BMO Recognized by CDP for Best Practice in Climate Change
BMO has been recognized by the CDP 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. BMO ranked at Leadership Level with A- score, surpassing the international financial services sector average.
More than 9,600 companies globally disclosed through CDP in 2020, 14% more than last year and 70% more than when the Paris Agreement was signed. Companies were scored according to the comprehensiveness of their disclosure and their actions towards a net-zero emissions economy. BMO’s A- score puts the bank in the Leadership band – an indication that it is implementing current best practices.
BMO is focused on the opportunities that the transition to a net zero carbon economy presents. The bank continues to develop its sustainable finance capabilities and has a goal to mobilize $400 billion in sustainable finance by 2025. Equally committed to reducing the environmental impact of its own operations and in 2020, BMO built on its long-standing commitment to carbon neutrality by setting and meeting a goal to match 100% of global electricity usage with electricity procured from renewable sources.
“At BMO, we recognize that climate change is a challenging issue that presents a test of resilience and requires us to anticipate risks and capture opportunities. We have been working to implement the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), including by undertaking climate change scenario analysis,” said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO’s Sustainability Council. “We are committed to making an important contribution in the shift to a sustainable future both within our own operations, and when guiding our clients.”