BMO Economical Group joins the Partnership for Carbon Accounting Financials
- Ranked most sustainable financial institution in North The usa by the Wall Street Journal, the Dow Jones Sustainability Index and Corporate Knights, BMO is committed to measuring and disclosing the GHG emissions of its portfolio
TORONTO, Jan. 29, 2021 /PRNewswire/ – BMO Money Group (TSX: BMO) (NYSE: BMO) today announced it has joined the Partnership for Carbon Accounting Financials (PCAF).
PCAF is a global partnership of monetary institutions that perform jointly to establish and employ a harmonized tactic to evaluate and disclose the greenhouse gasoline (GHG) emissions related with their loans and investments. In November 2020, PCAF published the World GHG Accounting and Reporting Typical for the Economic Business. With more than 95 banks and investors from five continents, the industry-led initiative is speedily growing in North The us, Latin The usa, Europe, Africa and Asia-Pacific.
“Becoming a member of the Partnership for Carbon Accounting Financials supports BMO’s leadership situation on climate-linked chance and possibility,” mentioned Michael Torrance, Main Sustainability Officer, BMO. “By signing up for we are supporting the development of top methodologies to keep track of and report financed emissions which will tell our threat evaluation and weather system going ahead.”
BMO proceeds to make major development on its Function commitments to double the fantastic for a sustainable upcoming, flourishing economic system and inclusive modern society. In 2019 BMO dedicated to mobilizing $400 billion in sustainable finance by 2025, like lending, underwriting and investing $150 billion in firms pursuing sustainable results, and aligning $250 billion in customer investments to sustainable aims. By 2020 the lender had realized 71 for each cent of its $150 billion target and surpassed its $250 billion goal.
BMO is a sturdy supporter of the Undertaking Force on Local weather-related Fiscal Disclosures (TCFD) and has been functioning to employ the TCFD’s recommendations and develop plans, approaches and disclosures that align with the TCFD framework. By joining PCAF and committing to evaluate and disclose the GHG emissions involved with its portfolio of loans and investments using PCAF methodologies, BMO is advancing its method to climate-linked chance and prospect and having steps to align its portfolio with the targets of the Paris Local weather Settlement.
“PCAF is very delighted that BMO has joined about 95 money institutions globally that are fully commited to measuring and disclosing the emissions of their portfolios to guidance meeting the plans of the Paris Local weather Settlement,” said Chris Snyder, North The us Lead of the PCAF Secretariat. “BMO proceeds to clearly show environmental leadership towards a low carbon long term by way of its collaboration with PCAF.”
BMO Monetary Group’s steps on sustainability and towards a sustainable future contain:
- In 2019, BMO unveiled its Objective to Boldly Develop the Excellent in business and lifestyle, announcing commitments to double the fantastic for a thriving economic climate, sustainable long run, and inclusive culture
- In 2020, BMO released BMO EMpower, a $5 billion motivation around five several years to deal with crucial barriers faced by minority enterprises, 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 Aims
- In October 2020, BMO reached a important milestone in matching 100 for every cent of electrical energy use with renewable electrical energy
- In May perhaps 2020, BMO signed the Operating Principles for Affect Investment, a gold regular for effect financial investment fund administration, developed by the Worldwide Finance Corporation of the Planet Bank
- World-class sustainability disclosure, together with on climate-relevant risks and chances in line with the Taskforce on Local climate-associated Monetary Disclosures (TCFD) and the Sustainability Accounting Criteria Board (SASB) benchmarks
- 1st Canadian financial institution to signal the UN Women’s Empowerment Concepts in 2019. In 2018, BMO dedicated to make $3 billion in capital obtainable to girls business enterprise proprietors in Canada more than a few several years
BMO’s leadership on sustainability has been regarded on quite a few rankings, like:
- Ranked 15th on the Wall Street Journal’s 2020 listing of the 100 Most Sustainably Managed Companies in the Planet, third over-all on Social Capital, only bank in North The usa
- Prime North American financial institution on Corporate Knights’ 2021 World 100 Most Sustainable Firms in the Globe for the second yr in a row
- Rated in the best 10% of banking companies globally on the Dow Jones Sustainability Index
- Scored an A- on the 2020 CDP Climate Transform Questionnaire
- Ethisphere® Institute’s checklist of the 2020 World’s Most Moral Companies®
- Bloomberg Gender-Equality Index (2021) for the sixth yr in a row
- Forbes 2020 Most effective Businesses for Range (United States)
- Corporate Knights 2020 Ideal 50 Company Citizens in Canada
For additional info on BMO’s motivation to a sustainable future, you should pay a visit to the bank’s Sustainability Report. For additional details on BMO’s Purpose, remember to stop by our Intent web site.
About BMO Economic Group
Serving consumers for 200 many years and counting, BMO is a really diversified fiscal companies service provider – the 8th largest bank, by belongings, in North The usa. With total property of $949 billion as of October 31, 2020, and a workforce of diverse and really engaged staff, BMO offers a broad assortment of particular and commercial banking, wealth administration and expense banking items and services to additional than 12 million clients and conducts business enterprise by means of 3 working groups: Private and Business Banking, BMO Wealth Administration and BMO Funds Markets.
About the Partnership for Carbon Accounting Financials (PCAF)
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was introduced globally. At present, extra than 95 banking companies and traders have subscribed to the PCAF initiative. PCAF members get the job done jointly to jointly establish the Global GHG Accounting and Reporting Normal for the Economic Market to measure and disclose the greenhouse emissions of their financial loans and investments. By undertaking so, PCAF participants just take an essential stage to assess weather-relevant risks, set targets in line with the Paris Weather Settlement and build helpful tactics to decarbonize our culture. For additional information see https://carbonaccountingfinancials.com/
Supply BMO Fiscal Team
