Toronto: The BMO Financial Group announced a 2020 goal April 20 to match 100 per cent of its electricity usage with electricity produced from renewable sources across global operations. The initiative includes investment in Renewable Energy Certificates and will enable the generation of nearly 400,000 MWh of renewable electricity each year.
“Investing in Renewable Energy Certificates is a powerful way to build market demand for renewable electricity, which in turn drives industry growth and accelerates the transition to a lower carbon economy,” said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO’s Sustainability Council. “We are making an important contribution in the shift to a sustainable future both within our own operations, and when guiding our clients. This commitment to sustainability is reflected in our Purpose to Boldly Grow the Good in business and life.”
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.