Finance, Sourcing Renewables - October 19, 2020
BMO Financial reaches 100% RE goal with credits
BMO Financial Group announced Oct. 15 that it achieved its goal to match 100% of its electricity use with renewable energy.
The Canadian bank first announced its target last April to achieve this goal by the end of 2020, which it has now achieved. BMO invested in RECs from wind, solar and hydro projects in the region where it operates to meet its 2019 electricity consumption and estimates that these credits enabled the generation of over 407,000 MWh of renewable energy.
“We're excited to have reached this milestone so quickly and to be making such an important contribution in the shift to a sustainable future, a key part of BMO's Purpose to Boldly Grow the Good in business and life,” Simon Fish, General Counsel for BMO Financial Group and Chair of BMO's Sustainability Council, said in a statement. “We continue to focus on reducing our own energy use and associated greenhouse gas emissions with a robust energy management plan that includes both operational efficiency improvements and capital upgrades to our buildings.”
The bank also recently set a target of reducing operational greenhouse gas emissions by 15% by 2021 from a 2016 baseline and achieved 9% of that goal by the end of 2019.
BMO’s other sustainability goals in the works include the maintenance of carbon neutrality in global operations since 2010, meeting three successive multi-year enterprise emission reduction targets since 2008 and mobilizing $400 billion in sustainable financing by 2025.
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