BMO Establishes New, Innovative Energy Transition Group

Rhea-AI Summary

BMO Capital Markets has announced the establishment of a new Energy Transition Group aimed at supporting clients in exploring energy transition alternatives. This initiative focuses on responding to regulatory changes related to a net zero future. The group will collaborate with various industry sectors, leveraging BMO's Climate Institute for research and insights. Furthermore, the existing Sustainable Finance group will be integrated into this structure, continuing its mandate of investing in sustainable solutions, including a CAD$250 million Impact Investing Fund.

Positive

• Launch of Energy Transition Group to support clients' energy transition strategies.
• Collaboration with industry specialists to provide comprehensive expertise.
• Integration of Sustainable Finance initiatives to enhance sustainable investments.
• Commitment to deploy $300 billion in sustainable lending and underwriting by 2025.

Negative

• None.

• Energy Transition Group will support clients exploring potential energy transition alternatives
• Group to partner with Investment & Corporate Banking's industry groups to provide broad, integrated spectrum of energy transition expertise

TORONTO, June 2, 2021 /PRNewswire/ - BMO Capital Markets announced today that it is establishing a dedicated Energy Transition Group to support clients in their pursuit of opportunities driven by the increasing momentum of the global economy's shift in production and consumption of energy.

"BMO is focused on being our clients' lead partner in their pursuit of energy transition opportunities as they respond to regulatory and stakeholder initiatives related to a net zero future," said Dan Barclay, CEO and Group Head, BMO Capital Markets.  "Our Energy Transition Group will accelerate our leadership position as the global economy undergoes structural changes in how energy is produced and consumed."

The group will accelerate BMO Capital Markets' participation in the economy's energy transition by providing knowledge, tools and support, including research from BMO's Climate Institute, to support the firm's various industry groups as they engage with clients on their energy transition endeavors.  It will also draw on industry sector specialists initially from within BMO's Energy, Power Utilities & Infrastructure, Metals & Mining, Industrials, Food Consumer & Retail and Sustainable Finance groups to provide a broad spectrum of expertise regarding energy transition developments and opportunities, including those in:

Hydrogen Energy transition finance Carbon capture, use and sequestration Renewable power Electric mobility / EVs Nuclear power Nature-based solutions Energy demand-side management

Fuel cells Electricity storage Low carbon fuels Energy transition minerals Renewable natural gas Circular economy solutions including waste-to-value processes

The new group will be co-headed by Aaron Engen, Vice Chair, Investment & Corporate Banking and Jonathan Hackett, Managing Director and Head, Sustainable Finance. Both will report to Shane Fildes, Managing Director and Head of Investment Banking.

The Energy Transition Group will also include BMO's existing Sustainable Finance group including its Sustainable Finance Advisory and Impact Investing platforms. The CAD$250 million Impact Investing Fund will continue with its mandate of investing in companies that are solving sustainability challenges and scaling them.

In March 2021, the bank announced its Climate Ambition and introduced the BMO Climate Institute, a multi-disciplinary organization harnessing science, analytics powered by innovative technology and industry leading expertise. As part of its commitment to Sustainable Finance, BMO has committed to deploying $300 billion in sustainable lending and underwriting by 2025.  BMO's leadership on sustainability has been recognized on numerous top rankings, including The Wall Street Journal's 2020 list of the 100 Most Sustainably Managed Companies in the World and the 2020 Dow Jones Sustainability Index. 

For more information on BMO's commitment to a sustainable future, please visit the bank's Sustainability Report.  To learn more about sustainable finance at BMO click here. For BMO's climate ambition, visit our Climate 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 $950 billion as of April 30, 2021, 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.

View original content:http://www.prnewswire.com/news-releases/bmo-establishes-new-innovative-energy-transition-group-301303783.html

SOURCE BMO Financial Group

FAQ

What is BMO's Energy Transition Group?

BMO's Energy Transition Group is a newly established unit focused on supporting clients in exploring energy transition alternatives in response to global shifts towards sustainable energy.

When was BMO's Energy Transition Group announced?

BMO's Energy Transition Group was announced on June 2, 2021.

What is BMO's commitment to sustainable finance?

BMO has committed to deploying $300 billion in sustainable lending and underwriting by 2025 as part of its sustainable finance strategy.

Who leads BMO's Energy Transition Group?

The Energy Transition Group is co-headed by Aaron Engen and Jonathan Hackett.

What is the purpose of BMO's Impact Investing Fund?

The CAD$250 million Impact Investing Fund aims to invest in companies addressing sustainability challenges.