- Ranked most sustainable bank in North America for the second year in a row
- Ranked sixth globally, out of 935 banks, 47th out of 8080 companies
- High scores in clean revenue and leadership and board diversity
TORONTO, Jan. 25, 2021 /PRNewswire/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) has been named to Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World and is, for the second year in a row, the most sustainable bank in North America.
BMO was recognized for its sizable portfolio of sustainable loans – including green loans and loans to women and BIPOC-owned small businesses – as well as its ongoing commitment to create a sustainable future across all its operations. BMO also scored highly in leadership and board diversity, with women representing 45.5 per cent of the Board's independent directors.
BMO continues to make significant progress on its Purpose commitments to double the good for a sustainable future, thriving economy and inclusive society. In 2019 BMO committed to mobilizing $400 billion in sustainable finance by 2025, including lending, underwriting and investing $150 billion in companies pursuing sustainable outcomes, and aligning $250 billion in client investments to sustainable objectives. By 2020 the bank had achieved 71 per cent of its $150 billion target and surpassed its $250 billion target.
"As the global discussion about climate change and sustainability grows, companies need not only to be part of the conversation but also part of the solution," said Dan Barclay, Chief Executive Officer and Group Head, BMO Capital Markets. "BMO has a Purpose-driven commitment to sustainability that includes investing in and supporting the communities where we work and providing strategic support to assist clients in transitioning to more sustainable ways of operating. We believe sustainability is critical to a successful future."
"Being ranked as the most sustainable bank in North America is a strong validation of the effort and commitment that has gone into our work on Sustainability," said Michael Torrance, Chief Sustainability Officer, BMO. "As part of our Purpose, BMO is committed to creating long-term value for our stakeholders by responding to today's most pressing challenges with industry-leading approaches to sustainable finance, climate change, human rights, diversity, equity and inclusion. We're excited about the progress we've made and are more committed than ever to fulfilling our Purpose and to helping clients, employees and communities fulfill theirs."
BMO Financial Group's actions on sustainability and towards a sustainable future include:
- In 2019, BMO unveiled its Purpose to Boldly Grow the Good in business and life, announcing commitments to double the good for a thriving economy, sustainable future, and inclusive society
- BMO committed to mobilizing $400 billion in sustainable finance by 2025, including lending, underwriting and investing $150 billion in companies pursuing sustainable outcomes, and an impact investment fund, with $250 million in seed capital, to find and scale solutions to sustainability. To date we have achieved 71% of our $150 billion target and surpassed our $250 billion target.
- In 2020, BMO launched BMO EMpower, a $5 billion commitment over five years to address key barriers faced by minority businesses, communities, and families in the United States
- In 2019, BMO issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
- In October 2020, BMO reached a key milestone in matching 100 per cent of electricity usage with renewable electricity
- In May 2020, BMO signed the Operating Principles for Impact Investment, a gold standard for impact investment fund management, developed by the International Finance Corporation of the World Bank
- World-class sustainability disclosure, including 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
- First Canadian bank to sign the UN Women's Empowerment Principles in 2019. In 2018, BMO committed to make $3 billion in capital available to women business owners in Canada over three years
BMO's leadership on sustainability has been recognized on numerous rankings, including:
- Ranked 15th on the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital
- Ranked in the top 10% of banks globally on the Dow Jones Sustainability Index
- Scored an A- on the 2020 CDP Climate Change Questionnaire
- Ethisphere® Institute's list of the 2020 World's Most Ethical Companies®
- 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
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 $949 billion as of October 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