BMO 2020 Sustainability Report and Public Accountability Statement
BMO Financial Group has published its 2020 Sustainability Report. The report can be downloaded at https://our-impact.bmo.com/reports/.
The 2020 Sustainability Report provides BMO’s environmental, social and governance (ESG) disclosure, with a focus on issues identified by stakeholders as most affecting the bank’s sustainability. The report also includes the Public Accountability Statements for Bank of Montreal and its applicable subsidiaries: Bank of Montreal Mortgage Corporation, BMO Life Assurance Company and BMO Life Insurance Company.
“We are very pleased to present our 13th Sustainability Report to our stakeholders,” said Simon Fish, General Counsel and Chair of BMO’s Sustainability Council. “Our bank is committed to responding to today’s most pressing challenges and to creating long-term value for our stakeholders. We’re doing this by applying industry-leading approaches in key areas like sustainable finance, climate change, human rights, diversity, equity and inclusion.”
Our 2020 Sustainability Report highlights:
- BMO’s response to the COVID-19 pandemic, including how we are supporting our employees, customers and communities through the crisis.
- How we are living our Purpose, including reporting on progress made toward our Bold Commitments and introducing our Zero Barriers to Inclusion 2025 strategy and goals.
- Progress made toward our commitment to mobilize $400 billion in sustainable finance by 2025. Surpassed our goal to align $250 billion in client investments with sustainable objectives, and achieved 71% of our commitment to mobilize $150 billion in capital to companies pursuing sustainable objectives.
- Enhancement of our disclosure of our approach to environmental and social risk management including responsible lending and sustainable procurement.
- BMO’s 2020 Climate Report — managing climate-related risks and opportunities in line with the Taskforce on Climate-related Financial Disclosures (TCFD), including details of the climate-related scenario analysis work completed in 2020. In 2020, our lending to carbon-related assets amounted to 3.0% of our total lending portfolio.
- In 2020 we set and achieved a goal to match 100% of our global electricity use with electricity procured from renewable sources, including investing in renewable energy certificates that will enable the generation of over 400,000 MWh of renewable electricity.
- Our first Sustainability Bond Impact Report with information on the allocation of proceeds and quantitative and qualitative descriptions of positive impacts resulting from the sustainability bond we issued in October 2019.
- An updated sustainability materiality assessment, conducted using an artificial intelligence and big data platform.
- New disclosures in line with the Sustainability Accounting Standards Board (SASB) standards.
In 2020, BMO’s sustainability disclosure contributed to the company’s standing on numerous rankings, including:
- Ranked 15th on the Wall Street Journal’s 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital
- Ranked in the top 10% of banks globally on the Dow Jones Sustainability Index
- Top ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World
- Scored an A- on the 2020 CDP Climate Change Questionnaire
- Ethisphere® Institute’s list of the 2020 World’s Most Ethical Companies®
- Bloomberg Gender-Equality Index (2020) for the fourth year in a row
- Forbes 2020 Best Employers for Diversity (United States)
- Corporate Knights 2020 Best 50 Corporate Citizens in Canada