewer longer-term trips and traveling via
rail versus air where possible.
Management
group

Monetary
rewardEmissions reduction Under MSCI’s pay-for-performance compensation
targetprogram, the compensation paid to each
Executive Committee member consists of a baseBehavior changesalary, long-term equity awards and annual cash
related indicatorbonus. These three components are determined
Environmental
by MSCI’s overall financial performance during thecriteria included inyear and the executive’s individual performance.
purchases
Individual performance is linked to the goals these
Supply chain
individuals set during our annual goal setting
engagement
process. A part of MSCI’s overall financial
performance is determined by the extent to which

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Other (please
specify)
Environmentally
focused products

MSCI is successful in launching ESG and Climate
solutions and expanding existing ones. In addition,
Executive Committee members may also include
climate-specific goals for individual evaluation set
during our annual goal-setting process.
The Heads of MSCI’s ESG and Climate, Index,
Real Estate and Analytics product lines and theChief Technology Officer are members of MSCI’s
Executive Committee and report to the President.
Examples of the goals introduced by these seniorleaders include efforts to enhance MSCI’s ESG
and Climate product offerings, integrate new andcurrent ESG and Climate capabilities into existingproducts and provide platforms and flexible
technologies that enable users access to MSCI’s
ESG and Climate products and services.
Additionally, the Global Head of Research andProduct Development is a member of the MSCI
Executive Committee and has compensationrelated goals tied to his role in overseeing
distribution of ESG and Climate-related research,
including through social media and podcasts andconference participation to further understandingof sustainability issues.
MSCI’s CRO is a member of the Executive
Committee. The CRO’s goals incentivize her
through our compensation structure related tochampioning a strong corporate responsibility
platform. In 2021, she included KPIs relating to
the goal of aligning our own decarbonizationcommitments with our products and further
integrating climate considerations into MSCI’s
operations. During 2021, she helped establish
MSCI as a founding member of the Net ZeroFinancial Service Providers Alliance. The CRO
also further integrated climate considerations into
our firm’s risk management, spearheaded thefirm’s efforts to reduce our carbon footprint andcommunicated our net-zero targets and priorities
for sustainability both internally and externally.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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

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 there is a potential to generate a greater than USD 75
million annual impact to MSCI’s Adjusted Earnings before Interest, Depreciation andAmortization (EBITDA) as defined in the Company’s financial statements due to a climate
issue, this would trigger a review of additional 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) the need 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 or
a combination of the qualitative factors met that threshold in addition to the quantitative factor.
Currently, there are no impacts that meet this definition.

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

Value chain stage(s) covered
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Direct operations
Upstream
Downstream

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

Frequency of assessment
More than once a year

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

Description of process
We are committed to ensuring that we are identifying, evaluating and managing climaterelated risks and opportunities that may directly or indirectly impact our operations orability to deliver our products and services. Our management team has day-to-day
responsibility for identifying, assessing and managing climate-related risks andopportunities, while the MSCI Board of Directors oversees management’s execution ofthese responsibilities.
Our processes for identifying and assessing climate-related risks are multi-pronged innature and seek to continuously capture insights on those risks we may face in the
coming years and decades.
We regularly engage with shareholders, clients and employees and conduct
benchmarking analysis to identify the most relevant risks for our business and industry.
This includes an annual roadshow with our shareholders that focuses on corporate
responsibility issues, which helps us to better understand their areas of interest,
including climate-related risks.
Our insights on climate-related risks are also informed by the TCFD guidelines as wellas the CDP climate questionnaire.
In addition, we use our Climate VaR model, which aligns with the TCFD’s risk
categories, to identify and assess MSCI’s most probable climate-related facility-level
physical and enterprise-level risks. The scenario analysis that we conduct as part of the
Climate VaR analysis allows us to assess the impact of climate risks, including physicaland transition risks.
We have categorized our climate-related risks using the TCFD framework, including
Policy & Legal, Technology, Market, Reputation, Acute Physical and Chronic Physicalrisks. Consistent with how we evaluate other risks at MSCI, on a quarterly basis, wearrive at an overall risk level (e.g., high, medium, low) for our climate-related risks byconsidering such risks in terms of potential likelihood and potential impact. In this way,
climate-related risks can be viewed relative to other risks that we manage and monitor
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

as a firm.
We also consider climate-related risks in terms of the time horizon of such an impact –specifically, across the short (less than one year), medium (one to three years) and longterm (more than three years). These time horizons align to our business, strategy andfinancial planning.
We have developed different types of mitigation strategies, involving different teams, tomanage climate-related risks depending on the type of risks we face. Our BusinessResiliency team, for example, assesses the severity, probability and scale of potential
extreme climate events in geographies where we operate, and develops, implements
and tests technology systems to support MSCI’s business continuity plans. Managing
climate-related commercial 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 meetingsand events such as client advisory panels to better understand the demand for climaterelated products.
Our processes for identifying, assessing and managing climate-related risks (includingtransition and physical risks) are integrated into our firmwide risk management
framework, thereby ensuring climate-related risks are provided a high-level oftransparency, visibility and accountability.
As part of our firmwide risk management framework, we prepare a risk dashboard on aquarterly basis, which provides a high-level summary of our company’s enterprise-levelrisks. We also provide the EROC with risk-specific details, such assessments of impact
and likelihood, key mitigating actions and a set of metrics used to assess and measure
our progress in managing climate-related risks (e.g., metrics surrounding our carbon
footprint, our use of renewables, the proportion of our suppliers with climate
commitments, etc.).
Our Board is responsible for overseeing the management of company risks, including
those that are climate-related. The Audit Committee receives a quarterly update fromthe Enterprise Risk Management Officer on, among things, the work of the EROC. In
addition, from time to time, the CISO will update the Audit Committee on risks that could
be caused by extreme weather events and other effects of a changing climate. In
addition, the Governance Committee receives quarterly updates from the CRO, which
include progress on our climate goals.
Physical Risk Case Study:
Situation: In 2021, as part of our integrated firmwide risk management framework, westrove to improve our insights and quantitatively analyze, climate-related risks we may
face in the coming years and decades.
Task: MSCI sought to use our proprietary Climate VaR model to assess physical andtransition risks and identify potential substantive disruptions to our business from climate
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

change.
Action: We conducted a Climate VaR model scenario analysis and assessed theresults. Specifically:
1) our CRO, our HCS and our Head of Corporate Responsibility led the EROC in areview of our climate related scenario analysis, which reflected our climate-related,facility level, physical and enterprise-level transition risks in accordance with the TCFD’s
recommendations and2) our Head of Corporate Responsibility and our Head of the Business Resiliency teamalso provided an update on our physical risk exposure to our Enterprise Risk
Management Officer for incorporation in our firm’s quarterly risk dashboarding, which isthen shared with EROC, as well as the Audit & Risk Committee.
Result: Our assessment of MSCI’s climate-related risks was updated and integrated
into the firm’s risk management framework, thereby increasing the transparency,
visibility and accountability of climate-related risks at MSCI. Specifically:
1) Our 2021 Climate VaR scenario analysis provided insights on the adverse effects thatclimate change may have on MSCI’s business operations. The main contributor ofphysical climate risk for MSCI is tropical cyclones, with an aggregated potential impact
of approximately USD 183 million between 2021 and the year 2100, based on anassessment of both transition and physical risks and opportunities. Other physical risks
were deemed low (e.g., fluvial flooding, wildfire).
2) We evaluated these climate-related risks in terms of potential likelihood and potential
impact, so that climate-related risks can be viewed relative to other risks that wemanage and monitor. We currently believe there are no potential substantive short-term
disruptions to our business from climate change based on the analysis we conducted,
and that the aggregated potential impact of physical climate risk does not reach ourthreshold for a significant financial or strategic risk, defined as greater than USD 75
million annual impact to MSCI’s Adjusted Earnings before Interest, Depreciation andAmortization (EBITDA).

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 as a baseline for our operations.
Corporate Services is responsible for ensuring compliance withapplicable environmental laws and regulations. Given that MSCI leases
all its office space, the Corporate Services department manages therelationships and contracts with local landlords to oversee compliancewith laws and regulations, and we endeavor to secure from ourlandlords their direct obligation to comply with laws and regulations,20
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

including climate related. An example of this is for our New York office,we have engaged in conversations with our landlord to understand theirprogress toward complying with Local Law 97. Under this law, mostbuildings over 25,000 square feet are required to meet energy
efficiency and greenhouse gas emissions limits by 2024, with stricter
limits coming into effect in 2030. The goal of this law is to reduce theemissions produced by the city’s largest buildings 40 percent by 2030
and 80 percent by 2050. As a result of these conversations, MSCI
understands the steps the landlord is taking to comply with thisregulation and will continue to monitor their progress.
2. MSCI product groups for ESG Research and Index also track andcomply with 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 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 regulations as a baseline for our operations.
Corporate Services is responsible for ensuring compliance withapplicable environmental laws and regulations. Given that MSCI leases
all its office space, the Corporate Services department manages therelationships and contracts with local landlords to oversee compliancewith laws and regulations, and we endeavor to secure from ourlandlords their direct obligation to comply with laws and regulations,
including climate- related.
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
its IT infrastructure resulting from climate and extreme weather events,
among other disasters. Historically, MSCI has experienced the impact
of extreme weather events in some of its office locations, including
Mumbai, India (tropical cyclones and monsoon), Norman, Oklahoma(tornadoes) and New York, New York (winter storms). The robust
development, testing and refinements to our resiliency plans havesuccessfully mitigated the impact of these events. MSCI routinely
conducts tabletop disaster simulation events, including extreme
weather events, for every office. A highly illustrative example of ourinvestment into and, the robustness of, our business resilience program
was our ability to quickly move virtually all global staff to work fromhome without material disruption to our operations during the COVID19 pandemic. This flexibility of locations could also potentially be used
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

to mitigate a climate-related issue.
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 U.S. to enhance our ability to maintain continuity in the event
extreme weather or other climate-related risks were to impact one of
the locations. Notably, MSCI also partners with Microsoft Azure as a
strategic cloud services provider. Azure provides MSCI geographicallydiverse 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 evaluates risks resulting from
litigation, including the risk of climate-related litigation. While we believethat 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 together with our
Government and Regulatory Affairs Department and our Corporate
Responsibility, Enterprise Risk Management and Finance functions toassess the risks and costs associated with expanding disclosure
obligations under emerging regulations such as the SEC’s proposed
climate rules – The Enhancement and Standardization of ClimateRelated Disclosures for Investors.
Additionally, our Government and Regulatory Affairs Department, which
reports to our General Counsel, also works with the heads of our
product lines to advise on: (1) the impact of climate-related regulations
on the solutions we offer to our clients and, at times, (2) proposed new
products in response to current and emerging regulations. Many of ourclients are in the financial services sector and leverage our solutions to
help them comply with stakeholder mandates or regulations relating to
the integration of climate considerations into their investment decisions.
Our Procurement function is also supported by the Legal Department,
which reviews our Supplier Code of Conduct and advises on climaterelated assurances in vendor contracts.
We will continue to monitor and mitigate climate-related legal risks in
our operations and products by, among other things, continuing toenhance our controls, enhancing the quality of our data and analysis
and appropriately reviewing and allocating risks and liabilities relating to
the use our climate-related productions and solutions.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

MarketRelevant,
alwaysincluded

MSCI conducts consultations with the global investment community,
and we engage with clients through regular meetings and events suchas client advisory panels, so that we can build changes in client needs
into our products including those related to climate risk. MSCI has arobust suite of climate solutions including, data, indexes, scenario
analytics and portfolio reporting, including TCFD reporting capability.
A relevant example of a market-related risk is losing market share on
our ESG and climate index products should we not adapt our current
service offerings to meet evolving client needs. To manage this risk, in
2021, we ran a client consultation regarding enhancements in the
climate screens and incorporation of minimum requirements of the EU's
Climate Transition Benchmark (CTB) designation.

Reputation

Relevant,
alwaysincluded

Reputational risks are relevant for MSCI in the event of a perceived
misalignment between our operations and our solutions. Not being
perceived as applying the same principles to ourselves as the ones wepromote among investors could potentially damage our reputation andour ability to attract and retain clients, as well as sustain and build upon
our ESG and Climate revenue growth. Errors in or criticisms of our ESG
ratings, processes, decisions and methodologies could result in
reputational risks or other loss in credibility.

AcutephysicalRelevant,
alwaysincluded

The most significant potential impact from an acute physical risk event
would be to MSCI’s IT Infrastructure. MSCI’s IT Disaster Recovery
Planning aims to mitigate key risks resulting from climate and extreme
weather events, among other types of events. MSCI’s maintains
business critical IT infrastructure operations across multiple primary
third-party data centers, which source highly resilient power andtelecommunications. For example, MSCI operates in co-located data
centers in both Europe and the U.S. to enhance our ability to maintaincontinuity in the event extreme weather or other climate-related risks
were to impact one of the locations. Notably, MSCI also partners with
Microsoft Azure as a strategic cloud services provider. Azure provides
MSCI geographically diverse data-center locations, which allow us tomitigate the potential impact of a climate event to any specific site.
Another risk is disruption to the offices where MSCI employees workand support its clients and operations. Historically, MSCI has
experienced the impact of extreme weather events in some of its officelocations, including Mumbai, India (tropical cyclones and monsoon),
Norman, Oklahoma (tornadoes) and New York, New York (winterstorms). To date, the robust development, testing and refinements toour resiliency plans have successfully mitigated the impact of these
events. MSCI routinely conducts tabletop disaster simulation events,
including extreme weather events, for every office. This flexibility oflocations could also potentially be used to mitigate a climate related
issue. We identify multiple sources of critical services to reduce the23
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

potential impact of supply chain disruptions wherever possible.
To further assess our climate-related risks, in 2021, MSCI performed a
climate-related scenario analysis using MSCI’s own Climate VaRmodel. The analysis guides MSCI’s ongoing efforts to enhance theprocesses and frameworks for managing climate-related risks andopportunities and improving its communications around these efforts,
including those related to lowering its environmental impact andachieving energy efficiency. These risks include the physical risks oftropical cyclones, extreme heat and coastal flooding.
Chronic
physicalRelevant,
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 Planning aims to mitigate key risks resulting from climate andextreme weather events, among other disasters.
To further assess its climate-related risks, in 2021, the CRC performeda climate-related scenario analysis using MSCI’s own Climate VaRmodel. The analysis guides MSCI’s ongoing efforts to enhance theprocesses and frameworks for managing climate-related risks andopportunities and improving its communications around these efforts,
including those related to lowering its environmental impact andachieving energy efficiency. These risks include the physical risks oftropical cyclones, extreme heat and coastal flooding. Risks are
mitigated through a cycle of planning, testing and enhancement. We
also consider any climate-related impacts through our businessresilience process and insurance coverage, including the cost ofpremiums.

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?
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 driver24
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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.
In 2021, we used MSCI ESG Research’s Climate VaR Model to conduct a climaterelated scenario analysis. This enabled us to analyze climate-related risks andopportunities we may face in the coming years and decades.
Although it does not reach the threshold for a significant financial or strategic risk,
defined as greater than USD 75 million annual impact to MSCI’s Adjusted Earnings
before Interest, Depreciation and Amortization (EBITDA), based on this scenario
analysis, the main contributor of physical climate risk for MSCI is tropical cyclones, withan aggregated potential impact of approximately USD 183 million between 2021 and theyear 2100. This is based on an assessment of both transition and physical risks andopportunities – i.e., extreme weather could damage assets at a facility, or the
introduction of new climate change policies could require technological change. Other
physical risks were deemed low (e.g., fluvial flooding, wildfire, extreme cold, etc.).
Tropical cyclones could have a multitude of adverse effects on MSCI’s business
operations, including, but not limited to, those operations in our Manila, Philippines
facility. These effects (which are embedded into the methodology used by MSCI ESG
Research to estimate the impact of tropical cycles for MSCI) could potentially include
business interruption and severe wind and flood damage.

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)

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

1

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

Explanation of financial impact figure
In 2021, we used MSCI ESG Research’s Climate VaR Model to conduct a climaterelated scenario analysis. This enabled us to analyze, quantitatively, climate-relatedrisks and opportunities we may face in the coming years and decades. The approach is
closely aligned with the recommendations of the Taskforce on Climate-related Financial
Disclosures (TCFD) in that it assesses both transition and physical risks andopportunities.
MSCI ESG Research’s Climate VaR Model computed the current level of climate-related
physical risk from 10 distinct hazards on our facilities (e.g., extreme heat, extreme cold,
fluvial flooding, coastal flooding, tropical cyclones, etc.), and how that level of risk may
change in the future under different physical risk scenarios. MSCI ESG Research alsotranslated the physical risk from these hazards into costs, or 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 today's date and in the year 2100, and2) an aggressive scenario, which reflects the severe downside risk corresponding to the95th percentile of the cost distribution.
Through the lens of the average scenario, the main contributor of physical climate risk
for MSCI is tropical cyclones, with an aggregated potential impact of approximately USD
183 million between 2021 and in the year 2100, based on an assessment of bothtransition and physical risks and opportunities– i.e., extreme weather could damage assets at a company facility, or the introduction of
new climate change policies could require technological change.
The methodology used to estimate this potential financial impact is as follows:
To quantify the impact of tropical cyclones, MSCI ESG Research employs the opensource NatCat model CLIMADA to estimate the future impacts of tropical cyclones.
CLIMADA uses a stochastic hurricane generator based on an extensive set of historicalhurricanes and a set of regionally calibrated damage functions. We employ climatemodel based projections of the future frequency and intensity of tropical cyclones toaccordingly modify the generated set of cyclone tracks.

Cost of response to risk
2,000,000

Description of response and explanation of cost calculation
We regularly assess and take steps to improve our response to all climate-related risks,
including those relating to tropical cyclones. We maintain a dedicated Business26
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Resiliency team. MSCI’s Business Resilience Strategy considers the extent to which thephysical risks of climate change may impact MSCI’s operations, including whether theserisks could potentially impact our IT and physical infrastructure and/or our ability toprovide clients with products and services. We also regularly evaluate the potential for
supply-chain disruption, including climate-related impacts over both short- and long-termhorizons. Wherever possible, we identify multiple sources of critical services to reduce
the potential impact of supply-chain disruptions. Our estimated annual cost in
responding to all climate-related risks, including those relating to tropical cyclones, isapproximately USD 2.0 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 this insurance premium isapproximately USD 250,000.
2)MSCI’s Business Continuity Plan group maintains and tests our business resiliency
plans, which helps reduce the impact of disruptions caused by all hazards, including
climate-related causes. The estimated cost of this group and its related expenses isapproximately USD 1,700,000.
Physical Risk Response Case Study: Situation: In 2021, the scenario analysis
conducted as part of our Climate VaR analysis revealed that MSCI’s global facilities are
exposed to climate-related physical risk from various hazards, including tropical
cyclones, extreme heat and coastal flooding.
Task: To improve existing business continuity plans, our Business Resiliency team
identified the need to enhance continuous, internal monitoring and reporting of actual
climate-related events across all locations where MSCI already has business
operations.
Action: In 2021, our Business Resiliency team designed and developed an internalreport that captures global events that had either impacted, or had the potential toimpact, MSCI’s Business Operations (e.g., natural disasters, climate-related event).
Result: We efficiently developed a “Climate Risk Trend Report,” which captures climate
and extreme weather threats throughout the year and assists in improving BusinessContinuity plans.

Comment

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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
Given the growing focus on climate change and the need for solutions, investors andissuers 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 risk management
processes and engaging companies and external stakeholders, to better align with a
net-zero trajectory.
Our Climate Solutions give clients access to a wide range of tools and data, designed toenable them to address a variety of needs such as:(1) Climate and net-zero solutions empowering investors to analyze and report on theirportfolios’ exposures to transition and physical climate risk.
(2) Climate indexes for both equity and fixed income that aim to meet the variety ofneeds of institutional investors who wish to address climate change.
(3) Climate Lab Enterprise that enables a comprehensive view of climate risk acrossenterprises, strategies, portfolios and companies. And that allows clients to visualizetransition and physical risk, emissions and scenarios to assess alignment and trackprogress toward climate goals.
(4) Private assets climate solutions allowing investors to understand and manage theirclimate impact and risk across their private-asset investments.
(5) Real estate climate solutions helping real estate investors integrate climate,performance and risk analysis to build more sustainable portfolios.
MSCI ESG Research products are a key growth pillar for MSCI because of the growing
investor appetite for managing ESG & Climate risks and opportunities by provides arange of capabilities to clients across the entire investment ecosystem

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

MSCI continues to invest extensively in organic product development around emerging
segments and use cases by developing solutions for corporates, banking advisory as
well as fixed income. In addition, we are focused on expanding our use of newer
technologies such as Natural Language Processing and Artificial Intelligence to solve an
increasing set of complex problems for our clients.

Time horizon
Short-term

Likelihood
Very likely

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)
50,000,000

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

Explanation of financial impact figure
MSCI does not provide run rate guidance or long-term targets for any of its productlines. As of December 31, 2021, the run rate (as defined in MSCI’s financial statements)
for our ESG and Climate product line was approximately USD 200 million, reflecting a
recent historical growth rate of 30% to 40%. For illustration of the potential incremental
opportunity and assuming this historical growth-rate range, the result is an incremental
annual opportunity in the range of $50 to $80 million in run rate. These projections
should not be relied upon as indicative of future results.

Cost to realize opportunity
50,000,000

Strategy to realize opportunity and explanation of cost calculation
MSCI continues to organically, as well as deliberately, develop and expand on the
products/services to help investors make decisions based on a company’s financial and
ESG & Climate performance. We work with clients through consultations to understandtheir ESG & Climate investment objectives and incorporate their feedback into our
products.
Based on the 17.9% margin reported for the ESG and Climate product line in our FY
2021 Earnings Release, the implied incremental cost associated with the potential
incremental opportunity detailed above would be in the range of $40 to $65 million peryear.
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

This estimated cost of response to realize this opportunity would include, but would not
be limited to, the cost of our Product and Coverage teams, enhancing our existing
tools/capabilities, as well as acquiring new data sets.
Product and Services Opportunity Response (Case Study)
Case Study – Launched Climate Lab in 2021
Situation - Owners and managers of assets are looking for consistent and robust climate
data, tools and scenario analysis to enable them to measure and manage transition andphysical risks, identify sustainable investment opportunities and align their investmentswith the goal of transitioning to an economy that removes as much greenhouse gas fromthe atmosphere as it puts in. Getting there will demand an insight to climate data andmodels and how climate risk could affect the portfolios, an understanding of companies’
climate trajectories and the capacity to track and report progress.
Task: Institutional investors are looking for tools and services to help them with their netzero alignment.
Action: In 2021, we launched Climate Lab, a first-in-kind visualization dashboard thatcombines our climate data with our analytical risk and portfolio management
capabilities. Climate Lab provides a comprehensive set of climate data and analytics,
helping explore transition and physical risk, emission, temperature data and scenario
analysis along with powerful forecasting tools to help investors measure, monitor andmanage climate risk and the shift to sustainable growth consistently across companies,
portfolios and at enterprise level.
Result: As of June 13, 2022, approximately 200 clients had access to our Climate Lab
Company platform.

Comment

C3. Business Strategy
C3.1(C3.1) Does your organization’s strategy include a transition plan that aligns with a
1.5°C world?
Row 1
Transition planNo, but our strategy has been influenced by climate-related risks and opportunities, andwe are developing a transition plan within two years

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Explain why your organization does not have a transition plan that aligns witha 1.5°C world and any plans to develop one in the futureOver the past couple of years, MSCI has been expanding its climate commitment. In
2020, we defined a carbon reduction target aligned with science-based methodology
and committed to reduce Scopes 1 and 2 by 50% and Scope 3 by 20% by 2035 using
2019 as our baseline. In 2021, we committed to net-zero before 2040 throughout ourvalue chain. In the first half of 2022, we committed to have our carbon target certified by
the SBTi and submitted our enhanced near-term and long-term target for SBTI
certification. While developing those commitments, we have identified levers at our
disposal and are taking necessary steps to fulfil this commitment.
For Scopes 1 and 2, our main levers are:
- Reduce the number and size of our offices.
- Reduce electricity consumption in existing offices.
- Manage new office growth toward locations with renewable electricity access.
- Purchase Energy Attribute Certificates (EACs) to support growth in availability of
renewable electricity and to lower our Scope 2 emissions
For Scope 3, our levers include:- Engage and influence our suppliers to set similar climate goals as ours.
- Encourage virtual meetings in lieu of physical travel; manage physical travel torigorous sustainable travel practices.
- Reduce the need for employees to commute to offices; encourage sustainable workfrom-home practices.
We are now working on developing a formal climate transition plan that we expect will
evolve over time to align with the latest science, the emergence of new and greener
technologies, and as new data becomes available. As we revise our plan and receive
additional stakeholder input, we intend to make our approach transparent by regularly
reporting our progress.

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

Companywide

2.1ºC - 3ºC

In 2021, we conducted a climate-related scenario
analysis to quantitatively analyze the climate-relatedrisks and opportunities using MSCI ESG Research’s
Climate VaR Model (CVAR). MSCI ESG Research

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

availabletransition
scenario

comprehensively assesses future climate-changerisks and opportunities, which include transition risks
and opportunities related to greenhouse gas (GHG)
emission 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 CVAR results directly
influenced MSCI’s business objectives and strategy
is our choice of a second location in Pune, India,
which is approximately 100 miles inland fromMumbai and at a higher elevation. We consideredother locations such as Hyderabad and Bangalore
but decided on Pune for several reasons, including
those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise (ITR), which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. ITR indicates how much theworld’s temperature would increase if the whole
economy had the same carbon overshoot orundershoot as the company in question.

Transition
scenarios
Customized
publicly
availabletransition
scenario

Companywide

1.6ºC – 2ºC

In 2021, we conducted a climate-related scenario
analysis to quantitatively analyze the climate-relatedrisks and opportunities using MSCI ESG Research’s
Climate VaR Model (CVAR). MSCI ESG Research
comprehensively assesses future climate-changerisks and opportunities, which include transition risks
and opportunities related to greenhouse gas (GHG)
emission limitations and physical risks andopportunities from climate change.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022i) 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 CVAR results directly
influenced MSCI’s business objectives and strategy
is our choice of a second location in Pune, India,
which is approximately 100 miles inland fromMumbai and at a higher elevation. We consideredother locations such as Hyderabad and Bangalore
but decided on Pune for several reasons, including
those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise (ITR), which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. ITR indicates how much theworld’s temperature would increase if the whole
economy had the same carbon overshoot orundershoot as the company in question.
Transition
scenarios
Customized
publicly
availabletransition
scenario

Companywide

1.5ºC

In 2021, we conducted a climate-related scenario
analysis to quantitatively analyze the climate-relatedrisks and opportunities using MSCI ESG Research’s
Climate VaR Model (CVAR). MSCI ESG Research
comprehensively assesses future climate-changerisks and opportunities, which include transition risks
and opportunities related to greenhouse gas (GHG)
emission 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.

33
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022iii) 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 CVAR results directly
influenced MSCI’s business objectives and strategy
is our choice of a second location in Pune, India,
which is approximately 100 miles inland fromMumbai and at a higher elevation. We consideredother locations such as Hyderabad and Bangalore
but decided on Pune for several reasons, including
those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise (ITR), which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. ITR indicates how much theworld’s temperature would increase if the whole
economy had the same carbon overshoot orundershoot as the company in question.
Physicalclimatescenarios
Customized
publicly
available
physicalscenario

Companywide

4.1ºC andabove

In 2021, we conducted a climate-related scenario
analysis to quantitatively analyze the climate-relatedrisks and opportunities using MSCI ESG Research’s
Climate VaR Model (CVAR). MSCI ESG Research
comprehensively assesses future climate-changerisks and opportunities, which include transition risks
and opportunities related to greenhouse gas (GHG)
emission 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 for

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

each 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 CVAR results directly
influenced MSCI’s business objectives and strategy
is our choice of a second location in Pune, India,
which is approximately 100 miles inland fromMumbai and at a higher elevation. We consideredother locations such as Hyderabad and Bangalore
but decided on Pune for several reasons, including
those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise (ITR), which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. ITR indicates how much theworld’s temperature would increase if the whole
economy had the same carbon overshoot orundershoot as the company in question.
Physicalclimatescenarios
Customized
publicly
available
physicalscenario

Companywide

3.1ºC - 4ºC

In 2021, we conducted a climate-related scenario
analysis to quantitatively analyze the climate-relatedrisks and opportunities using MSCI ESG Research’s
Climate VaR Model (CVAR). MSCI ESG Research
comprehensively assesses future climate-changerisks and opportunities, which include transition risks
and opportunities related to greenhouse gas (GHG)
emission 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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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 location in Pune, India,
which is approximately 100 miles inland fromMumbai and at a higher elevation. We consideredother locations such as Hyderabad and Bangalore
but decided on Pune for several reasons, including
those related to longer-term climate risks.
In addition, MSCI has developed the Implied
Temperature Rise (ITR), which is aligned withrecommendations published by the TCFD Portfolio
Alignment Team. ITR indicates how much theworld’s temperature would increase if the whole
economy had the same carbon overshoot orundershoot as the company in question.

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’s offices are the 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 MSCI ESG Research’s Climate VaR Model to assess the resilience of its
business model under several scenarios and answer its focal questions. In addition,
MSCI ESG Research has developed Implied Temperature Rise, a metric designed toshow the temperature 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 havenot been independently reviewed or audited. Due to the affiliate relationship and thepotential for a conflict of interest, this report should not be relied upon as an

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

independent analysis of MSCI Inc. with respect to the use of the 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.
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 Manila, the Philippines, is our office withthe largest 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. MSCI ESG Research’s 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, across asset classes, and to support a
growing number of client types and use cases. Since
launching our major climate product, the MSCI Low Carbon
indexes in 2015, we have observed a growing interest frominvestors in climate-related issues. This demand, which
influences MSCI’s short- and long-term business strategy,
has resulted in the diversification and expansion of ourofferings.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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.
This team has doubled in the last two years and MSCI willcontinue to invest in the growth of our climate-related
products.
We anticipate continuing to expand and enhance ourclimate and ESG -related products and services. MSCI’s
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, BCP and Sustainable
Supplier Management teams to ensure they pass rigorous
onboarding requirements. This review includes
understanding the potential for disruption in both the short,medium and long term due to various factors, including
climate, weather-related and other physical risks. We
analyse 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 multiple sources of critical services to reduce
the potential 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.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Notably, MSCI also partners with Microsoft Azure as a
strategic cloud services provider. Azure provides MSCI
geographically diverse data-center locations, which allow us
to mitigate the potential impact of a climate event to any
specific site. We work to reduce our reliance on extended
supply chains with the goal of improving resilience andlowering costs. As examples, we use regional and local redistributers for technology hardware and software; when
deciding whether to leverage consultants and contingent
workers in support of any business-critical operations, we
identify their respective locations; and we emphasize local
and regional sourcing for furniture, fixtures and officesupplies for our offices around the world.
When selecting new office space, we follow acomprehensive checklist to account for a building’s
vulnerability to extreme weather events and natural
disasters as well as the availability of renewable electricity
as well as such features as proximity to public
transportation, energy-efficient core building systems andcontrols to reduce electricity consumption. We purchaseenergy-efficient and sustainable products for our offices,
including supplies made from recycled and lowenvironmental-impact materials.
Investment in Yes
R&D

MSCI continues to invest in climate solutions to enhance
MSCI’s product line due to the ever-increasing demand forbetter data on the impacts of climate change onorganizations globally. The demand for disclosure of timely,
accurate and reasonable data on climate change inbusiness context had influenced MSCI’s strategy forinvestment in R&D. MSCI seeks to continue being a leader
in providing valuable insights pertaining to ESG and climatechange impacts to the institutional investor community.
Examples of our climate-related R&D investments include
the following:• Implied Temperature Rise (ITR), a forward-looking metric,
designed to show the temperature alignment of companies,
portfolios and funds with global climate targets. Investors
can use ITR to set decarbonization targets and support
engagement on climate risk. In October 2021, we made the
MSCI ITR data of over 2,900 companies publicly available
via an open search tool on msci.com. We have since
expanded the public availability of ITR to include MSCI
indexes and thousands of funds. The measure is also
designed to support reporting for the Task Force on

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Climate-related Financial Disclosures (TCFD).
• 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.
• The 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 (website) provided by MSCI.
Operations

Yes

To reduce climate risks related to our own operations, MSCI
has started to align our business operations model with theglobal goal of limiting the rise in average temperatures to
1.5°C above preindustrial levels. Our strategic andoperational decision-making consider climate change, withthe goal of aligning our operations with achieving net-zeroemissions and encouraging our suppliers to do the same.
MSCI has developed an Environmental Policy which isreviewed and updated on at least an annual basis, or more
frequently as priorities and/or relevant regulations change.
It was last reviewed and updated in August 2021. The
implementation of the policy is managed and monitored 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 fully supports andenables all its employees to adopt hybrid-work patterns.
Our support of this has led the GCSD to reduce and/or
eliminate the need for office space in some locations. This
reduction trend continued during 2021, as demonstrated by
reducing the size of four MSCI offices located in HongKong; San Francisco, California; Boston, Massachusetts;and Norman, Oklahoma. These actions reduced the
combined size of these locations by 42%. The result of
these changes to our office footprint, coupled with adoptionof permanent support of hybrid work, have resulted in thecontinuing trend of lowering the carbon footprint of ourphysical operations. We are currently evaluating additional
opportunities to implement 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 MSCI ESG Research’s

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Climate Value-at-Risk (Climate VaR) quantitative tools andconduct a comprehensive site selection checklist (nearly 50
criteria are considered) to evaluate all potential new
locations and/or to select physical buildings for proposed
MSCI offices.

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
process and quarterly business reviews, senior management, including
the Executive Committee, reviews business results and trends, including
incurred and projected costs associated with providing climate-related
products, as well as creating more sustainable operations. As part of thisfinancial planning, MSCI evaluates the impact of climate change on
MSCI’s direct costs. Examples of how climate-related costs have
impacted financial planning costs are:
• Direct costs of investing in technology to reduce MSCI’s Scope 3
greenhouse gas emissions by:A) automating labor-intensive processesB) strengthening the firm’s virtual meeting tools to support increased useof virtual meetings so we travel less while maintaining high levels ofclient engagement• Direct costs of developing policies and practices to promote
environmental sustainability and efficiencies, including prioritizing LEEDand BREEAM-certified office space 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 market.
We also consider any climate-related impacts through our businessresilience process and insurance coverage, including the cost ofpremiums, etc.
MSCI’s financial planning process includes an evaluation of changes inclient demand for climate-related solutions. MSCI has had, and expects
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

to continue to have, positive revenue growth from climate-related
products.

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.

Target reference number
Abs 1Year target was set
2020

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 emissions covered by target (metric tons CO2e)

Total base year emissions covered by target in all selected Scopes (metrictons CO2e)42
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

4,468

Base 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 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
2035

Targeted reduction from base year (%)
50

Total emissions in target year covered by target in all selected Scopes (metrictons CO2e) [auto-calculated]
2,234

Scope 1 emissions in reporting year covered by target (metric tons CO2e)160.14

Scope 2 emissions in reporting year covered by target (metric tons CO2e)963.7

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)
1,124% of target achieved relative to base year [auto-calculated]
149.6866606983

Target status in reporting year
Underway

Is this a science-based target?
Yes, we consider this a science-based target, and the target is currently being reviewed
by the Science Based Targets initiative

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Target ambition
1.5°C aligned

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

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 2Year target was set
2020

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 emissions covered by target (metric tons CO2e)44
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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 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
2035

Targeted reduction from base year (%)
20

Total emissions in target year covered by target in all selected Scopes (metrictons CO2e) [auto-calculated]
30,709.6

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 emissions in reporting year covered by target (metric tons CO2e)37,631

Total emissions in reporting year covered by target in all selected scopes(metric tons CO2e)37,631% of target achieved relative to base year [auto-calculated]
9.8470836481

Target status in reporting year
Underway

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Is this a science-based target?
Yes, we consider this a science-based target, and the target is currently being reviewed
by the Science Based Targets initiative

Target ambition
Well-below 2°C aligned

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

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 minimizing business travel and shifting tolower-carbon modes of business travel where possible. We also plan to incentivize theprocurement of renewable energy at our downstream leased offices. The progress curveis 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?
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, we consider this a science-based target, and the target is currently being reviewed
by the Science Based Targets initiative
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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

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*

4288.91

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 type
Energy efficiency in buildings
Other, please specify

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Site consolidation/closure

Estimated annual CO2e savings (metric tonnes CO2e)288.91

Scope(s) or Scope 3 category(ies) where emissions savings occur
Scope 1
Scope 2 (location-based)

Voluntary/Mandatory
Voluntary

Annual monetary savings (unit currency – as specified in C0.4)
1,700,000

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

Estimated lifetime of the initiative
Ongoing

Comment
In 2021, MSCI downsized four of its leased offices (Hong Kong; Norman, Oklahoma;
San Francisco; and Boston) by a total of 21,899 SQFT to reduce its carbon footprint.
Emissions reduction is calculated by multiplying LB Scope 1&2 total emissions per
square foot at each facility by total reduction in square feet (e.g., (241 mtons
CO2e/12,927 SQFT (Norman site))*10,737 SQFT (Reduction in SQFT at Norman from2020-2021)).

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

Dedicated budget - MSCI's new Zurich office (LEED Gold and Minergie certification) and a new floor
for energy
in our Budapest office (Leed Platinum certification) were built to include LED
efficiency
lighting that is motion sensor controlled.
- 81% electricity in all MSCI offices comes from renewable sources, there isstrong focus to switch to green energy where possible. Renewable energy credits
have been purchased for most office locations.
- We introduced a sustainability checklist to rate new potential office buildings toensure new spaces are built at the highest energy standards.
- Effective footprint management: MSCI introduced hybrid working and plans todownsize existing spaces or move to smaller ones wherever the lease agreement
allows.
- We added numerous Sustainable Travel guidelines to our Travel Policy,
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

including:o Guidance to book virtual meetings instead of travelingo Mandatory use of rail instead of air where available; clearly have identified top
city pairs for MSCI travelers where rail is available.
o Requirement to book economy class instead of business classo Use of public transportation in lieu of car or ride services or taxiso When rental cars are required, use of EVs or hybrid cars when available;
renewed our agreement with AVIS to include a corporate rate on their hybrid
fleet.
o Requirement to select MSCI preferred hotels which are selected based on
several criteria, including the hotels' sustainability and climate practices
o Included carbon emissions for flight and rail on our online travel booking tool at
the time of booking/sale, options are prioritized based on emissions. Rules andpopups are configured in the tool to clearly enforce the sustainable travel policy.
Carbon emissions are also included in Pre-Travel Approval Forms to makeemissions clearly visible for the relevant approving manager.
Employeeengagemento As of December 2021, there were Climate Action Networks in 22 offices(Monterrey, London, Mumbai, Berkeley, San Francisco, Tokyo, Chicago,
Budapest, Norman, Boston, Hong Kong, Paris, Manila, Singapore, Sydney,
Zurich, Beijing, Frankfurt, Geneva, Milan, New York and Toronto). These groups
operate with approved budgets and are responsible for organizing local events,
awareness sessions, ted talks, quizzes for staff to support employee education.
All MSCI rented offices have selective waste management practices in place.
o MSCI's office cleaning companies use environment friendly, bio-degradable
cleaning products.
o All office events are required to use catering featuring local, preferably organic
sources.
o The travel team maintains a Sustainable Travel SharePoint site to provide
awareness, educate travelers and provide sustainable travel tips (e.g. the use of
TripIt to track individual travel-related emissions).

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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. Examples
of climate indexes include: MSCI Low Carbon Indexes, MSCI Climate Change Indexes
and MSCI Climate Paris Aligned Indexes.
We also provide a circular economy series which includes Renewables & Energy
Efficiency, Sustainable Water Transition, Sharing Economy, Plastics Transition andNatural Resources.
MSCI Real Estate offers Green Property Indexes based on assets that have a green
building certificate. ESG ratings, research and analysis are produced by MSCI ESG
Research LLC. MSCI ESG Indexes and Analytics use information from, but are notprovided by, MSCI ESG Research LLC. MSCI Indexes and Analytics are 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 MSCI’s ESG and Climate
related ESG Research and Index products, was USD 354 million in 2021 which
represents about 16% of MSCI run rate in 2021.

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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
16

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

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?
Yes, an acquisition

Name of organization(s) acquired, divested from, or merged with
Real Capital Analytics (RCA)

Details of structural change(s), including completion dates
Acquired by MSCI in September 2021

C5.1b
(C5.1b) Has your emissions accounting methodology, boundary, and/or reporting year
definition changed in the reporting year?
Change(s) inmethodology,
boundary, and/or
reporting year
definition?
Row Yes, a change in1boundary

Details of methodology, boundary, and/or reporting year
definition change(s)During 2021 reporting, it was determined that MSCI did not haveoperational control over five office sites (co-working spaces) that had
previously been included in the reporting boundary. These sites
were excluded from the 2021 boundary, and the impact was
immaterial. Excluded sites include; Sao Paulo, Brazil; Portland,

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Maine; Potsdam, Germany; Stockholm, Sweden; and Barcelona,
Spain.

C5.1c(C5.1c) Have your organization’s base year emissions been recalculated as result of
the changes or errors reported in C5.1a and C5.1b?
Base year
recalculation
Row Yes1

Base year emissions recalculation policy, including significancethreshold
Significant is defined as a cumulative change (+/-) of five percent (5%) or
larger in MSCI's total base-year emissions (both Scope 1 and Scope 2) on aCO2-e basis. However, to achieve comprehensive and transparent
emissions reporting MSCI re-calculated our base-year emissions to include
the RCA acquisition, despite it falling below the 5% threshold.

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

Scope 2 (market-based)
Base year start
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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

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, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)609

Comment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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
Base year start
January 1, 2019

Base year end
December 31, 2019

Base year emissions (metric tons CO2e)54
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2,568

Comment

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

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

Base year end
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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)

Comment

Scope 3 category 15: Investments
Base year start
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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.
The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised
Edition)57
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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)160

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
6,480

Scope 2, market-based (if applicable)
964

Comment

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

C6.4
(C6.4) Are there any sources (e.g. facilities, specific GHGs, activities, geographies,etc.) of Scope 1 and Scope 2 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)30,156

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 from internal MSCI databases for purchased goods
and services (PG&S) categories. The financial data was used in an Economic InputOutput LCA database called CEDA to derive emissions per financial category type. The
model was adjusted to account for Adjusted Price Indices of the model (i.e., inflation)
and a Purchase to Producer Adjustment.

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
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)59
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

1,878

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 transmission anddistribution (T&D) emissions for fuels and electric power for MSCI's 2021 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 requirements shipment. All of MSCI's products are either
digital or service-based. Emissions from the use 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 that facility that delivery of MSCI's services (e.g.,
office equipment) are captured in the Purchased Goods and Services category.

Waste generated in operations
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
202

Emissions calculation methodology
Waste-type-specific method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
MSCI used 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
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Emissions in reporting year (metric tons CO2e)399

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)
1,539

Emissions calculation methodology
Distance-based method

Percentage of emissions calculated using data obtained from suppliers orvalue chain partners
0Please explain
This category includes employees commuting to the office and estimates of employee
home-working for 2021. Employee commuting is calculated by extrapolating commuting
patterns for all global locations. This included an analysis of total driving distance (basedon home ZIP code distance from office ZIP code) 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
by total assumed trips per year, multiplied by a mode-specific emission factor.
Employee home-working 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

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Please explain
MSCI has evaluated all upstream leased assets (office spaces) and has determined that
we exhibit operational control at these sites. Therefore, all upstream leased assets havebeen included in MSCI’s Scope 1 and 2 emissions figures and are not considered
relevant for Scope 3.

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 requirement shipment. All of MSCI's products areeither digital or service based. Emissions from the use 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 that facility that delivery of MSCI's
services (e.g., office equipment) 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 use of digital products
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)
3,044

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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 (i.e., 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 use of digital products is captured in the Use of Sold
Goods Scope 3 category.

Downstream leased assets
Evaluation status
Relevant, calculated

Emissions in reporting year (metric tons CO2e)
413

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
Evaluation status
Not relevant, explanation provided

Please explain
This category is not relevant to MSCI's business activities — MSCI does not havefranchises.

Investments

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Evaluation status
Not relevant, explanation provided

Please explain
This category is not relevant to MSCI's business activities. MSCI is not involved in theoperation of investments (such as equity and debt investments or project finance).

Other (upstream)
Evaluation status
Not evaluatedPlease explain
No Other (upstream).

Other (downstream)
Evaluation status
Not evaluatedPlease explain
No Other (downstream).

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
0.00000055

Metric numerator (Gross global combined Scope 1 and 2 emissions, metrictons CO2e)1,124Metric denominator
unit total revenue

Metric denominator: Unit total
2,043,544,000

Scope 2 figure used
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Market-based% change from previous year
74.28

Direction of change
Decreased

Reason for change
Last year’s (2020) Scope 1 and Scope 2 (market-based) emissions totaled 3,624.58
mtCO2e. Therefore 3,624.58 / $1,695,390,000 = 0.000002138. This year’s (2021)
Scope 1 and Scope 2 (market-based) emissions totaled 1,124 mtCO2e. Therefore,
1,124 /$2,043,544,000 = 0.000000550. The reason for the change was primarily
attributed to MSCI’s emissions-reduction activities, including an intentional effort todownsize office footprint across our operations and increased renewable energy
purchasing at office locations. Additionally, there was a 21% increase in MSCI's total
revenue from 2020-2021.

Intensity figure
0.2612

Metric numerator (Gross global combined Scope 1 and 2 emissions, metrictons CO2e)1,124Metric denominator
full time equivalent (FTE) employee

Metric denominator: Unit total
4,303

Scope 2 figure used
Market-based% change from previous year
73.82

Direction of change
Decreased

Reason for change
Last year’s (2020) Scope 1 and Scope 2 (market-based) emissions totaled 3,624.58
mtCO2e. Therefore, 3,624.58 /3,633 = 0.99768. This year’s (2021) Scope 1 and Scope
2 (market-based) emissions totaled 1,124 mtCO2e. Therefore, 1,124 /4,303 = 0.2612.
The reason for the change was primarily attributed to a reduction in office occupancy
due to the COVID-19 pandemic, increased renewable energy purchasing at officelocations and more-efficient energy use.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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

159.84IPCC Fifth Assessment Report (AR5 –100 year)

CH4

0.12

IPCC Fifth Assessment Report (AR5 –100 year)

N2O

0.17

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

Scope 1 emissions (metric tons CO2e)

Canada

3.16

China

3

France0.24

Hungary

0.2

India

11.74

Mexico2.81

Philippines

12.01

United Arab Emirates

0.29

United Kingdom of Great Britain and Northern Ireland

11.72

United States of America

114.97C7.3(C7.3) Indicate which gross global Scope 1 emissions breakdowns you are able toprovide.
By facility

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

Scope 1 emissions (metric tons CO2e)

LatitudeLongitude

Ann Arbor

8.84

42.289387-83.746735

Beijing

0.37

39.923599

116.360397

Berkeley

28.26

37.870673-122.270904

Budapest

0.2

47.52056

19.06436

Chicago4.39

41.877443-87.635733

Dubai

0.29

25.17868

55.22482

Hong Kong

0.96

22.271727

114.178162

London11.72

51.51981-0.077342

Manila12.01

42.4729-73.164146

Monterrey

2.81

25.64767-100.3529

Mumbai

7.04

19.16180672.857589

New York

7.81

40.713406-74.011943

Norman61.49

35.183685-97.438296

Paris

0.24

48.873281

2.305578

Pune

4.69

18.520283

73.932422

San Francisco

4.18

37.792886-122.397979

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/region.
Country/Region

Scope 2, location-based(metric tons CO2e)

Scope 2, market-based(metric tons CO2e)Australia

28

28

Canada

5

0

China

294

99

Republic of Korea

10

10France30Germany

17

14

Hungary

99

0

India

885

163

Italy

7

1

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Japan

85

85

Mexico227

227

Philippines

297

0Singapore

18

8

Sweden1

1

Switzerland

65

1

Taiwan, China

11

United Arab Emirates

163

163

United Kingdom of Great Britain andNorthern Ireland

141

80

United States of America

4,135

83

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)

Ann Arbor

11.26

0

Beijing

19.23

0Berkeley

45.48

0

Boston (1)

2.95

0

Boston (2)

83.26

4.12

Budapest

98.5

0Chicago

18.06

0

Dubai

162.61

162.61Frankfurt

16.95

13.84

Geneva1.51

0Geneva DC1 - Safehost

29.27

0

Geneva DC2 - GTT

33.88

0

Hong Kong

43.72

99.13

Hong Kong DC1 - Telstra

186.580

Las Vegas DC1 - Switch
NAP4

1,571.9

068
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Las Vegas DC2 - Switch
NAP8

2,006.35

0London (1)136.6979.76

London (2)

1.28

0

London (3)

2.73

0

Lulea

0.05

0.09

Manila

297.4

0

Milan

7.09

1.21

Monterrey

227.07227.07

Mumbai781.59163.45

New York (1)

89.91

0

New York (2)

81.26

0

Norman179.28

79.13

Paris

3.42

0.17

Pune

103.270

San Francisco (1)

11.93

0

San Francisco (2)

4.49

0

San Jose

28.6

0

Seoul

10.24

10.24

Shanghai

43.33

0Singapore

18.45

0

Stockholm

0.47

0.86

Sydney

28.42

28.42

Taipei

0.72

0.72

Tokyo

84.66

84.66

Toronto4.69

0

Zurich - Freigutstrasse

0.2

0.2

Zurich - Prime Tower

0.52

0.52

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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
emissionsof change(metric tons
CO2e)Emissionsvalue(percentage)

Please explain calculation

Change inrenewableenergyconsumption

1,577.12

Decreased 42.75

MSCI procures renewable energy in theform of unbundled RECs at four of its
five data centers. In both CY 2020 and
CY 2021, the volume of unbundled
RECs purchased at these facilities has
been equivalent to total energy
consumption and therefore, marketbased Scope 2 emissions at these sites
has remained at 0. Additionally, MSCI
purchased unbundled EACs for global
office locations in 2021. The newly
purchased EACs covered 1,577 mtons
of CO2e. Emissions savings from EACs
were calculated by multiplying thevolume of EACs purchased (in terms ofMWh) by the appropriate 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 new renewable energy
purchases [1,577 mtons CO2e]) /(Previous-year Scope 1+2 emissions[3,689.203]) X 100 = -42.75%.

Otheremissions
reduction
activities

288.91

Decreased 7.83

MSCI's emissions were reduced by
288.91 MTCO2e between 2020 and
2021 as a result of downsizing four
office locations; Norman, San
Francisco, Boston and Hong Kong.
Total square footage for the four offices
decreased from 52,169 square feet in2020 to 30,270 in 2021. The formulaused to calculate the Emissions value(percentage) column was as follows:(Change in Scope 1+2 emissions
attributed to office downsizing [288.91

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

mtons CO2e]) / (Previous-year Scope
1+2 emissions [3,689.203]) X 100 = 7.83%.
Divestment0

No change 0

N/A

Acquisitions

114.39

Increased

MSCI acquired Real Capital Analytics(RCA) in September 2021. RCA
consists of five sites with electric power.
Scope 2 emissions from the acquisitionof RCA increased by 114.39 mtons
CO2e and were calculated bymultiplying electric power consumption
volume by the appropriate marketbased emissions factor for each site.
The formula used to calculate theEmissions value (percentage) column
was as follows: (Change in Scope 1+2
emissions attributed to new renewableenergy purchases [114.39 mtons
CO2e]) / (Previous-year Scope 1+2
emissions [3,689.203]) X 100 = 3.10%.

Mergers0

No change 0

N/A

Change in
output0

No change 0

N/A

Change inmethodology0

No change 0

N/A

Change inboundary0

No change 0

N/A

Change inphysicaloperatingconditions

0

No change 0

N/A

Unidentified

813.69Decreased 22.06

Emissions decreased by 2,565 metrictons CO2e from 2020-2021. 1752
metric tons CO2e of this reduction canbe attributed to changes in renewableenergy, office downsizing and additionalsites, which leaves 813.69 metric tons
CO2e decrease unidentified (2,5651,752 = 813). The formula used to
calculate the Emissions value(percentage) column was as follows:(Change in Scope 1+2 emissions that isunidentified [813.69 mtons CO2e]) /3.1

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

(Previous year Scope 1+2 emissions[3,689.203]) X 100 = -22.06%.
Other

0

No change 0

N/A

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 steam

Yes

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.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Heatingvalue

MWh from
renewable
sources

MWh from nonrenewablesources

Total (renewable
and non-renewable)
MWh

HHV (higher
heatingvalue)

0796.49796.49Consumption ofpurchased or acquired
electricity

16,324.35

970.14

17,294.49

Consumption ofpurchased or acquired
heat

0

35.19

35.19

Consumption ofpurchased or acquired
steam

0

18.19

18.19

Consumption ofpurchased or acquired
cooling

02,563.94

2,563.94

Total energy
consumption

16,324.35

4,383.96

20,708.3

Consumption of fuel(excluding feedstock)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
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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

Other biomass
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

Other renewable fuels (e.g. renewable hydrogen)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

Coal
Heating value

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat0

Comment

Oil
Heating value
HHV

Total fuel MWh consumed by the organization
219.31

MWh fuel consumed for self-generation of electricity
219.31

MWh fuel consumed for self-generation of heat0

Comment
Diesel fuelGas
Heating value
HHV

Total fuel MWh consumed by the organization
577.18MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat
577.18Comment
Natural gas

Other non-renewable fuels (e.g. non-renewable hydrogen)Heating value

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Total fuel MWh consumed by the organization0

MWh fuel consumed for self-generation of electricity0

MWh fuel consumed for self-generation of heat0

Comment

Total fuelHeating value

Total fuel MWh consumed by the organization
796.49MWh fuel consumed for self-generation of electricity
219.31

MWh fuel consumed for self-generation of heat
577.18Comment

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.

Sourcing method
Green electricity products from an energy supplier (e.g. green tariffs)

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

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

Tracking instrument used
Contract
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)9,281.02

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

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

Comment
Low carbon here represents low-carbon energy procured by the Las Vegas data centersin which MSCI leases space.

Sourcing method
Green electricity products from an energy supplier (e.g. green tariffs)

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
Switzerland

Tracking instrument used
Contract

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)2,599.53

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

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

Comment
Low carbon here represents the renewable energy procured by the Geneva data
centers in which MSCI leases space.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
UnkownCountry/area of low-carbon energy consumption
United States of America

Tracking instrument used
US-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)1,653.66

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

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

Comment
Low carbon here represents the renewable energy procured by MSCI for office sites in
the U.S. and Canada.

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

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

Tracking instrument used
I-REC

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)289.68Country/area of origin (generation) of the low-carbon energy or energy
attribute
United Kingdom of Great Britain and Northern Ireland

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in the
U.K.

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
India

Tracking instrument used
I-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)994Country/area of origin (generation) of the low-carbon energy or energy
attribute
India

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in India.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
China

Tracking instrument used
I-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)468.72

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

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in China.

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
Philippines

Tracking instrument used
I-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)80
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

440.59Country/area of origin (generation) of the low-carbon energy or energy
attribute
Philippines

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in thePhilippines.

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
Germany

Tracking instrument used
I-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)568.87

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

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in Europethat are located in Association of Issuing Bodies (AIB) member countries. It also
represents the renewable energy procured by the Geneva data centers in which MSCI
leases space.

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Sourcing method
Unbundled energy attribute certificates (EACs) purchase

Energy carrier
Electricity

Low-carbon technology typeLow-carbon energy mix, please specify
Unknown

Country/area of low-carbon energy consumption
Singapore

Tracking instrument used
I-REC

Low-carbon energy consumed via selected sourcing method in the reporting
year (MWh)28.28Country/area of origin (generation) of the low-carbon energy or energy
attribute
Singapore

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

Comment
Low carbon here represents the renewable energy procured by MSCI for sites in
Singapore.

C8.2g(C8.2g) Provide a breakdown of your non-fuel energy consumption by country.

Country/area
Australia

Consumption of electricity (MWh)41.34

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
41.34

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Country/area
CanadaConsumption of electricity (MWh)36.14

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

Country/area
China

Consumption of electricity (MWh)468.72

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
468.72

Country/area
Republic of Korea

Consumption of electricity (MWh)19.81

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
19.81

Country/area
FranceConsumption of electricity (MWh)63.5
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
63.5

Country/area
Germany

Consumption of electricity (MWh)9.01

Consumption of heat, steam, and cooling (MWh)78.74

Total non-fuel energy consumption (MWh) [Auto-calculated]
87.75

Country/area
Hungary

Consumption of electricity (MWh)430.3

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
430.3

Country/area
India

Consumption of electricity (MWh)994

Consumption of heat, steam, and cooling (MWh)909.36

Total non-fuel energy consumption (MWh) [Auto-calculated]
1,903.36

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Country/area
Italy

Consumption of electricity (MWh)24.78

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
24.78

Country/areaJapan

Consumption of electricity (MWh)41.46

Consumption of heat, steam, and cooling (MWh)358.31

Total non-fuel energy consumption (MWh) [Auto-calculated]
399.77

Country/area
MexicoConsumption of electricity (MWh)570.05

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
570.05Country/area
Philippines

Consumption of electricity (MWh)440.5985
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
440.59Country/area
SingaporeConsumption of electricity (MWh)28.28

Consumption of heat, steam, and cooling (MWh)41.78

Total non-fuel energy consumption (MWh) [Auto-calculated]
70.06

Country/area
SwedenConsumption of electricity (MWh)40.72

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
40.72

Country/area
Switzerland

Consumption of electricity (MWh)2,690.69

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
2,690.69

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Country/area
Taiwan, China

Consumption of electricity (MWh)1.29

Consumption of heat, steam, and cooling (MWh)0Total non-fuel energy consumption (MWh) [Auto-calculated]
1.29

Country/area
United Arab Emirates

Consumption of electricity (MWh)205.61

Consumption of heat, steam, and cooling (MWh)326.92

Total non-fuel energy consumption (MWh) [Auto-calculated]
532.53

Country/area
United Kingdom of Great Britain and Northern Ireland

Consumption of electricity (MWh)289.68Consumption of heat, steam, and cooling (MWh)443.76

Total non-fuel energy consumption (MWh) [Auto-calculated]
733.44

Country/area
United States of America

Consumption of electricity (MWh)10,898.53
87
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Consumption of heat, steam, and cooling (MWh)458.45

Total non-fuel energy consumption (MWh) [Auto-calculated]
11,356.98

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

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

Page/ section reference
Whole document
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

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
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

Page/ section reference
Whole document

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
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Page/ section reference
Whole document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

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

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 - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 3 category
Scope 3: Fuel and energy-related activities (not included in Scopes 1 or 2)

Verification or assurance cycle in place
Annual process

Status in the current reporting year
90
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 3 category
Scope 3: Waste generated in operations

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 - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 3 category
Scope 3: Business travel

Verification or assurance cycle in place
Annual process
91
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 3 category
Scope 3: Employee commuting

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 - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard

Proportion of reported emissions verified (%)
100

Scope 3 category
Scope 3: Use of sold products

Verification or assurance cycle in place
92
Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Annual process

Status in the current reporting year
Complete

Type of verification or assurance
Limited assurance

Attach the statement
MSCI Inc - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

Scope 3 category
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 - CY2021 CDP Verification Statement Final - issued 20220613.pdf

Page/section reference
Whole Document

Relevant standard
ISO14064-3

Proportion of reported emissions verified (%)
100

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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, but we are actively considering verifying within the next two years

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 originated or purchased any project-based carbon
credits within the reporting period?
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 climate change and carbon information at least annually from suppliers% of suppliers by number
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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 202213

% total procurement spend (direct and indirect)73% of supplier-related Scope 3 emissions as reported in C6.5
69

Rationale for the coverage of your engagement
Suppliers contribute to the majority of MSCI’s Scope 3 emissions. Therefore in 2021 weanalyzed where our suppliers stand in their environmental journey to identify which
suppliers require further engagement to encourage them to implement emissionsreduction initiatives. A supplier segmentation framework was developed to segmentsuppliers based on their criticality, risk and amount of annual spend. Suppliers
representing most of MSCI’s annual spend were selected to be part of the initial
engagement. Emails were sent to suppliers emphasizing MSCI’s commitment to reachnet-zero emissions by 2040 and requesting them to acknowledge MSCI’s Supplier Codeof Conduct (SCOC), which sets out MSCI’s values and expectations, including
environmental and climate commitments we expect suppliers to adhere to. A
comprehensive set of ESG-related questions, including ones on climate and carbon,
was also shared to gather their responses. Based on the environmental-related
information from suppliers, top suppliers by spend without clear climate and carbon
targets were selected for a pilot engagement process. Meetings with these suppliers
were held to discuss their plans and to stress the importance of their alignment with our
climate goals. In 2022, engagement with suppliers that have not set science-basedtargets continues, with the objective being to meet with all top suppliers. Senior
stakeholders across the firm, including members of our Executive Committee, arejoining in these discussions to emphasize the critical nature of these conversations.

Impact of engagement, including measures of successEngagement conducted in Q3 and Q4 in 2021 resulted in 38% of our suppliers by spend
acknowledging our SCOC, with an additional 8% sharing they have their own codes ofconduct that they believe very closely align with MSCI’s. Nearly 50% by spend have
responded to all questions in our questionnaire.
As a result of our analysis and engagement activities, MSCI determined that 44% of our2021 spend was with suppliers with confirmed SBTi targets/commitments and/or who
are members of GFANZ.
We will continue these activities during 2022, with the objective of increasing spend with
suppliers with science-based commitments to be greater than 50%.

Comment

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

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Information Classification: GENERALMSCI CDP Climate Change Questionnaire 2022 Thursday, July 14, 2022

Details of engagement
Other, please specify
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.
As a socially and environmentally responsible corporate entity details about which canbe found at https://www.msci.com/corporate-responsibility, MSCI recognizes theimportance of working with its suppliers and their impact on MSCI’s performance andsuccess.
This Supplier Code of Conduct was last updated in February 2022
(https://www.msci.com/who-we-are/corporate-responsibility/operate-sustainably) and:Summarizes MSCI’s principles for sourcing and collaborating on its products, goods,
functions, data, technology, activities and/or services with its Suppliers (for purposes ofthis Code, a “Supplier” is a third-party vendor, distributor, channel partner, provider,agent, contractor and/or other key alliance supplier);
Defines the conduct MSCI expects from its Suppliers; and sets out MSCI’s values andexpectations, including sourcing principles, as well as the labor, human rights,
environmental, legal and regulatory compliance principles we expect Suppliers to
uphold.
All new suppliers are evaluated across multiple parameters, including their commitment
toward managing their climate impact. Suppliers are expected to take steps tounderstand their climate risks, to minimize their impact and to implement policies andcarbon-reduction targets to reduce their direct and indirect greenhouse gas emissions toreach net‐zero emissions before 2040.
In connection with this effort, MSCI expects Suppliers to track and disclose their energy
consumption and all relevant/available Scope 1, 2 and 3 greenhouse gas emissions at
each location and/or corporate level. Public reporting on annual performance andprogress toward established targets is strongly encouraged.
To help with this effort, an ESG questionnaire for suppliers was created in 2021 andrecently was integrated as part of MSCI’s formal Supplier Onboarding Process. New
suppliers are asked to complete the ESG questionnaire and MSCI employees are
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encouraged to consider suppliers’ environmental practices as factors in the supplierselection criteria to help MSCI reach its net-zero goal by 2040.

Impact of engagement, including measures of success
During 2021 a pilot group of suppliers was asked to complete the ESG questionnaire aspart of the Supplier Onboarding Process to allow us to test all procedures, familiarize
internal stakeholders with all requirements and to implement a structured plan to expand
engagement throughout 2022. Our objective is to increase both our number of suppliers
and spend with suppliers that have clear commitments to implement emissionsreduction initiatives. We measure our impact by having all new significant (by spend)
suppliers to complete the ESG questions so MSCI can clearly understand where thesuppliers stand in their environmental and climate journey and to enable us to makeselections and/or decide whether it's required to hold additional engagement decisions
with existing and proposed new suppliers.

Comment

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

Type of engagement & Details of engagement
Collaboration & innovation
Run a campaign to encourage innovation to reduce climate change impacts% of customers by number
100% of customer - related Scope 3 emissions as reported in C6.5
100

Please explain the rationale for selecting this group of customers and scopeof engagement
In 2021, we published “The Role of Capital in the Net-Zero Revolution.” This call toaction is addressed at financial institutions that represent MSCI’s core client segment (inparticular, asset managers and asset owners, which represent approximately 80% of thetotal climate run rate, as defined in the Company’s financial statements); it asserts how
capital markets participants must be a powerful and positive force to drive thetransformation needed to avert a climate catastrophe. We identify specific steps thatcompanies, as well as owners and managers of capital and financial intermediaries,
must take to drive achievement of a net-zero economy by 2050.
Our client coverage team has organized C-level meetings involving members of our
executive committee with key clients — large asset owners and asset managers — todiscuss their climate strategy, to share examples of leading climate risk management
practices from their peers and discuss how MSCI climate solutions can support them on
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their net-zero journey.
With our holistic MSCI Climate Solutions toolkit we aim to empower financial institutions
with the tools necessary to build more climate-resilient portfolios, protect assets from theworst effects related to climate change and help identify new, innovative low-carbon
investment opportunities. We keep our clients apprised of climate issues throughpublication of company-specific research, industry reports, country-level reports andthematic research, blogs, webinars, presentations and participation in industry events.
We support clients by providing products that help measure and report on climate risk
exposure, implement low-carbon and fossil fuel-free investment strategies and factor
climate change research into their risk management processes. We conduct formal
consultations with clients to solicit feedback on emerging trends and needs and to
introduce proposed methodology enhancements, new solutions and tools. A client
engagement campaign was conducted from July 2021 onward, educating and seeking
feedback on a new portfolio alignment measure — the Implied Temperature Rise (ITR)— that was launched in September 2021 and exposed publicly on our website for over
2,900 listed companies.

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. A threshold of success would entail a 20% increase inrun rate from previous year. Measures of customer subscription include:
The run rate for MSCI’s ESG and Climate-related ESG Research and Index products
was USD 354 million in 2021 compared with USD 225 million in 2020, representing a
58% 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.
• MSCI was the Winner of the 'Best Green Bond Index’ 2017, 2018, 2019, 2020, 2021
and 2022: The Bloomberg MSCI Green Bond Index voted ‘Best Index’ for the sixth
consecutive year — Environmental Finance Green Bond Awards• MSCI was the winner of ‘Best ESG Index provider of the Year’ 2022 – ESG InvestingAwards 2022
• MSCI has won two awards at the ETF Express US Awards 2021 — Best Index
Provider — Emerging Markets ETFs and Best Index Provider — ESG ETFs.
• MSCI’s Implied Temperature Rise has won the “ESG Assessment Tool of the Year” —investment decisions and insights category in Environmental Finance's Sustainable
Investment Awards 2022.

C12.1d(C12.1d) Give details of your climate-related engagement strategy with other partners
in the value chain.

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MSCI’s employees: MSCI includes its employees in the firm’s execution of climate-related
engagement strategy. Specifically:
1. Local employee-driven Climate Action Network groups have been established in MSCI’s
offices. As of December 2021, there were 22 of these groups, representing 86% of ouremployee base. These Climate Action Network groups aim to increase awareness of regional
staff around environmental issues and manage them over time, including through behavior
change. Examples of activities in 2021 included a global leadership event on the history ofclimate science, and local educational sessions on reducing plastic waste, household waste
management, greening personal finances, a commute-to-work innovation challenge and Earth
Day walking tours.
2. Global Corporate Services Department (GCSD). GCSD employees are incentivized to takeenvironmental and climate factors into consideration when evaluating new locations for MSCI
offices and when acquiring new office space. A comprehensive, data -driven analysis using
both primary and secondary research sources evaluates all new locations (countries andcities.) Key criteria include climate risk factors and the availability of renewable energy whencomparing and selecting such locations. When evaluating opening new, or relocating existing,physical offices, a multi-point checklist is used to evaluate and compare commercial officebuildings. Factors used in decision making include the availability of sustainable and energyefficient building systems and materials, control systems to support the efficient consumption of
power, availability of convenient public transport for employee commuting and the existence of
local and landlord supported recycling initiatives. The GCSD purchases energy-efficient
products as well as sustainably sourced furniture and other building materials for MSCI’s
offices. Sustainable products include recycled and low environmental-impact supplies. Singleuse plastic items have been eliminated across all offices. These practices have contributed toan overall reduction trend in emissions and the continued selection of lower-impact equipment
and materials will result in further reductions over time. GCSD employees engage with alllandlords and property managers to ensure these best practices are consistently followed.
3. Sustainable Supplier Management team (SSM). MSCI has created an SSM team within our
Global Strategic Sourcing (GSS) organization. The SSM team evaluates MSCI’s suppliers(including all third-party vendors, distributors, channel partners, providers, agents, contractors
and/or other key alliance suppliers) and engages with them to outline MSCI’s values andexpectations, including the environmental, climate, labor, human rights, legal and regulatorycompliance principles we expect them to uphold. New suppliers go through a rigorous
onboarding process that includes identifying their commitment to reducing their emissions as
demonstrated by their adoption of science-based targets. Existing suppliers are also subject tosimilar review and engagement discussions. One measure of the impact of this process is that
44% of MSCI’s 2021 spend was with suppliers that have made such climate and emission
reduction commitments. During 2022, MSCI has launched a process to hold direct discussions
with suppliers which do not have clearly defined carbon reduction targets orcommitments. These discussions include members of the GSS organization as well as seniorlevel MSCI management and other business stakeholders.

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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

Description of this climate related requirement
Within MSCI’s Supplier Code of Conduct we outline the practices, including-climate
related, we expect from suppliers. These include:- 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 to these practices. On a quarterly basis, MSCI also reviews
its suppliers’ public climate commitments, specifically, whether they have climate andcarbon targets, ideally certified by SBTi.org or that they have committed to obtain suchcertification, and/or whether they are a member of GFANZ or NZFSPA, sincemembership in those organizations carries with it 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
44

Mechanisms for monitoring compliance with this climate-related requirement
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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
Direct or indirect engagement that could influence policy, law, or regulationthat may impact the climate
Yes, we engage directly with policy makers

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 yourengagement activities are consistent with your overall climate change
strategy
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 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?

Focus of policy, law, or regulation that may impact the climate
Mandatory climate-related reporting
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Specify the policy, law, or regulation on which your organization is engaging
with policy makers
Proposed Guidance for New York Domestic Insurers on Managing the Financial Risks
from Climate Change.

Policy, law, or regulation geographic coverage
Sub-national

Country/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 responded to a request for public comment in relation to the Proposed Guidancefor New York Domestic Insurers on Managing the Financial Risks from Climate Change.
This response provided support for addressing climate change, provided researchstatistics around disclosure by insurers and suggested what elements of climate risk
disclosure may be useful to assess climate risk. This process was followed by adiscussion with the New York State Department of Financial Services (DFS) about our
response.

Details of exceptions (if applicable) and your organization’s proposed
alternative approach to the policy, law or regulation
The following alternative approaches were suggested by MSCI and incorporated in the
final guidance document by DFS:
a. MSCI suggested that technology exists today to quantitatively assess the resilience ofinvestment portfolios to climate transition and physical risks under a range of scenariosviz., NGFS climate scenarios.
b. MSCI suggested that the Board of the insurers should have an oversight of theirclimate commitments and monitor the performance of the insurer against the said
targets.

Have you evaluated whether your organization’s engagement is aligned withthe goals of the Paris Agreement?
No, we have not evaluated

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

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StatusComplete

Attach the document
2022 Proxy_BMK.pdf

Page/Section reference
Pg 12 - 13; Pg 34 – 37; Pg 42; Pg 45 - 48;

Content elements
Governance
Strategy
Emission targets

Comment

Publication
In voluntary communications

StatusComplete

Attach the document
SFDR Report.pdf

Page/Section reference
The whole document relates to MSCI’s GHG emissions performance and other key
environmental metrics.

Content elements
Emissions figures
Emission targets
Other metrics

Comment

Publication
In voluntary communications

StatusUnderway – previous year attached

Attach the document
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TCFD_Report_2020.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 2020 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
SDG-Report.pdf

Page/Section reference
Page 6, SDG 13 – Climate Action

Content elements
Strategy
Emissions figures
Other metrics

Comment

C15. Biodiversity
C15.1(C15.1) Is there board-level oversight and/or executive management-level
responsibility for biodiversity-related issues within your organization?
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Board-level oversight and/or executive management-level responsibility forbiodiversity-related issues
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 yourorganization made a public
commitment or endorsed any
initiatives related to biodiversity

Initiatives endorsed

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, is a global andmulti-disciplinary consultative network of institutional
supporters who share the vision and mission of the
TNFD.

C15.3
(C15.3) Does your organization assess the impact of its value chain on biodiversity?
Does your organization assess the impact of its value chain on biodiversity?
Row 1 No, and we do not plan to assess biodiversity-related impacts within the next two years

C15.4(C15.4) 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?
Row Yes, we are taking actions to progress1
our biodiversity-related commitments

Type of action taken to progress biodiversityrelated 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.

C15.5(C15.5) Does your organization use biodiversity indicators to monitor performanceacross its activities?
Does your organization use indicators to monitor
biodiversity performance?

Indicators used to monitor
biodiversity performance

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Row
1

No

C15.6
(C15.6) 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
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 contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including, without limitation, estimates, projections, scenario
analysis, statements relating to our business plans, objectives or expected operating results
and statements regarding corporate responsibility and climate-related plans, goals andpotential impacts. These forward-looking statements relate to future events or to future financial
performance and involve known and unknown risks, uncertainties and other factors that may
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cause our actual results, levels of activity, performance or achievements to be materiallydifferent from any future results, levels of activity, performance or achievements expressed or
implied by these statements. In some cases, you can identify forward-looking statements by theuse of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,”“estimate,” “predict,” “potential” or “continue,” or the negative of these terms or othercomparable terminology. You should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties and other factors that are, insome cases, beyond MSCI’s control and that could materially affect actual results, levels ofactivity, performance or achievements.
The inclusion of information in this report regarding climate opportunities and risks should not
be construed as a characterization regarding the materiality or financial impact of that
information with respect to MSCI for purposes of U.S. securities laws or otherwise. Factors that
could materially affect actual results, levels of activity, performance or achievements can befound in MSCI’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2021, filed with
the Securities and Exchange Commission (“SEC”) on Feb. 11, 2022, and in quarterly reports on
Form 10-Q and current reports on Form 8-K filed or furnished with the SEC. If any of these risks
or uncertainties materialize, or if MSCI’s underlying assumptions prove to be incorrect, actual
results may vary significantly from what MSCI projected. Any forward-looking statement in thisreport reflects 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.

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)

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