BMO Financial Group (TSX: BMO) (NYSE: BMO) today introduced it has joined the Partnership for Carbon Accounting Financials (PCAF).
“Becoming a member of the Partnership for Carbon Accounting Financials supports BMO’s management situation on local weather-related risk and possibility,” stated Michael Torrance, Main Sustainability Officer, BMO. “By joining we are supporting the progress of top methodologies to observe and report financed emissions which will inform our risk evaluation and local weather approach likely forward.”
BMO proceeds to make major progress on its Intent commitments to double the fantastic for a sustainable long term, flourishing overall economy and inclusive society. In 2019 BMO committed to mobilizing $400 billion in sustainable finance by 2025, including lending, underwriting and investing $150 billion in organizations pursuing sustainable results, and aligning $250 billion in consumer investments to sustainable aims. By 2020 the financial institution had achieved 71 for every cent of its $150 billion focus on and surpassed its $250 billion concentrate on.
BMO is a robust supporter of the Process Drive on Local weather-connected Monetary Disclosures (TCFD) and has been working to put into practice the TCFD’s suggestions and create systems, methods and disclosures that align with the TCFD framework. By becoming a member of PCAF and committing to evaluate and disclose the GHG emissions involved with its portfolio of loans and investments working with PCAF methodologies, BMO is advancing its strategy to weather-connected danger and chance, actively playing its part to progress the ambition for a net zero earth.
“PCAF is incredibly pleased that BMO has joined around 95 fiscal institutions globally that are fully commited to measuring and disclosing the emissions of their portfolios to support meeting the targets of the Paris Local climate Arrangement,” stated Chris Snyder, North The us Lead of the PCAF Secretariat. “BMO proceeds to clearly show environmental leadership towards a minimal carbon upcoming by its collaboration with PCAF.”
BMO Money Group’s actions on sustainability and in the direction of a sustainable long run incorporate:
In 2019, BMO unveiled its Reason to Boldly Mature the Very good in small business and life, asserting commitments to double the excellent for a thriving financial state, sustainable potential, and inclusive modern society
In 2020, BMO launched BMO EMpower, a $5 billion determination over 5 many years to tackle critical limitations faced by minority organizations, communities, and households in the United States
In 2019, BMO issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Growth Targets
In October 2020, BMO achieved a essential milestone in matching 100 for each cent of electric power utilization with renewable electricity
In Could 2020, BMO signed the Working Rules for Impact Expense, a gold typical for effect investment decision fund administration, produced by the Worldwide Finance Company of the Earth Lender
Globe-course sustainability disclosure, together with on local weather-connected pitfalls and options in line with the Taskforce on Local weather-similar Financial Disclosures (TCFD) and the Sustainability Accounting Specifications Board (SASB) expectations
Initially Canadian lender to indicator the UN Women’s Empowerment Principles in 2019. In 2018, BMO fully commited to make $3 billion in cash obtainable to gals organization proprietors in Canada about three a long time
BMO’s management on sustainability has been acknowledged on numerous rankings, like:
Ranked 15th on the Wall Street Journal’s 2020 checklist of the 100 Most Sustainably Managed Companies in the Globe, 3rd over-all on Social Money, only bank in North America
Top rated North American lender on Company Knights’ 2021 World-wide 100 Most Sustainable Firms in the Planet for the second yr in a row
Rated in the top 10% of banking companies globally on the Dow Jones Sustainability Index
Scored an A- on the 2020 CDP Local climate Adjust Questionnaire
Ethisphere® Institute’s list of the 2020 World’s Most Ethical Companies®
Bloomberg Gender-Equality Index (2021) for the sixth 12 months in a row
Forbes 2020 Finest Companies for Diversity (United States)
Corporate Knights 2020 Best 50 Corporate Citizens in Canada