BMO ranked at Leadership Level with A- score, surpassing international financial services sector average
TORONTO, Dec. 16, 2020 /CNW/ - BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced it has been recognized by CDP for its strong actions and transparency in the areas of climate change governance, climate change risk management, and greenhouse gas emissions reduction. 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 9,600 companies globally disclosed through CDP in 2020, 14 per cent more than last year and 70 per cent 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.
"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 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."
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 per cent of global electricity usage with electricity procured from renewable sources.
BMO Financial Group's actions on sustainability and towards a sustainable future include the following:
- In 2019, BMO unveiled its Purpose to Boldly Grow the Good in business and life, announcing commitments to double the good for a thriving economy, sustainable future, and inclusive society
- World-class sustainability disclosure, including on climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD) and the Sustainability Accounting Standards Board (SASB) standards
- In 2019, issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
- In October 2020, BMO reached a key milestone in matching 100 per cent of electricity usage with renewable electricity
- In June 2019, BMO announced it would double the bank's mobilization of sustainable finance to $400 billion by 2025. This includes an impact investment fund, with $250 million in seed capital, to find and scale solutions to sustainability
- In May 2020, signed the Operating Principles for Impact Investment, a gold standard for impact investment fund management, developed by the International Finance Corporation of the World Bank
- First Canadian bank to sign the UN Women's Empowerment Principles in 2019. In 2018, BMO committed to make $3 billion in capital available to women business owners in Canada over three years
- In 2020, BMO launched BMO EMpower, a $5 billion commitment over five years to address key barriers faced by minority businesses, communities, and families in the United States
BMO's leadership on sustainability has been recognized on numerous rankings, including:
- Ranked in the top ten per cent globally for sustainability performance on the 2020 Dow Jones Sustainability Index
- Ranked 15th in The Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital
- Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
- Recognized at the Leadership band by 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
- Bloomberg Gender-Equality Index (2020) for the fifth year in a row
- Forbes 2020 Best Employers for Diversity (United States)
- Corporate Knights 2020 Best 50 Corporate Citizens in Canada
- Ethisphere® Institute's list of the 2020 World's Most Ethical Companies®
For more information on BMO's commitment to a sustainable future, please visit the bank's Sustainability Report. The 2020 version of the Sustainability Report will be published December 18th.
For more information on BMO's Purpose, please visit our Purpose page.
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 $949 billion as of October 31, 2020, 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