- BMO ranked top bank in North America
- Reflects commitment to sustainable future and carbon neutrality
TORONTO and DAVOS, Switzerland, Jan. 21, 2020 /CNW/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced it has been named to Corporate Knights' 2020 Global 100 Most Sustainable Corporations in the World ranking.
BMO, the top-ranked bank in North America on the list, was recognized for its sizable portfolio of sustainable loans, as well as its enterprise-wide commitment to creating a sustainable future throughout its operations.
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.
"As the world grapples with addressing climate change, banks are uniquely positioned to be catalysts for change that meets environmental, social, and economic needs," said Dan Barclay, Chief Executive Officer and Group Head, BMO Capital Markets. "We must convene all sides of the debate, and work with industry – both traditional and emerging – to transition to a sustainable future. At BMO, we're focused on driving positive change and supporting our clients in this way will help achieve a wide range of sustainable development goals."
"Our Purpose is to Boldly Grow the Good in business and life," said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO's Sustainability Council. "We're committed to driving positive change for our customers, employees and the communities we serve. This underpins the bank's longstanding commitment to sustainability. Today, from human rights to climate change to sustainable finance, the challenges we face and opportunities we have before us are increasingly complex and interconnected. In response, we are strengthening our commitment to sustainability and to navigating these changes together with our stakeholders."
BMO Financial Group's commitment to creating a sustainable future also includes:
- Maintaining carbon neutrality for our operational emissions, including business travel, since 2010
- First bank in Canada to provide a Sustainability Linked Loan
- Establishing a Sustainable Bond Program
- Published the Sustainable Financing Framework that defines eligible assets across seven green and four 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, and providing $4.2 billion of loan commitments to renewable energy entities and projects
- Only bank to have book-run all five of World Bank's sustainable development bonds, helping to provide over $5.5 billion in financing for initiatives aligned with the UN SDGs
- Donating $67.3 million to registered charities and non-profit organizations in Canada and the United States
- Enhancing our disclosure on climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD)
- Adding new disclosure in line with the Sustainability Accounting Standards Board (SASB) standards
In 2019, BMO's leadership on sustainability was recognized on numerous rankings, including:
- Corporate Knights 2019 Best 50 Corporate Citizens in Canada
- Ethisphere® Institute's list of the 2019 World's Most Ethical Companies®
- Dow Jones Sustainability Index, North America (2019) for the 15th year in a row
- Bloomberg Gender-Equality Index (2019) for the fourth year in a row
- Forbes 2019 Best Employers for Diversity(United States) and Best Employers for Women (United States)
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