Skip navigation

BMO to chair global Cross-Sector Biodiversity Initiative

April 27, 2021 | Purpose

BMO has been appointed Chair of the Cross-Sector Biodiversity Initiative (CSBI). The CSBI is a partnership of the International Petroleum Industry Environmental Conservation Association (IPIECA), the International Council of Mining and Metals (ICMM), the Equator Principals Association (EPA), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Inter-American Development Bank (IDB) to develop and share good practices related to biodiversity and ecosystem services in the extractive industries.

“After two years as part of the North American Steering Committee on the Equator Principles Association, we are honoured to be named Chair of the CSBI,” said Michael Torrance, Chief Sustainability Officer, BMO Financial Group. “Biodiversity must be core to environmental sustainability, alongside climate action. This will be a critical year with the planned launch of a post-2020 strategy for biodiversity and work underway to enhance corporate management and disclosure on this topic. We hope to advance the CSBI’s work in promoting leading approaches to biodiversity management for companies in the mining, energy and financial sectors.”

Areas of focus for the CSBI include providing practical guidance and innovative approaches to extractive projects on implementing the mitigation hierarchy – avoid, minimize, restore and offset; good practices for biodiversity baseline studies that allow biodiversity to be included effectively in impact assessments and management plans; and a roadmap to identify milestones and key interdependencies between project development schedules, financing timelines and actions required to mitigate impact on ecosystems. Through its Knowledge Sharing Working Group, various tools and member webinars, the CSBI enables invaluable information sharing, capacity building and learning among members and stakeholders.

Learn more about BMO’s commitment to a sustainable future.

Related Insights