BMO announces plan to partner with Breakthrough Energy Catalyst to accelerate climate innovation
- net zero
As part of its commitment to a sustainable future, BMO Financial Group (TSX:BMO) (NYSE:BMO) today announced its plan to join Breakthrough Energy Catalyst and its philanthropic and private sector partners to accelerate clean technologies and climate solutions that are critical to getting the world to net zero carbon emissions by 2050.
“We’re excited by the opportunity to be the first Canadian company to join Breakthrough Energy Catalyst, whose mandate strongly aligns with BMO’s Purpose to Boldly Grow the Good in business and life, and our commitment to mobilizing capital for a sustainable future,” said Darryl White, CEO, BMO Financial Group. “We look forward to applying our extensive project finance and energy transition expertise to the acceleration of climate innovation critical to helping the economy, and our clients, make progress in the transition to a net-zero world.”
“Getting to net-zero is going to take a global effort to find and support innovative climate technologies, which can be expensive to adapt and scale,” said Jonathan Hackett, Head of Sustainable Finance and Co-Head, Energy Transition Group, BMO Financial Group. “BMO is particularly suited to this challenge given our ongoing investments, via the BMO Impact Investment Fund, in companies that are providing sustainability solutions, as well as the experience we have, through the Energy Transition Group, in transitioning clients through sustainable finance solutions.”
BMO will be the first Canadian company to join Breakthrough Energy Catalyst and a number of the world’s leading companies in support of climate innovation, including direct air capture, clean hydrogen, long-duration energy storage and sustainable aviation fuel. To help commercialize and scale the most promising climate technologies, the bank plans to contribute $50 million over five years, strong project finance capabilities and the expertise of its highly experienced Energy Transition Group.
Carbon neutral in its own operations since 2010, BMO announced its Climate Ambition in March 2021 with a commitment to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. BMO is focused on being its clients’ lead partner in their transition to a net zero future and, since December 2019, has completed green and sustainability-linked loans for companies in a range of sectors, with targets including sustainability, diversity, and health and safety. To support clients' pursuit of opportunities driven by the increasing momentum of the global economy's shift in production and consumption of energy, in 2021 BMO established a dedicated Energy Transition Group and the BMO Climate Institute.
BMO's leadership on sustainability has been recognized on a number of rankings, including the Wall Street Journal's 100 Most Sustainably Managed Companies in the World, Corporate Knights Top 100 Most Sustainable Companies in the World, Dow Jones Sustainability Indices World Index, and Ethisphere Institute's list of the World's Most Ethical Companies.
For information on BMO's commitment to a sustainable future, see its Sustainability Report.
For more information on BMO's Purpose, please visit its Purpose page.
For BMO's Climate Ambition, visit its Climate page.
For more information about Breakthrough Energy Catalyst click here.
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