BMO announces bold renewable energy goal
At BMO, we’re committed to reducing our impact on the environment. That’s why we recently announced a 2020 goal to match 100 per cent of our electricity usage with electricity produced from renewable sources across global operations. The initiative includes investment in Renewal Energy Certificates, and will enable the generation of nearly 400,000 MWh of renewable electricity each year.
Renewable Energy Certificates (RECs) represent the social and environmental benefits of one megawatt-hour of clean energy created by a renewable energy source like a wind farm or solar plant. When a company or individual purchases RECs, those sources generate renewable energy on their behalf and send it to the electrical grid. Each certificate is completely unique – including details like where they were generated, type of renewable resource, and when they were generated – and can only be purchased once.
By purchasing RECs, companies are helping to “green” the power grid, while also investing in the renewable energy market and creating demand. At BMO, we aim to purchase RECs that are generated in the communities where our colleagues and customers live and work.
This bold commitment is in line with our long-standing leadership on sustainability, which includes maintaining carbon neutrality in global operations since 2010, meeting three successive multi-year enterprise emission reduction targets since 2008, using 100 per cent renewable electricity in U.S. operations, and mobilizing $400 billion in sustainable finance by 2025.
“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,” said Simon Fish, General Counsel for BMO Financial Group and Chair of BMO’s Sustainability Council. “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’s leadership on sustainability has been recognized in numerous places. For example, we are the top-ranked North American bank on Corporate Knights 2020 Global 100 Most Sustainable Corporations in the World. You can find the full list of our awards and recognitions here.
You can read more about our environmental practices and performance here.