- BMO ranked at Leadership Level with A- score, surpassing international financial services sector average
TORONTO, Feb. 6, 2020 /PRNewswire/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced it has been recognized 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. The CDP, a not-for-profit charity, provides a global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts.
More than 8,000 companies globally have been scored by CDP according to the comprehensiveness of their disclosure and their actions towards a net-zero emissions economy, resulting in both a North American regional average and a global financial services sector average of 'C.' BMO's A- score puts the bank in the Leadership band – an indication that it is implementing current best practices.
In June 2019, BMO unveiled its Purpose commitments to double the good for a sustainable future, thriving economy and inclusive society. This includes doubling the bank's mobilization of sustainable finance to $400 billion by 2025 with 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.
"For more than 200 years, BMO has been a catalyst for positive change for our customers, employees and the communities we serve," said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO's Sustainability Council. "We are making an important contribution in the shift to a sustainable future both within our own operations, and when guiding our clients. This commitment to sustainability is reflected in our Purpose to Boldly Grow the Good in business and life."
BMO Financial Group's commitment to creating a sustainable future also includes:
- Maintaining carbon neutrality for our operational emissions, including business travel, since 2010
- Meeting three successive multi-year enterprise emission reduction targets since 2008
- First bank in Canada to provide a Sustainability Linked Loan
- Establishing a Sustainable Bond Program and issuing a sustainability bond with assets allocated to four green and two social project categories that link to the United Nations 2030 Agenda for Sustainable Development
- Participating in US$9.4 billion in sustainable bond underwriting, $7.9 billion of renewable energy debt and equity financing, and providing $4.2 billion of loan commitments to renewable energy entities and projects
- Only bank to have book-run all five of the World Bank's sustainable development bonds, helping to provide over $5.5 billion in financing for initiatives aligned with the UN Sustainable Development Goals (SDGs)
- Donating $67.3 million to registered charities and non-profit organizations in Canada and the United States in 2019
- Enhancing our disclosure on climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD)
- Adding a new disclosure in line with the Sustainability Accounting Standards Board (SASB) standards
BMO's leadership on sustainability has been recognized on numerous rankings, including:
- Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
- Bloomberg Gender-Equality Index (2020) for the fifth year in a row
- Forbes 2020 Best Employers for Diversity (United States)
- Corporate Knights 2019 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 2019 World's Most Ethical Companies®
For more information on BMO's commitment to a sustainable future, please visit the 2019 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 $852 billion as of October 31, 2019, 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