TORONTO, April 27, 2021 / PRNewswire / – BMO Financial Group (TSX: BMO) (NYSE: BMO) has been appointed Chair of the Intersectoral Biodiversity Initiative (SCSI). The CSBI is a partnership of the International Petroleum Industry Environmental Conservation Association (IPIECA), the International Council on Mining and Metals (ICMM), the Equator Principals Association (EPA), the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC) and the Inter-American Development Bank (IDB) to develop and share best practices related to biodiversity and ecosystem services in extractive industries.
“After two years on the North American Steering Committee of the Association of Equator Principles, we are honored to be named President of CSBI,” said Michael torrance, Chief Sustainability Officer, BMO Financial Group. âBiodiversity must be at the heart of environmental sustainability, alongside climate action. It will be a critical year with the planned launch of a post-2020 biodiversity strategy and ongoing work to improve business management and information disclosure on this topic. We hope to advance the CSBI to work on promoting cutting-edge approaches to biodiversity management for companies in the mining, energy and financial sectors. ”
The areas of focus of the CSBI include providing practical advice and innovative approaches to mining projects on the implementation of the mitigation hierarchy – avoid, minimize, restore and compensate; good practices for baseline studies on biodiversity that allow effective integration of biodiversity into impact assessments and management plans; and a roadmap to identify key milestones and interdependencies between project development schedules, funding schedules, and actions needed to mitigate impact on ecosystems. Through its Knowledge Sharing Working Group, various tools and member webinars, CSBI enables invaluable information sharing, capacity building and learning among members and stakeholders.
BMO continues to make significant progress in achieving its goal of Double Good for a Sustainable Future:
- In 2019, BMO unveiled its goal of boldly cultivating the good in business and in life, announcing commitments to Double the Good for a prosperous economy, a sustainable future and an inclusive society.
- BMO has been carbon neutral in all of its operations since 2010 and October 2020 achieved a milestone by matching 100% of electricity consumption with renewable electricity
- In 2019, BMO issued a US $ 500 million Sustainability obligation with use of products linked to the United Nations Sustainable Development Goals
- In February 2021, BMO awarded the first labeled green loan in Canadian history to Atlantic Packaging to fund a new 100% recycled containerboard facility, and worked with Atlantic to release a green funding framework
- In March 2021, the bank announced its climate ambition, including its intention to build unique climate analysis capabilities to become its clients’ primary partner in the transition to a net zero world. As part of the announcement, the bank launched the BMO Climate Institute, a multidisciplinary organization harnessing science and analysis powered by innovative technology and industry-leading expertise. As part of its commitment to sustainable finance, BMO is committed to deploying 300 billion dollars in sustainable loans and subscriptions by 2025
BMO’s leadership in sustainability has been recognized in numerous rankings:
- Ranked 15e at The Wall Street Journal ‘s 2020 list of the 100 most sustainably managed companies in the world, third overall in share capital – BMO was the only North American bank included
- First North American Bank of Corporate Knights’ 100 Most Sustainable Companies in the World 2021 for the second year in a row
- Ranked in the top 10% of banks in the world according to the Dow Jones Sustainability Index 2020, and the number one bank in North America
- Got an A- on the 2020 CDP Climate Change Disclosure
- EthisphereÂ® Institute of the World’s Most Ethical Companies 2020 ListÂ®
- Corporate Knights 2020 The 50 Best Corporate Citizens in Canada
- Co-winner of the title of Senior Manager of the Year 2021 from Environmental Finance, Social Obligations – Local Authority / Municipality category
To learn more about BMO’s commitment to a sustainable future, please see the bank’s Sustainability Report. To learn more about sustainable finance at BMO, click here. To learn more about BMO’s climate ambition, visit our Climate page.
About BMO Financial Group
Serving clients for 200+ years, BMO is a highly diversified financial services provider – the eighth largest bank by assets in North America. With total assets of $ 973 billion as of January 31, 2021 and a diverse and highly engaged team of employees, BMO offers a broad range of personal and commercial banking, wealth management and investment products and services to over 12 million customers. the activities of three operating groups: Personal and Commercial Services, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group