BMO Financial Group joins the Partnership for Carbon Accounting Financials
-
bookmark
-
print
-
Ranked most sustainable bank in North America 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 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced it has joined the Partnership for Carbon Accounting Financials (PCAF).
PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. In November 2020, PCAF published the Global GHG Accounting and Reporting Standard for the Financial Industry. With more than 95 banks and investors from five continents, the industry-led initiative is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
"Joining the Partnership for Carbon Accounting Financials supports BMO's leadership position on climate-related risk and opportunity," said Michael Torrance, Chief Sustainability Officer, BMO. "By joining we are supporting the development of leading methodologies to track and report financed emissions which will inform our risk assessment and climate strategy going forward."
BMO continues to make significant progress on its Purpose commitments to double the good for a sustainable future, thriving 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 companies pursuing sustainable outcomes, and aligning $250 billion in client investments to sustainable objectives. By 2020 the bank had achieved 71 per cent of its $150 billion target and surpassed its $250 billion target.
BMO is a strong supporter of the Task Force on Climate-related Financial Disclosures (TCFD) and has been working to implement the TCFD's recommendations and develop programs, approaches and disclosures that align with the TCFD framework. By joining PCAF and committing to measure and disclose the GHG emissions associated with its portfolio of loans and investments using PCAF methodologies, BMO is advancing its approach to climate-related risk and opportunity and taking steps to align its portfolio with the goals of the Paris Climate Agreement.
"PCAF is very pleased that BMO has joined over 95 financial institutions globally that are committed to measuring and disclosing the emissions of their portfolios to support meeting the goals of the Paris Climate Agreement," said Chris Snyder, North America Lead of the PCAF Secretariat. "BMO continues to show environmental leadership towards a low carbon future through its collaboration with PCAF."
BMO Financial Group's actions on sustainability and towards a sustainable future include:
-
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
-
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
-
In 2019, BMO 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 May 2020, BMO 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
-
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
-
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
BMO's leadership on sustainability has been recognized on numerous rankings, including:
-
Ranked 15th on the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital, only bank in North America
-
Top North American bank on Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World for the second year in a row
-
Ranked in the top 10% of banks globally on the Dow Jones Sustainability Index
-
Scored an A- on the 2020 CDP Climate Change Questionnaire
-
Ethisphere® Institute's list of the 2020 World's Most Ethical Companies®
-
Bloomberg Gender-Equality Index (2021) for the sixth year in a row
-
Forbes 2020 Best Employers for Diversity (United States)
-
Corporate Knights 2020 Best 50 Corporate Citizens in Canada
For more information on BMO's commitment to a sustainable future, please visit the bank's Sustainability Report. 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.
About the Partnership for Carbon Accounting Financials (PCAF)
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 95 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/
SOURCE BMO Financial Group
For further information: For News Media Enquiries: Kelly Hechler, Toronto, Kelly.hechler@bmo.com, (416) 867-3996; PCAF Media Inquiries please contact: Angélica Afanador, Manager, PCAF Secretariat, E: info@carbonaccountingfinancials.com
-
Minute Read
-
Listen
Stop
-
Text Bigger | Text Smaller
-
Ranked most sustainable bank in North America 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 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced it has joined the Partnership for Carbon Accounting Financials (PCAF).
PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments. In November 2020, PCAF published the Global GHG Accounting and Reporting Standard for the Financial Industry. With more than 95 banks and investors from five continents, the industry-led initiative is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
"Joining the Partnership for Carbon Accounting Financials supports BMO's leadership position on climate-related risk and opportunity," said Michael Torrance, Chief Sustainability Officer, BMO. "By joining we are supporting the development of leading methodologies to track and report financed emissions which will inform our risk assessment and climate strategy going forward."
BMO continues to make significant progress on its Purpose commitments to double the good for a sustainable future, thriving 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 companies pursuing sustainable outcomes, and aligning $250 billion in client investments to sustainable objectives. By 2020 the bank had achieved 71 per cent of its $150 billion target and surpassed its $250 billion target.
BMO is a strong supporter of the Task Force on Climate-related Financial Disclosures (TCFD) and has been working to implement the TCFD's recommendations and develop programs, approaches and disclosures that align with the TCFD framework. By joining PCAF and committing to measure and disclose the GHG emissions associated with its portfolio of loans and investments using PCAF methodologies, BMO is advancing its approach to climate-related risk and opportunity and taking steps to align its portfolio with the goals of the Paris Climate Agreement.
"PCAF is very pleased that BMO has joined over 95 financial institutions globally that are committed to measuring and disclosing the emissions of their portfolios to support meeting the goals of the Paris Climate Agreement," said Chris Snyder, North America Lead of the PCAF Secretariat. "BMO continues to show environmental leadership towards a low carbon future through its collaboration with PCAF."
BMO Financial Group's actions on sustainability and towards a sustainable future include:
-
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
-
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
-
In 2019, BMO 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 May 2020, BMO 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
-
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
-
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
BMO's leadership on sustainability has been recognized on numerous rankings, including:
-
Ranked 15th on the Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital, only bank in North America
-
Top North American bank on Corporate Knights' 2021 Global 100 Most Sustainable Corporations in the World for the second year in a row
-
Ranked in the top 10% of banks globally on the Dow Jones Sustainability Index
-
Scored an A- on the 2020 CDP Climate Change Questionnaire
-
Ethisphere® Institute's list of the 2020 World's Most Ethical Companies®
-
Bloomberg Gender-Equality Index (2021) for the sixth year in a row
-
Forbes 2020 Best Employers for Diversity (United States)
-
Corporate Knights 2020 Best 50 Corporate Citizens in Canada
For more information on BMO's commitment to a sustainable future, please visit the bank's Sustainability Report. 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.
About the Partnership for Carbon Accounting Financials (PCAF)
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 95 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/
SOURCE BMO Financial Group
For further information: For News Media Enquiries: Kelly Hechler, Toronto, Kelly.hechler@bmo.com, (416) 867-3996; PCAF Media Inquiries please contact: Angélica Afanador, Manager, PCAF Secretariat, E: info@carbonaccountingfinancials.com
You might also be interested in
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
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
BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 6 per cent from the prior year
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
BMO Announces Retirement of Dan Barclay, Names Alan Tannenbaum CEO, BMO Capital Markets
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
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
BMO Celebrates Earth Day with 3rd Annual Trees from Trades Day on its Global Trading Floors
BMO Capital Markets CEO Dan Barclay named Male Ally of the Year by Financial Women's Association
BMO Ranked North America's Most Sustainable Bank by Corporate Knights for Fourth Consecutive Year
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
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
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
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
BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services
BMO Financial Group Increases Common Share Dividend by 6 cents from the prior quarter, up 31 per cent from the prior year
BMO Expands Electronic Trading Operations for Institutions and Broker Dealers to EMEA Markets
BMO and EDC Announce Collaboration to Introduce Sustainable Finance Solutions for Canadian Businesses
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
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
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
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 Announces Intention to Repurchase Up to 22.5 Million of its Common Shares
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 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
BMO Celebrates International Day of the Girl 2021 - Participates in New Sustainability Innovation Hub to Inspire Young Women
North American Metals & Mining first: BMO helps Sandstorm Gold Royalties achieve ESG goals with Sustainability-Linked Loan
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
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
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
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
BMO Ranked Among Most Sustainable Companies on Dow Jones Sustainability Index - North America
BMO Financial Group Reaches Key Milestone in Matching 100 Per Cent of Electricity Usage with Renewables
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
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