TORONTO, ONTARIO--(Marketwire - June 29, 2011) - BMO Financial Group has been named to the global Corporate Renewable Energy Index (CREX) as one of the top 20 companies in the world in terms of the percentage of renewable energy usage.
The CREX, launched in London and New York by Vestas Wind Systems A/S and Bloomberg New Energy Finance, is designed to provide transparency in corporate energy consumption, shedding light on the amount of renewable energy used by the world's largest corporations. BMO was among 176 companies from around the world that provided data for the CREX.
"BMO aims to be a leader in promoting environmental sustainability," said Jim Johnston, Director of Environmental Sustainability and Compliance, BMO Financial Group. "Simply put, we believe that the sustainability of our shared environment is inextricably tied to the long-term sustainability of our business and our world. We are very proud to be named to the CREX – recognition of the significant commitment we have made to use renewable energy to power our operations worldwide."
BMO and the Environment:
BMO has achieved carbon neutrality relative to its energy consumption and transportation emissions across the company, worldwide. BMO accomplished this by targeting emissions reductions, purchasing renewable energy and using carbon credits to offset the remainder. BMO is also a long-time signatory and respondent to the Carbon Disclosure Project (CDP); it is also the only Canadian headquartered company named to the Global 500 Carbon Performance Leadership Index for 2010.
BMO purchases nearly 24,000 megawatt hours of 100 per cent renewable energy annually in Canada, for use by 160 facilities across the country. In addition, Harris Bank has a three year agreement for the purchase of over 91,000 megawatt hours of 100 per cent renewable energy - enough to power all of its facilities in the U.S. As a result, approximately 40 per cent of BMO's total emissions footprint is mitigated through renewable energy purchases.
BMO is one of the initial investors in the Greening Canada Fund (GCF), the first-ever voluntary carbon emissions reduction fund aimed exclusively at large Canadian corporations. The fund provides direct access to high-quality carbon offset credits and helps BMO support Canadian-based energy efficiency projects, particularly those related to social and not-for-profit organizations such as Canadian public schools, hospitals, community housing and others. In its first year of operation, GCF has invested in energy conservation projects undertaken from coast to coast, including school boards in Montreal and Toronto, the municipalities of Hamilton and Guelph, and a farming operation in British Columbia. BMO's initial investment commitment in the fund is $10 million.
In addition, BMO offers two sustainable mutual funds, the BMO Sustainable Climate Class and the BMO Sustainable Opportunities Class. They provide exposure to climate and environmentally conscious technologies, products and services, as well as other sustainable themes, including healthy living, alternative energy and natural resources.
BMO offers customers in Canada its BMO Eco Smart Mortgage, a mortgage product designed to encourage and reward Canadian homeowners looking to reduce their energy usage, and save on home expenses. People whose homes meet BMO's energy efficiency criteria will qualify for a market-leading five-year fixed rate, currently at 3.79 per cent.
BMO is listed on the Dow Jones Sustainability North America Index, the Jantzi Social Index and the FTSE4Good Series Index. BMO has also been included on the Maclean's/Jantzi-Sustainalytics list of the Top 50 Socially Responsible Corporations in Canada for three consecutive years, and has been named to Corporate Knights Magazine's Best 50 Corporate Citizens list every year since 2003.
To help customers, investors, employees and other interested parties make sense of it all; BMO's Corporate Responsibility website has a section devoted to addressing climate change (www.bmo.com/environment). The site provides one of the most complete compilations of corporate performance data among its peers.