BMO Announces Plans to Partner with Breakthrough Energy Catalyst to Accelerate Climate Innovation
- BMO intends to engage $50 million over five years and provide extensive project financing capabilities and expertise in energy transition
- First Canadian company to announce a partnership with Breakthrough Energy Catalyst
TORONTO, January 30, 2022 /CNW/ – As part of its commitment to a sustainable future, BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced plans to join Breakthrough Energy Catalyst and its philanthropic and industry partners private sector to accelerate the clean technologies and climate solutions that are essential to bring the world to net zero carbon emissions by 2050.
“We are thrilled to have the opportunity to be the first Canadian company to join Breakthrough Energy Catalyst, whose mandate strongly aligns with BMO’s goal of boldly developing good. in business and lifeand our commitment to raising capital for a sustainable future,” said Daryl White, CEO, BMO Financial Group. “We look forward to applying our extensive expertise in project finance and energy transition to accelerating critical climate innovation to help the economy and our customers make progress in the transition to a net zero world.”
“Achieving net zero is going to require 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 of the Energy Transition Group, BMO Financial Group. “BMO is uniquely positioned to meet this challenge given our ongoing investments, through the BMO Impact Investing Fund, in companies that offer sustainable solutions, as well as the experience we have, through through the Energy Transition Group, in the transition of customers to sustainable financing solutions. “
BMO will be the first Canadian company to join Breakthrough Energy Catalyst and a number of leading companies in support of climate innovation, including direct air capture, clean hydrogen, long-term 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 financing 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 businesses seeking sustainable results by 2025. BMO is committed to to be the main partner of its customers in their transition. to a net zero future and, since December 2019, has entered into green and sustainability-related loans for companies in various sectors, with objectives such as sustainability, diversity, health and safety. To support clients in pursuing opportunities driven by the growing momentum of the changing global economy in energy production and consumption, BMO created in 2021 a Group dedicated to the energy transition and the BMO Climate Institute.
BMO’s sustainability leadership has been recognized in a number of rankings, including The Wall Street Journal’s 100 Most Sustainable Companies in the World, Corporate Knights’ Top 100 Most Sustainable Companies in the World, The Dow Jones Sustainability Indices World Index and the Ethisphere Institute’s list of the world’s most ethical companies.
To learn more about BMO’s commitment to a sustainable future, check out its Sustainability Report.
For more information on BMO’s purpose, please see its Goal Page.
To learn about BMO’s climate ambition, visit its Climate page.
For more information on Breakthrough Energy Catalyst, click here.
About Revolutionary Energy
Founded by Bill Gates, Breakthrough Energy is dedicated to helping humanity avoid climate catastrophe. Through investment vehicles, philanthropic programs, policy advocacy and other activities, Breakthrough Energy is committed to advancing the technologies the world needs to achieve net zero emissions by 2050. www.breakthroughenergy.org for more information and connect with Breakthrough Energy at Facebook, Twitterand LinkedIn.
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 $988 billion as of October 31, 2021 and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and leads through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
For further information: For media inquiries: Kelly Hechler, Toronto, [email protected](416) 867-3996