BMO to Chair Global Cross-Sector Biodiversity Initiative
BMO Financial Group (TSX: BMO) has been appointed Chair of the Cross-Sector Biodiversity Initiative (CSBI), a collaborative effort to share best practices regarding biodiversity in extractive industries. Chief Sustainability Officer Michael Torrance emphasized the importance of integrating biodiversity into environmental sustainability efforts. The CSBI will focus on developing guidelines on biodiversity management, including impact assessments. BMO has made strides in sustainability, achieving carbon neutrality and committing $300 billion to sustainable lending by 2025.
- BMO appointed Chair of the Cross-Sector Biodiversity Initiative (CSBI), enhancing its leadership in sustainability.
- Progress in sustainability with carbon neutrality since 2010 and matching 100% of electricity usage with renewable sources.
- Commitment to deploy $300 billion in sustainable lending and underwriting by 2025.
- None.
TORONTO, April 27, 2021 /PRNewswire/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) has been appointed Chair of the Cross-Sector Biodiversity Initiative (CSBI). The CSBI is a partnership of the International Petroleum Industry Environmental Conservation Association (IPIECA), the International Council of 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 good practices related to biodiversity and ecosystem services in the extractive industries.
"After two years as part of the North American Steering Committee on the Equator Principles Association, we are honoured to be named Chair of the CSBI," said Michael Torrance, Chief Sustainability Officer, BMO Financial Group. "Biodiversity must be core to environmental sustainability, alongside climate action. This will be a critical year with the planned launch of a post-2020 strategy for biodiversity and work underway to enhance corporate management and disclosure on this topic. We hope to advance the CSBI's work in promoting leading approaches to biodiversity management for companies in the mining, energy and financial sectors."
Areas of focus for the CSBI include providing practical guidance and innovative approaches to extractive projects on implementing the mitigation hierarchy – avoid, minimize, restore and offset; good practices for biodiversity baseline studies that allow biodiversity to be included effectively in impact assessments and management plans; and a roadmap to identify milestones and key interdependencies between project development schedules, financing timelines and actions required to mitigate impact on ecosystems. Through its Knowledge Sharing Working Group, various tools and member webinars, the CSBI enables invaluable information sharing, capacity building and learning among members and stakeholders.
BMO continues to make significant progress on its Purpose to double the good for a sustainable future:
- 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
- BMO has been carbon neutral across its operations since 2010 and in October 2020 reached a key milestone in matching 100 per cent of electricity usage with renewable electricity
- In 2019, BMO issued a
$500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals - In February 2021, BMO provided the first labelled Green Loan in Canadian history to Atlantic Packaging to finance a new 100 percent recycled containerboard facility, and worked with Atlantic to publish a Green Financing Framework
- In March 2021, the bank announced its climate ambition, including plans to build unique climate analytics capabilities to be its clients' lead partner in the transition to a net zero world. As part of the announcement the bank 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 rankings:
- 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 – BMO was the only North American bank included
- 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 per cent of banks globally on the 2020 Dow Jones Sustainability Index, and the top North American bank
- Scored an A- on the 2020 CDP Climate Change disclosure
- Ethisphere® Institute's 2020 list of the World's Most Ethical Companies®
- Corporate Knights 2020 Best 50 Corporate Citizens in Canada
- Joint winner of Environmental Finance's 2021 Lead Manager of the Year, Social Bonds – Local Authority/Municipality category
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
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SOURCE BMO Financial Group
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