BMO Financial Group Reaches Key Milestone in Matching 100 Per Cent of Electricity Usage with Renewables
-
bookmark
-
print
-
2020 goal reached with over 407,000 MWh of renewable electricity generated through investment in Renewable Energy Certificates
TORONTO, Oct. 15, 2020 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced it has reached an important milestone in its commitment to a sustainable future: it has met its 2020 goal, announced last April, to match 100 per cent of its electricity usage with electricity produced from renewable sources across global operations.
This achievement includes investment in Renewal Energy Certificates from wind, solar and hydro projects in the regions where BMO operates, in quantities that match its 2019 global electricity consumption. The investment has enabled the generation of over 407,000 MWh of renewable energy.
This initiative aligns with BMO's long-standing leadership on sustainability, which includes maintaining carbon neutrality in global operations since 2010 and meeting three successive multi-year enterprise emission reduction targets since 2008, matching 100 per cent of electricity usage in U.S. operations with renewables, and committing to mobilize $400 billion in sustainable finance by 2025.
"We're excited to have reached this milestone so quickly and to be making such an important contribution in the shift to a sustainable future, a key part of BMO's Purpose 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 continue to focus on reducing our own energy use and associated greenhouse gas emissions with a robust energy management plan that includes both operational efficiency improvements and capital upgrades to our buildings."
BMO has set a target to reduce its operational greenhouse gas emissions by 15 per cent by 2021 compared to its 2016 baseline and is on track to achieve this goal, reaching a 9 per cent reduction at the end of 2019. BMO's 2019 operational efficiency data is available at https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/
BMO Financial Group's actions towards creating a sustainable future include:
-
First bank in Canada to structure a Sustainability Linked Loan
-
In June 2019, BMO announced it would double the bank's mobilization of sustainable finance to $400 billion by 2025 through 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
-
BMO acted as joint-lead manager for the World Bank's 5-year USD $8-billion global benchmark sustainable development bond. The bond will raise support for the COVID-19 pandemic response – the largest USD SSA bond issuance in history. BMO is the only bank to have book-run all seven of the World Bank's benchmark sized USD & CAD sustainable development bonds, helping to provide USD $13 billion in financing for initiatives aligned with the UN Sustainable Development Goals (SDGs)
-
In 2019 issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
-
Enhanced disclosure 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 May 2020, signed the Operating Principles for Impact Investment, developed by the International Finance Corporation of the World Bank. The Principles establish a market standard for investing in which investors seek to contribute to measurable positive social or environmental impact, alongside financial returns, in a transparent and accountable way
BMO's leadership on sustainability has been recognized on numerous rankings, including:
-
Ranked 15th in the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World
-
Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
-
Recognized at the Leadership band by the 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
-
Dow Jones Sustainability Index, North America (2019) for the 15th year in a row
-
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 most recent 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 $974 billion as of July 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
For further information: For News Media Inquiries: Kelly Hechler, Toronto, Kelly.hechler@bmo.com, (416) 867-3996; Internet: www.bmo.com, Twitter: @BMOMedia
- Minute Read
- Listen Stop
- Text Bigger | Text Smaller
-
2020 goal reached with over 407,000 MWh of renewable electricity generated through investment in Renewable Energy Certificates
TORONTO, Oct. 15, 2020 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced it has reached an important milestone in its commitment to a sustainable future: it has met its 2020 goal, announced last April, to match 100 per cent of its electricity usage with electricity produced from renewable sources across global operations.
This achievement includes investment in Renewal Energy Certificates from wind, solar and hydro projects in the regions where BMO operates, in quantities that match its 2019 global electricity consumption. The investment has enabled the generation of over 407,000 MWh of renewable energy.
This initiative aligns with BMO's long-standing leadership on sustainability, which includes maintaining carbon neutrality in global operations since 2010 and meeting three successive multi-year enterprise emission reduction targets since 2008, matching 100 per cent of electricity usage in U.S. operations with renewables, and committing to mobilize $400 billion in sustainable finance by 2025.
"We're excited to have reached this milestone so quickly and to be making such an important contribution in the shift to a sustainable future, a key part of BMO's Purpose 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 continue to focus on reducing our own energy use and associated greenhouse gas emissions with a robust energy management plan that includes both operational efficiency improvements and capital upgrades to our buildings."
BMO has set a target to reduce its operational greenhouse gas emissions by 15 per cent by 2021 compared to its 2016 baseline and is on track to achieve this goal, reaching a 9 per cent reduction at the end of 2019. BMO's 2019 operational efficiency data is available at https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/
BMO Financial Group's actions towards creating a sustainable future include:
-
First bank in Canada to structure a Sustainability Linked Loan
-
In June 2019, BMO announced it would double the bank's mobilization of sustainable finance to $400 billion by 2025 through 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
-
BMO acted as joint-lead manager for the World Bank's 5-year USD $8-billion global benchmark sustainable development bond. The bond will raise support for the COVID-19 pandemic response – the largest USD SSA bond issuance in history. BMO is the only bank to have book-run all seven of the World Bank's benchmark sized USD & CAD sustainable development bonds, helping to provide USD $13 billion in financing for initiatives aligned with the UN Sustainable Development Goals (SDGs)
-
In 2019 issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
-
Enhanced disclosure 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 May 2020, signed the Operating Principles for Impact Investment, developed by the International Finance Corporation of the World Bank. The Principles establish a market standard for investing in which investors seek to contribute to measurable positive social or environmental impact, alongside financial returns, in a transparent and accountable way
BMO's leadership on sustainability has been recognized on numerous rankings, including:
-
Ranked 15th in the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World
-
Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
-
Recognized at the Leadership band by the 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
-
Dow Jones Sustainability Index, North America (2019) for the 15th year in a row
-
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 most recent 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 $974 billion as of July 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
For further information: For News Media Inquiries: Kelly Hechler, Toronto, Kelly.hechler@bmo.com, (416) 867-3996; Internet: www.bmo.com, Twitter: @BMOMedia
You might also be interested in
Why Sustainability Is Good Business: Key Takeaways from IEFA Toronto 2024
Building for Tomorrow: Real Estate, Construction, and Sustainability
BMO's 20th Equity Through Education Trading Day Raises C$1.5 Million to Promote Education, Development and Progress for Promising Students Around the World
BMO Named Best Private Bank and Retail Bank in Canada and Best Commercial Bank in US and Canada
BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 5 per cent from the prior year
Inaugural BMO Wine Market Report: U.S. Wineries Optimistic about Sustained Sales Growth Over Next 5 Years
The Future of Food: Global Food and Agriculture Trends and Outlook BMO Hosts 19th Farm to Market | Chemicals Conference in New York
A First in Western Canada: Avenue Living Leverages BMO's Retrofit Program to Add 179 New Rental Units in Downtown Edmonton
Expanded Latino Leaders Index500, Powered by BMO Ranks Top U.S. Latino-Owned Businesses
Record Investor Attendance Expected at BMO's 33rd Global Metals, Mining & Critical Minerals Conference, February 25th to February 28th, 2024
How NASA and IBM Are Using Geospatial Data and AI to Analyze Climate Risks
BMO Arranges Green Financing to Fund New Lawson Centre for Sustainability, Trinity College's Most Significant Build in a Century
BMO Establishes new U.S. Wine Industry Partnership, Enhancing Offering for Wine and Spirits Industry
BMO ranked one of the most sustainable companies in North America on the Dow Jones Sustainability Indices
Canada Has an Opportunity to Become a Global Leader in Carbon Dioxide Removal
BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 6 per cent from the prior year
More Companies Have Plans to Address Climate Change Based on Rising Business Importance: Survey Results
BMO Climate Institute Business Leaders Survey: Nearly Half of Business Leaders in the U.S. and Canada Believe Climate Change Has Already Affected Their Businesses, but Few Have a Strategy
BMO Blue Book: U.S. Economy is Resilient but Predicted to Slow in Early 2024
How the Energy Sector Is Helping Canada Achieve Its Decarbonization Goals
BMO Announces Retirement of Dan Barclay, Names Alan Tannenbaum CEO, BMO Capital Markets
Why Businesses Need to Accelerate Their Efforts to Fight Climate Change
Transforming the Global Food System to Benefit Investors and the Planet
BMO's 19th Equity Through Education Trading Day Raises C$1.65 Million to Promote Education, Development and Progress for Promising Students Around the World
BMO Donates $3 Million to GRID Alternatives to Provide Solar Energy Solutions for Low-Income Families
Banco do Brasil and BMO Financial Group to Introduce First-of-its-Kind Program to Provide Sustainability-Linked Trade Loans Supporting Brazilian Exporters
BMO Provides Innovative New Sustainability-Linked Deposit Product to Zurn Elkay Water Solutions
Quick Listen: Michael Torrance on Empowering Your Organization to Operationalize Sustainability
BMO Marks National Indigenous History Month and National Indigenous Peoples Day with Support for Indigenous-Led Organizations that Empower Communities
BMO and Bell Canada Execute Innovative Sustainability-Linked Derivative Tied to Ambitious GHG Emission Reduction Targets
BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 6 per cent from the prior year
BMO Named to UN-Convened Group Providing Guidance to Global Banks on Nature Target Setting
Global Food and Agriculture Trends and Outlook: BMO Hosts 18th Farm to Market | Chemicals Conference in New York
Driving Innovations In Tech To Strengthen Climate Resilience With Climate Engine’s Spatiafi, Built On Google Cloud
BMO Celebrates Earth Day with 3rd Annual Trees from Trades Day on its Global Trading Floors
BMO Donates $2 Million to the University of Saskatchewan to Accelerate Research Critical to the Future of Food
North America’s Critical Minerals Advantage: Deep Dive on Community Engagement
BMO Capital Markets CEO Dan Barclay named Male Ally of the Year by Financial Women's Association
Exploring North America’s Critical Minerals Advantage: Global Metals, Mining & Critical Minerals Conference
Rock Legends Reflect on Mining Hits and Misses: Global Metals, Mining & Critical Minerals Conference
The Most Valuable Commodity is Trust: ICMM to BMO Global Metals, Mining & Critical Minerals Conference
BMO Experts at our 32nd Global Metals, Mining & Critical Minerals Conference
Evolving Mining for a Sustainable Energy Transition: ICMM CEO Rohitesh Dhawan in Conversation
Public Policy and the Energy Transition: Howard Learner in Conversation
Taskforce on Nature-Related Financial Disclosure (TNFD) – A Plan for Integrating Nature into Business
Takeaways from the BMO Climate Institute Small and Mid-Sized Businesses Climate Survey
BMO Ranked North America's Most Sustainable Bank by Corporate Knights for Fourth Consecutive Year
Is Green Financing for Nuclear the Next Frontier in the Energy Transition?
BMO ranked one of the most sustainable companies in North America on the Dow Jones Sustainability Indices
Top Rankings for BMO Capital Markets' FICC Macro Strategy Group in Institutional Investor Client Survey
BMO Climate Institute Survey Shows Costs and Competing Priorities Slowing Climate Action for Small and Mid-Sized Businesses
BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 8 per cent from the prior year
Managing and Monetizing Your Transition to a Net Zero World with BMO and Radicle
BMO the Top Ranked Financial Institution on New Global Sustainability Benchmark Announced at COP 27
The Government of Canada announces the issuance of a Ukraine Sovereignty Bond
COP27 in Focus: Will Energy Security and Economic Uncertainty Impact the Climate Transition?
BMO to Invest in Innovative Carbon Offsets from CarbonCure to Permanently Store CO2
The Financial Women's Association Underscores Its Commitment to the Back2Business™ Return-to-Work Program
RoadMap Project: An Indigenous-led Paradigm Shift for Economic Reconciliation
A Canadian First: BMO and Concordia University Partner for a Sustainable Future with Innovative Sustainability-Linked Loan
BMO's 18th Global Equity Through Education Trading Day Raises C$1.65 Million for Education and Development of Students in Need
BMO Capital Markets Trading Floors in Toronto, New York and London Promote Equity Through Education for 18th Year to Provide Financial Aid to Students
Sustainability Strategy and Reporting for Small and Medium Sized Companies: A Discussion at the Conference of Montreal
BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services
Investment Opportunities for a Net-Zero Economy: A Conversation at the Milken Institute Global Conference
How Hope, Grit, and a Hospital Network Saved Maverix Private Capital Founder John Ruffolo
Hydrogen’s Role in the Energy Transition: Matt Fairley in Conversation
Exploring the Physical and Transition Risks Facing Food and Agriculture
Key Takeaways on Ag, Food, Fertilizer & ESG from BMO’s Farm to Market Conference
BMO Financial Group Increases Common Share Dividend by 6 cents from the prior quarter, up 31 per cent from the prior year
Building an ESG Business Case in the Food Sector: The Food Institute
BMO Expands Electronic Trading Operations for Institutions and Broker Dealers to EMEA Markets
Forging Ahead in the Energy Transition: Darryl White to Global Reserve and Asset Managers
BMO and EDC Announce Collaboration to Introduce Sustainable Finance Solutions for Canadian Businesses
Retrofitting Canada's Building Sector: Efficiency Canada’s Corey Diamond in Conversation
The Role of Hydrogen in the Energy Transition: FuelCell Energy CEO Jason Few in Conversation
BMO joins leading US banks in support of Ownership Works, to help create wealth for working families through employee ownership programs
BMO proud to support first Government of Canada Green Bond transaction as joint-lead manager
Op Ed: Government Action Can Help Spur More Home Building To Address Canada’s Housing Shortage
Tackling Climate Change in Metals and Mining: ICMM CEO Rohitesh Dhawan in Conversation
BMO Supports Women Entrepreneurs in Canada with $5 Billion in Capital to Mark International Women’s Day 2022
BMO Launches Business Within Reach: BMO for Black Entrepreneurs and Commits $100 million in loans to Help Black-led Businesses Start up, Scale up, and Grow
The Post 2020 Biodiversity Framework – A Discussion with Basile Van Havre
BMO Announces Plan to Partner with Breakthrough Energy Catalyst to Accelerate Climate Innovation
BMO Financial Group Named North America's Most Sustainable Bank for Third Consecutive Year
Mitigating the Physical Impacts of Climate Change with Spatial Finance
BMO Financial Group accelerates North American growth with strategic acquisition of Bank of the West
BMO Capital Markets Named Best Canadian Bank for USD/CAD for 11th Consecutive Year
BMO Financial Group Increases Common Share Dividend by 27 cents from the prior quarter, up 25 per cent from the prior quarter and prior year
BMO Financial Group Announces Intention to Repurchase Up to 22.5 Million of its Common Shares
BMO Helps Boralex Go Beyond Renewable Energy, with the Transition of its Credit Facility to a Sustainability-Linked Loan
BMO Capital Markets' Fixed Income Strategy Group Earns Top Rankings in Institutional Investor Survey
BMO First Bank to Pre-Purchase Direct Air Capture Carbon Removals using Carbon Engineering technology
A Global First: BMO Supports Bruce Power with World's First Nuclear Green Financing Framework
BMO ranked one of the most sustainable companies in the world according to Dow Jones Sustainability Indices
The Future of Remote Work and Diversity in the Asset Management Industry
North American Metals & Mining first: BMO helps Sandstorm Gold Royalties achieve ESG goals with Sustainability-Linked Loan
BMO Celebrates International Day of the Girl 2021 - Participates in New Sustainability Innovation Hub to Inspire Young Women
BMO marks National Day for Truth and Reconciliation with $600,000 in donations to Indigenous organizations across Canada
Education, Employment and Economic Empowerment: BMO Releases Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ- First Annual Indigenous Partnerships and Progress Report
BMO's 17th Annual Equity Through Education Trading Day Raises C$1.6 Million to Promote Diversity, Equity and Inclusion
Media Advisory - BMO Celebrates 17 Years of Promoting Diversity and Inclusion Through BMO Capital Markets' Equity Through Education Trading Day
BMO Harnesses AI Technology for Capital Markets Structured Note Pricing and Scenario Analysis
BMO Announces $12 Billion Financing Commitment towards Affordable Housing in Canada
In support of Canada’s bid to host the headquarters of the International Sustainability Standards Board
BMO supports Canada's bid to host the headquarters of the International Sustainability Standards Board
BMO Named to Canada's Best 50 Corporate Citizens Ranking by Corporate Knights
Bringing Indigenous Perspectives to Canadians: First Nations University of Canada, Reconciliation Education and BMO launch new eLearning to mark National Indigenous History Month
The Future of Food & Agriculture: BMO Hosts World-Leading Farm to Market Conference for 16th Consecutive Year
Rush University System for Health and BMO Financial Group Announce $10 Million Donation to Create the Rush BMO Institute for Health Equity
BMO Shares Progress on IFC led Operating Principles for Impact Management in First Disclosure Statement
BMO Announces $250,000 Donation to Organizations Supporting Global Emergency COVID-19 Relief Efforts
A North American First: BMO Helps Gibson Energy Fully Transition Credit Facility to a Sustainability-Linked Loan
Understanding Biodiversity Management: Best Practices and Innovation
Forbes names BMO Harris Bank one of the Best Employers for Diversity 2021 for the third year in a row
BMO Issues C$750 million Women in Business Bond In Support of Women-Owned Businesses
BMO Commits $1.2 Million to SheEO Programs Helping Women-Led Venture Companies Access Financing
BMO Named One of the World's Most Ethical Companies by the Ethisphere Institute for the Fourth Year in a Row
BMO Financial Group among first Canadian banks to sign United Nations Principles for Responsible Banking
BMO Financial Group ranked top bank in North America on Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World
Episode 29: What 20 Years of ESG Engagement Can Teach Us About the Future
BMO Financial Group 2020 Sustainability Report and Public Accountability Statement Now Available Online
BMO Capital Markets Named Best Canadian Bank for USD/CAD for 10th Consecutive Year
Episode 28: Bloomberg: Enhancing ESG Disclosure through Data-Driven Solutions
BMO Ranked Among Most Sustainable Companies on Dow Jones Sustainability Index - North America
BMO investing in a sustainable future with $1M donation to the Institute for Sustainable Finance
BMO Financial Group Recognized as One of the World's Most Sustainably Managed Companies in New Wall Street Journal Ranking
BMO Capital Markets to Donate C$1.6 Million Following 16th Annual Equity Through Education Trading Day
Media Advisory - BMO Capital Markets Celebrates 16 Years of the Equity Through Education Trading Day
Episode 23: TC Transcontinental – A Market Leader in Sustainable Packaging
Forbes ranks BMO Harris Bank as one of America’s Best Employers for Women in 2020
Tracking the Recovery: BMO Economics Introduces Canadian Business Activity Index
BMO Capital Markets to host 2020 Prescriptions for Success Healthcare Virtual Conference
BMO Financial Group to Source 100 Per Cent of Electricity Usage From Renewables
Media Advisory - BMO Expert Podcast on COVID-19 and the Future of the Global Economy
Canada's Six Biggest Banks Take Decisive Action To Help Customers Impacted by COVID-19
Maple Leaf Foods and BMO Capital Markets enter into First Sustainability-Linked Loan in Canada
Episode 07: World Bank: Mobilizing Capital Markets for Sustainable Finance
Episode 06: Responsible Investing – Industry Trends and Best Practices from Canada