March 27, 2024

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Business is my step

BMO Money Team amid to start with Canadian banking institutions to signal United Nations Rules for Liable Banking

4 min read

TORONTO, Feb. 2, 2021 /PRNewswire/ – BMO Economical Group (TSX:BMO) (NYSE:BMO) now announced it has signed the United Nations Setting Programme – Finance Initiative (UNEP-FI) Concepts for Dependable Banking.

The Concepts for Liable Banking (PRB) deliver a framework for a sustainable banking method. By signing, BMO is committing to align its business system with the UN Sustainable Development Objectives (SDGs), the Paris Climate Arrangement and relevant national and regional frameworks. This incorporates conducting an effects examination to identify priority favourable and damaging impacts affiliated with its operations and funding exercise, functioning collaboratively with shoppers and stakeholders to optimize constructive and limit detrimental impacts, and demonstrating transparency and accountability by public reporting.

“We’ve been customers of the UNEP-FI since 2010 and are delighted to be an early signatory to the Concepts for Responsible Banking in Canada,” stated Darryl White, CEO, BMO Monetary Team. “Banks have a crucial purpose to shape and finance a a lot more sustainable future. The get the job done we do with our purchasers and stakeholders to have an understanding of and mitigate the effects of our operations and financial exercise is an critical portion of how we’ll obtain it. By signing the PRB we are strengthening our determination to progress the SDGs and the transition to a net zero carbon economic system.”

BMO proceeds to make important development on its Objective to double the great for a sustainable long run. Fully commited to mobilizing $400 billion in sustainable finance by 2025 — like lending, underwriting and investing $150 billion in corporations pursuing sustainable results, and aligning $250 billion in client investments to sustainable objectives — the lender has presently realized 71 for every cent of its $150 billion target and surpassed its $250 billion goal. In building a environment-class Sustainability program, BMO has by now designed the framework that will permit the financial institution to meet up with and exceed its obligations as a signatory to the Concepts.

“We are thrilled that BMO as a longstanding and valued member of UNEP FI is now also starting to be a Principle for Responsible Banking Signatory and hope additional Canadian friends will observe BMO’s management,” mentioned Eric Usher, Head, UNEP Finance Initiative.

BMO Monetary Group’s steps on sustainability and to a sustainable long run include:

  • In 2019, BMO unveiled its Purpose to Boldly Mature the Good in business enterprise and daily life, announcing commitments to double the superior for a flourishing economic system, sustainable upcoming, and inclusive culture
  • In 2020, BMO launched BMO EMpower, a $5 billion dedication over 5 decades to deal with crucial boundaries confronted by minority enterprises, communities, and family members in the United States
  • In 2019, BMO issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Advancement Ambitions
  • In January 2021, BMO joined the Partnership for Carbon Accounting Financials to assistance the improvement of primary methodologies to keep track of and report financed emissions
  • In October 2020, BMO reached a essential milestone in matching 100 for every cent of electrical energy usage with renewable electric power
  • In Could 2020, BMO signed the Running Ideas for Influence Financial commitment, a gold standard for influence expense fund management, designed by the Global Finance Corporation of the Entire world Financial institution
  • Entire world-course sustainability disclosure, together with on local weather-related hazards and possibilities in line with the Taskforce on Local weather-associated Economical Disclosures (TCFD) and the Sustainability Accounting Requirements Board (SASB) benchmarks
  • First Canadian lender to sign the UN Women’s Empowerment Principles in 2019. In 2018, BMO dedicated to make $3 billion in funds readily available to females business enterprise owners in Canada above a few several years

BMO’s management on sustainability has been recognized on various rankings, which include:

  • Ranked 15th on the Wall Avenue Journal’s 2020 listing of the 100 Most Sustainably Managed Providers in the World, 3rd over-all on Social Capital, only bank in North America
  • Leading North American lender on Company Knights’ 2021 Global 100 Most Sustainable Firms in the World for the next yr in a row
  • Rated in the top 10 per cent of banking institutions globally on the Dow Jones Sustainability Index
  • Scored an A- on the 2020 CDP Local climate Alter Questionnaire
  • Ethisphere® Institute’s list of the 2020 World’s Most Moral Companies®
  • Bloomberg Gender-Equality Index (2021) for the sixth 12 months in a row
  • Forbes 2020 Best Companies for Range (United States)
  • Corporate Knights 2020 Ideal 50 Company Citizens in Canada

For much more info on BMO’s determination to a sustainable future, be sure to check out the bank’s Sustainability Report. For far more info on BMO’s Goal, please stop by our Function site.

About BMO Financial Team
Serving prospects for 200 several years and counting, BMO is a highly diversified economic solutions provider – the 8th most significant financial institution, by belongings, in North The us. With complete property of $949 billion as of October 31, 2020, and a workforce of numerous and highly engaged staff, BMO delivers a broad range of personal and industrial banking, prosperity management and investment banking products and solutions and services to far more than 12 million customers and conducts business through 3 working groups: Private and Professional Banking, BMO Wealth Administration and BMO Capital Markets.

Check out initial material: http://www.prnewswire.com/news-releases/bmo-money-group-amid-1st-canadian-banking companies-to-indicator-united-nations-rules-for-liable-banking-301219612.html

Source BMO Economical Group

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