BMO Recognized by CDP for Action on Environmental Sustainability
BMO was recently 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 it in the Leadership band – an indication that the bank is implementing current best practices.
“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: 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)
- Enhancing our disclosure on climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD)
Read about BMO’s recent work with the World Bank in this article from its 2019 Sustainability Report, and visit the Sustainability Leaders page to keep up with BMO’s sustainability initiatives and to check out the podcast. Learn more about environmental stewardship at BMO here.