BMO signs UN Principles for Responsible Banking
BMO Financial Group has signed the United Nations’ Principles for Responsible Banking (PRB), committing to aligning its business strategy with the UN Sustainable Development Goals, the Paris Climate Agreement and relevant national and regional frameworks.
This includes conducting an impact analysis to identify positive and negative impacts associated with its operations and financing activity and demonstrating transparency and accountability through public reporting.
Banks play major role in finance
"Banks have a critical role to shape and finance a more sustainable future,” said Darryl White, CEO, BMO Financial Group. “The work we do with our clients and stakeholders to understand and mitigate the impact of our operations and financial activity is an important part of how we'll achieve it.”
BMO has committed to mobilizing $400 billion in sustainable finance by 2025 – including lending, underwriting and investing $150 billion in companies pursuing sustainable outcomes, and aligning $250 billion in client investments to sustainable objectives. The bank has already achieved 71 per cent of its $150-billion target and surpassed its $250-billion target.
BMO has already built the framework that will enable the bank to meet and exceed its obligations as a signatory to the Principles for Reasonable Banking.