Mr. Dan Barclay reports
BMO ESTABLISHES NEW, INNOVATIVE ENERGY TRANSITION GROUP
Bank of Montreal's BMO Capital Markets 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, chief executive officer 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's 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 endeavours. It will also draw on industry sector specialists initially from within BMO's energy, power utilities and infrastructure, metals and mining, industrials, food consumer and retail, and sustainable finance groups to provide a broad spectrum of expertise regarding energy transition developments and opportunities, including those in:
- Energy transition finance;
- Carbon capture, use and sequestration;
- Renewable power;
- Electric mobility/electric vehicles;
- 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 and 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 $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 multidisciplinary 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.
About Bank of Montreal
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider -- the eighth 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.
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