BMO Financial Group Reaches Key Milestone in Matching 100 Per Cent of Electricity Usage with Renewables
- 2020 goal reached with over 407,000 MWh of renewable electricity generated through investment in Renewable Energy Certificates
TORONTO, Oct. 15, 2020 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced it has reached an important milestone in its commitment to a sustainable future: it has met its 2020 goal, announced last April, to match 100 per cent of its electricity usage with electricity produced from renewable sources across global operations.
This achievement includes investment in Renewal Energy Certificates from wind, solar and hydro projects in the regions where BMO operates, in quantities that match its 2019 global electricity consumption. The investment has enabled the generation of over 407,000 MWh of renewable energy.
This initiative aligns with BMO's long-standing leadership on sustainability, which includes maintaining carbon neutrality in global operations since 2010 and meeting three successive multi-year enterprise emission reduction targets since 2008, matching 100 per cent of electricity usage in U.S. operations with renewables, and committing to mobilize $400 billion in sustainable finance by 2025.
"We're excited to have reached this milestone so quickly and to be making such an important contribution in the shift to a sustainable future, a key part of BMO's Purpose to Boldly Grow the Good in business and life," said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO's Sustainability Council. "We continue to focus on reducing our own energy use and associated greenhouse gas emissions with a robust energy management plan that includes both operational efficiency improvements and capital upgrades to our buildings."
BMO has set a target to reduce its operational greenhouse gas emissions by 15 per cent by 2021 compared to its 2016 baseline and is on track to achieve this goal, reaching a 9 per cent reduction at the end of 2019. BMO's 2019 operational efficiency data is available at https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/
BMO Financial Group's actions towards creating a sustainable future include:
- First bank in Canada to structure a Sustainability Linked Loan
- In June 2019, BMO announced it would double the bank's mobilization of sustainable finance to $400 billion by 2025 through both management of client investments earmarked for sustainable objectives and mobilizing $150 billion in capital to support companies pursuing sustainable outcomes. In addition, the bank has announced the creation of an impact investment fund, with $250 million in seed capital, to find and scale solutions to sustainability
- BMO acted as joint-lead manager for the World Bank's 5-year USD $8-billion global benchmark sustainable development bond. The bond will raise support for the COVID-19 pandemic response – the largest USD SSA bond issuance in history. BMO is the only bank to have book-run all seven of the World Bank's benchmark sized USD & CAD sustainable development bonds, helping to provide USD $13 billion in financing for initiatives aligned with the UN Sustainable Development Goals (SDGs)
- In 2019 issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
- Enhanced disclosure on climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB) standards
- In May 2020, signed the Operating Principles for Impact Investment, developed by the International Finance Corporation of the World Bank. The Principles establish a market standard for investing in which investors seek to contribute to measurable positive social or environmental impact, alongside financial returns, in a transparent and accountable way
BMO's leadership on sustainability has been recognized on numerous rankings, including:
- Ranked 15th in the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World
- Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
- Recognized at the Leadership band by the CDP (formerly called the Carbon Disclosure Project) for its strong actions and transparency in the areas of climate change governance, climate change risk management, and greenhouse gas emissions reduction
- Bloomberg Gender-Equality Index (2020) for the fifth year in a row
- Forbes 2020 Best Employers for Diversity (United States)
- Corporate Knights 2020 Best 50 Corporate Citizens in Canada
- Dow Jones Sustainability Index, North America (2019) for the 15th year in a row
- Ethisphere® Institute's list of the 2020 World's Most Ethical Companies®
For more information on BMO's commitment to a sustainable future, please visit the bank's most recent Sustainability Report.
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $974 billion as of July 31, 2020, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
For News Media Inquiries: Kelly Hechler, Toronto, [email protected], (416) 867-3996; Internet: www.bmo.com, Twitter: @BMOMedia
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