Bloomberg will soon start tracking the progress utility companies are making towards decarbonizing their energy supplies, the firm announced on Monday.

The Decarbonisation Tracker, launched at an event in New York by former New York Mayor and climate philanthropist Michael Bloomberg, aims to drive carbon cuts at major energy companies and thrust those firms not changing their ways into the spotlight.

"Utilities have a critical role to play in reducing the emissions that drive climate change - and stopping the destructive effects it is already causing," said Bloomberg. "We've long known that replacing coal with clean energy is good for our health, but increasingly, it's good for our pocketbooks, too. The trouble is: we don't have access to data that would reveal how utilities are doing in reducing greenhouse gas emissions."

The tracker will offer at-a-glance metrics displaying how energy companies are progressing in their shift to using clean and renewable energy sources, tracking how close they are to aligning with the goals of the Paris Agreement.

Bloomberg said the service would prove useful both for those in the utilities sector and for investors seeking more information on the climate-related risks faced by their investments.

The tool is expected to be formally launch at the UN climate summit in September, where UN Secretary General Antonio Guterres is pushing nations to ramp up their national climate action plans.