Finance, Sourcing Renewables - April 20, 2020
BMO Financial to offset 100% of electricity use with RECs
BMO Financial Group pledged April 20 a goal to match 100% of its electricity this year and beyond with renewable energy by supporting global renewable energy projects through investment in RECs.
The Montreal-based banking institution estimates that the RECs they intend to purchase will enable the generation of nearly 400,000 kWh of renewable energy each year.
"Investing in Renewable Energy Certificates is a powerful way to build market demand for renewable electricity, which in turn drives industry growth and accelerates the transition to a lower carbon economy," Simon Fish, General Counsel for BMO Financial Group and Chair of BMO's Sustainability Council, said in a statement. "We are making an important contribution in the shift to a sustainable future both within our own operations, and when guiding our clients. This commitment to sustainability is reflected in our Purpose to Boldly Grow the Good in business and life."
BMO has previously had success in meeting three successive multi-year enterprise emission reduction targets since 2008 and has made strides toward a goal made in 2019 of mobilizing $400 billion in sustainable financing by 2025. They have also maintained carbon neutrality in global operations since 2010 and use 100% renewable electricity in U.S. operations.
BMO Financial is a top-ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World and has been recognized by the Carbon Disclosure Project for its action on climate change governance and greenhouse gas emissions reduction.
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