04:10:53 EDT Tue 19 Oct 2021
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Bank of Montreal
Symbol BMO
Shares Issued 646,949,486
Close 2021-03-10 C$ 110.15
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Globe says BMO commits $300B for carbon reduction

2021-03-11 08:39 ET - In the News

The Globe and Mail reports in its Thursday edition that Bank of Montreal is committing $300-billion over the next four years to achieve net-zero carbon emissions. The Globe's Jeffrey Jones writes that as part of the scheme, BMO is setting up a climate institute that will serve as a clearing house for science, analytics and technical expertise for risk management and adaptation as the economy moves to a lower-carbon future, the bank said Wednesday. In addition, BMO's global asset management unit plans to put $700-billion in assets toward influencing companies to improve their environmental performance. The bank is making the $300-billion available to corporate clients "pursuing sustainable outcomes" through its lending, underwriting, advisory services and investments, it said. "What we're doing is positioning ourselves to be our clients' lead partner when it comes to the kinds of climate transition we're going to need to achieve the global goals around net zero," said Michael Torrance, BMO's chief sustainability officer. "We're integrating this very squarely into our purpose strategy, but also our business strategy." Last month, Royal Bank of Canada said it was adding $500-billion to its sustainable financing funds.

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