BMO Financial Group 2020 Climate Report

BMO Financial Group

2020 Climate Report

BMO Financial Group 2020 Climate Report 1

Our Approach to Climate Change

In 2020, BMO continued to focus on innovative approaches to managing climate-related financial risks and opportunities. We expanded our work on climate-related scenario analysis and enhanced our capabilities to embed this analysis into our broader risk management approach. We have partnered with our customers to build innovative sustainable finance products to support them during the transition to a net zero economy.

Current State

GO

VER

NA

NCE

• Board:AuditandConductReviewCommittee;RiskReviewCommittee

• Management committees:SustainabilityCouncil;SustainableFinanceSteeringCommittee;SustainableBondsWorkingGroup;DisclosureCommittee;RiskManagementCommittee;GlobalInvestmentCommittee

• Management:GeneralCounsel,ChiefSustainabilityOfficer,ChiefFinancialOfficer,HeadofSustainableFinance,GlobalChiefInvestmentOfficer;ChiefRiskOfficer,HeadofEnterpriseRisk,SeniorCreditOfficers

STR

ATEG

Y

• Developinginnovativesustainablefinanceproductsandmakingprogresstowardourgoaltomobilize$400billionforsustainablefinanceby2025

• Activelycontributingtodevelopmentofclimatechangeknowledgeandmethodologiesforfinancialinstitutions

• Integratingclimateriskanalysisintoriskframeworks

• Expandingclimate-relatedscenarioanalysisworkandcapabilities

RIS

K

MA

NA

GEM

ENT

• Integratingclimateriskanalysisintoriskframeworks

• Climate-relatedriskisanengagementpriorityforassetmanagement

• Drivingcarbonneutralityandacommitmentto100%renewableelectricityinourglobaloperations

MET

RIC

S A

ND

TA

RG

ETS

• Carbonneutralinouroperationssince2010

• 100%renewableelectricityin2020

• Surpassedgoaltoalign$250billioninclientinvestmentswithsustainableobjectives

• Achieved71%ofgoaltomobilize$150billionincapitaltocompaniespursuingsustainableoutcomes,43%ofwhichisgreenfinance

• Trackingcarbon-relatedassetsinlendingportfolioandexploredmethodologiestomeasurecarbonintensityoflendingportfolio

• TrackingScope1,Scope2andsomeScope3emissions,includingsupplychainemissions

BMO Lending to Power Generation1, as at October 31, 2020

Category %

Low-carbonenergygeneration 58%

Fossil-fuelbasedenergygeneration 31%

Other(Unclassified) 11%

31%

11%58%

1Powergenerationisasubsetofutilities,excludingwaterutilities,independentpowerproducers,andelectricitytransmissionanddistributioncompanies.Theshareoflow-carbonenergygenerationiscalculatedonaclient-by-clientbasisusingthemostrecentlypubliclyavailableinformationonenergysource.

• Engagewithboardsmorefrequentlyonrisksandopportunitiesrelatedtoclimatechange

• Buildcapacityandstrengthenclimatechangeriskmanagementgovernance

• Advancesustainablefinancestrategywithourclientsandindustrypeers

• Buildcapacityonclimateriskanalysisandembedresultsintolong-termstrategyandgoalsettingwherefeasible

• Expandclimate-relatedscenarioanalysisworkandcapabilities

• Continuetodevelopenvironmentalandsocialriskframeworks,includingclimate-relatedrisks

• Maintaincarbonneutralityinouroperations

• Maintain100%renewableelectricitypurchases

• Establishnewoperationalemissionsreductiontargetsbeyond2021

• UnderstandandincorporateemergingmethodologiesonScope3emissionsanalysisandscience-basedtargets

$45.7billion

BMO has provided $45.7 billion in green finance since 2019

3.0%

of lending portfolio is to carbon-related assets1

1Thevalueofnetloansandacceptancesconnectedtotheenergyandutilitiessectors,excludingwaterutilities,independentpowerproducers,electricitytransmissionanddistributioncompanies,renewableelectricityproducers,nuclearelectricityproducers,andwastemanagementcompanies.Theamountisreportedasatthespecifieddate,andisexpressedasapercentageoftotalloansandacceptances,netofallowanceforcreditlossesonimpairedloans.

Sensitivity to Climate Risk of BMO Lending Exposures, as at October 31, 2020

Sector (% of net loans

and acceptances)

Nosignificantclimateriskidentified 47.9

Residentialmortgages 27.5

Commercialrealestate 8.7

Manufacturing 5.7

Agriculture 2.9

Transportation 2.8

Oilandgas 2.7

Utilities 1.1

Mining 0.5

Forestproducts 0.2

Primarily physical risks

Primarily transition risks

Both physical and transition risks

No significant physical or transition risks identified

Future Goals


Special Supplement

2020 Climate Report

The events of 2020 have placed a spotlight on the resilience of our economies and the livability, workability and inclusivity of our societies. At BMO, we recognize that climate change is a challenging issue that presents a test of resilience and requires us to anticipate risks and capture opportunities.

BMOhassupportedtheFinancialStabilityBoard’sTaskForceonClimate-relatedFinancialDisclosures(TCFD)since2018.WehavebeenworkingtoimplementtheTCFD’srecommendationsanddevelopprograms,approachesanddisclosuresthatalignwiththeTCFDframework.Wearefocusedontheopportunitiesthatthetransitiontoanetzerocarboneconomypresents,forbothourbusinessandourcustomers.In2020,wemadesignificantprogressondevelopingoursustainablefinancecapabilitiesandpartneredwithourcustomersoninnovativesustainablefinanceproductstosupportthemduringthistransition.Wealsoenhancedourapproachtomanagingclimate-relatedfinancialrisk,includingexpandingourclimate-relatedscenarioanalysiscapabilitiesandbuildingourcapacitytoembedsuchanalysesintoourbroaderriskmanagementapproach.

Thisreportdescribesourapproachtomeasuringandmanagingclimate-relatedimpactsandhighlightsthemilestonesweachievedin2020.Itisintendedtoprovideinvestorsandotherstakeholderswithinformationontheclimate-relatedrisksandopportunitiesweface,andonourstrategiesformanagingrisksandcapturingopportunities.


Governance

BOARD OVERSIGHT BMO’sdirectorsarerecruitedandevaluatedbasedonaskillsmatrixthatincludessustainabilityexperience,andeightofour14currentindependentdirectorshavesuchexperience1.BMOintroducedclimatechangeriskanddisclosuretrainingforitsBoardofDirectorsin2018.ThistrainingisavailabletoallcurrentandnewBoardmembers,includingmembersofsubsidiaryboards.

Board-leveloversightofsustainability,includingclimate-relatedrisksandopportunities,isembeddedinthecharteroftheAuditandConductReviewCommittee(ACRC)ofBMO’sBoardofDirectors.TheACRCmeetsregularlywithBMO’sChiefSustainabilityOfficerandGeneralCounseltoreviewanddiscussmattersrelatedtosustainability,includingclimatechangeandclimate-relateddisclosures.

1Informationontheskillsandexperienceofourdirectorscanbefoundinour2020ManagementProxyCircular.

TheRiskReviewCommittee(RRC)oftheBoardofDirectorsassiststheBoardinfulfillingitsriskmanagementoversightresponsibilities.ThisinvolvesoverseeingtheidentificationandmanagementofBMO’srisks,includingourriskculture,adherencebyoperatinggroupstoriskmanagementcorporatepoliciesandprocedures,andcompliancewithrisk-relatedregulatoryrequirements.OurriskmanagementframeworkisreviewedonaregularbasisbytheRRCinordertoprovideguidanceforthegovernanceofourrisk-takingactivities.TheRRCalsoreviewsrevisionstotheRiskAppetiteFramework,includingtheadditionofaqualitativestatementreferencingclimatechangein2020.TheRRCmeetseighttimesannually.

MANAGEMENT’S ROLE TheChiefExecutiveOfficer(CEO)hasdelegatedresponsibilityforsustainabilitytoBMO’sGeneralCounsel,whoisamemberoftheExecutiveCommitteeandreportsdirectlytotheCEO.BMO’sGeneralCounselalsohasaccountabilityforareassuchaslegalandregulatoryrisk,reputationriskandbusinessconduct.Thisorganizationalstructurealignsresponsibilityforsustainabilitywithaccountabilityfortheserelatedareas.

BMO’sGeneralCounselchairstheBMOSustainabilityCouncil,whichwasestablishedin2008andiscomprisedofseniorleadersfromacrosstheorganization.TheSustainabilityCouncilsupportsandadvisesontheimplementationofBMO’ssustainabilitystrategy,andmeetsquarterlytodiscusssustainabilitytopics,includingrisks,opportunitiesanddisclosuresrelatedtoclimatechange.Climate-relatedtopicsdiscussedduring2020includedtheenhancementofBMO’senvironmentalandsocialriskframework,anintroductiontotheconceptofaJustTransition,BMO’s100%renewableenergycommitment,physicalclimateriskandresponse,financedemissionsandhowinvestorscanaligntothegoalsoftheParisAgreement.

BMO’sChiefSustainabilityOfficer(CSO)reportstotheCorporateSecretaryandtotheGeneralCounsel.TheCSOisresponsibleforthedevelopmentandexecutionofBMO’ssustainabilitystrategy,includinginternaladvisoryandsupportefforts,stakeholderengagementanddisclosure.Thismandateincludesmonitoringclimate-relatedissues;developingpolicies,governancemechanismsandstrategiestomanageclimate-relatedrisksandopportunities;providingadvisorysupporttooperatinggroupsonidentifying,managing,measuring,monitoringandreportingonclimateriskassociatedwithourclientsandtransactions;andproducingandpublishingclimate-relateddisclosures.

BMO’sRiskManagementCommittee(RMC)isourmanagement’sseniorriskcommittee.Itreviewsanddiscussessignificantriskissuesandactionplansthatariseinexecutingourenterprise-widestrategy.TheRMCprovidesriskoversightandgovernanceatthehighestlevelsofmanagement.ItischairedbytheChiefRiskOfficer(CRO)anditsmembersincludetheCEO,headsofouroperatinggroups,andtheChiefFinancialOfficer.

BMO’sCROreportsdirectlytotheCEOandisresponsibleforprovidingindependentreviewandoversightofenterprise-widerisksandleadershiponriskissues,developingandmaintainingariskmanagementframeworkandfosteringastrongriskcultureacrosstheorganization.HereportsannuallytotheRRContheeffectivenessofBMO’sgovernanceofclimaterisk,andensuresthatBMO’sclimateriskexposureremainswithinourriskappetite.EnterpriseRiskandPortfolioManagement(ERPM)providesriskmanagementoversight,supportingadisciplinedapproachtorisk-takinginindependenttransactionapprovalandportfoliomanagement,policyformulation,riskreporting,stresstesting,modellingandriskeducation.ERPMisresponsibleforconductingclimatechangescenarioanalysisinordertoidentifypotentialrisksinBMO’slendingportfolio.

ERPMandtheSustainabilityOfficecollaborateonadvancingBMO’sprogramformanagingclimate-relatedriskacrossourlinesofbusiness.In2020,thetwoteamsworkedtogethertoenhanceourenvironmentalandsocialriskframework,includingidentifying,mitigating,managing,measuringandmonitoringclimate-relatedrisks.Aworkinggroupcomprisedofindividualsfromacrossourfootprint–fromSustainability,ERPM(includingriskgovernance,creditrisk,operationalrisk,andstresstesting)andBMOGlobalAssetManagement(GAM)–workstoensureaconsistentresponsetoevolvinginternationalstandardsandregulations.

2020 Management Proxy Circular: www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars

http://www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars


In2019,BMOrespondedtotheU.K.PrudentialRegulationAuthority(PRA)SupervisoryStatementonEnhancingBanks’andInsurers’ApproachestoManagingtheFinancialRisksfromClimateChangebyassigningseniormanagementfunctionaccountabilityforclimatechangetotheCRO,Europe.WeareontrackinimplementingourplantomeetthePRArequirements.In2020,weincludedclimatechangeinourrisktaxonomyandriskappetitestatement.WearecurrentlyintheprocessofconductingscenarioanalysisforourLondonportfolio.

Tobettercaptureopportunitiesassociatedwithsustainablefinance,weestablishedaSustainableFinanceteamin2019thatissupportedbyBMO’sSustainabilityOfficeandworksacrosstheEnterprisetogrowandinnovateoursustainablefinanceproductsandservices.Theteamisresponsibleformobilizingsustainablefinanceopportunitieswithcustomersacrossalllinesofbusiness.Itincludessustainablefinancespecialistswhoareresponsibleforbuildingcustomerengagementandidentifyingmarketopportunitiesforproductsandservicesasthesustainablefinancemarketgrows.WehaveestablishedaSustainableFinanceSteeringCommitteecomposedofBMOexecutives,whichisresponsibleforreviewing,validatingandmonitoringBMO’ssustainablefinancestrategy.

TheGlobalInvestmentCommittee(GIC)overseesallresponsibleinvestmentpoliciesandactivitiesatBMOGAM,includingthoserelatedtoclimatechange.GICmembersincludetheGlobalChiefInvestmentOfficer(CIO),theCIONorthAmericaandotherseniorrepresentativesfromBMOGAM’sregulatedentities.TheGIChasresponsibilityforthefinalapprovalofallresponsibleinvestmentpolicies.

Climate-Related Opportunities and Strategy

AtBMO,werecognizethatthetransitiontoanetzerocarboneconomywillbeacomplexendeavourthatwillhappenovertime.Asenergyneedscontinuetoincrease,andtheenergymixcontinuestoevolve,therewillremainaneedforaffordableenergyandsupportoflocalcommunitiestopromoteasmoothandjusttransitionthataddressesclimategoalswhiletakingsocialimpactsintoaccount.Ourclientswillplayacriticalroleinthetransitiontoanetzerocarboneconomyandwebelievethistransitionwillpresentopportunities,fromgainsinefficiencytoevolvingcustomerdemandsforsustainablefinanceandtransitionfinanceproducts.BMOiscommittedtomakingapositiveimpactbyworkingwithourclientsonthisjourneythroughproductinnovation.Ouroperatinggroupsareactivelypursuingoperationalefficiencygains.Ourcommitmentstooperationalsustainabilityandsustainablefinancearefocusedresponsestothistransition.

Werecognizeanopportunitytodifferentiateourselvesbydevelopinginnovativenewproductsandbusinessservicesrelatedtoclimatechange,andbyaccessingnewmarketswithfinancialsolutionsthatcanassistcustomersduringtheirtransitiontoanetzerocarboneconomy.

OurSustainableFinanceteamisengagingwithourcustomersinordertoidentifymarketopportunitiesforsustainablefinanceproductsandservicesacrossBMO.Wehavecommittedtomobilizing$400billionforsustainablefinanceby2025,including$250billioninclientinvestmentstoalignwithsustainableobjectivesand$150billionincapitaltocompaniespursuingsustainableoutcomes.Clientinvestmentsinclude,amongothers,innovativeapproachestoresponsibleinvestingtakenbyBMOGAMtohelpaligncustomerinvestmentswithsustainableobjectives.BMOCapitalMarketshasunderwrittensignificantamountsofsustainabledebtandalsocreatedadedicatedadvisorycapabilitytosupportourclientsintheirworkonsustainability.TheseeffortsaresupportedbytheSustainabilityOffice,whichguidesthegrowthofoursustainablefinancebusinessbyidentifyingopportunitiesforgreenlendingactivityanddevelopinginternalprocessesfortrackingandmonitoringtheseinvestments.

In2020,wesurpassedourgoaltomobilize$250billioninclientinvestmentstoalignwithsustainableobjectives,reaching$444.8billionatyear-end.BMOGAM’scomprehensiveglobalinvestorengagementprogram,describedinmoredetailbelowinthesectiononRiskManagement,includesclimatechangeasakeytopic.BMOGAM’sResponsibleEngagementOverlay(reo®)service,whichprovidesinstitutionalinvestorsaccesstoBMOGAM’sengagementandvotingexpertise,experiencedsignificantgrowthin2020,withassetsunderadvicereaching$433.9billionasatSeptember30,2020.

BMOGAMisafoundingsignatorytotheUNPrinciplesforResponsibleInvestment,sotheidentificationoffinanciallymaterialEnvironmental,SocialandGovernance(ESG)issuesisanintegralpartofitsinvestmentprocesses.BMOGAMappliesanapproachtoESGintegrationthatistailoredbyinvestmentstrategyandassetclasstoensurethattheadditionalanalysisisrelevantandmeaningfultoeachinvestmentprocess.BMOGAMalsooffersspecificESGstrategies,forwhichESGconsiderationsareaformalpartoftheinvestmentmandate.Assetsundermanagementinthesefundstotalled$9.1billionasatSeptember30,2020.Manyofthefundsofferinvestorstheopportunitytodirectcapitaltowardclimatechangesolutionsorlower-carbonassets.These


2020 Annual Report to Shareholders: https://www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars

offeringsincludetheClimateOpportunityPartnersprivateequityfund,whichisentirelyinvestedinsolutionsproviders;greenbondinvestmentmandates;andagroupofResponsibleFunds.

BMO’sSustainableFinanceteamalsoexperiencedsignificantgrowthin2020,achieving71%ofourgoaltomobilize$150billionincapitaltocompaniespursuingsustainableoutcomes.43%ofthe$106.9billionincapitalprovidedsincethebeginningoffiscal2019includedtransactionsthatenablethetransitiontoalower-carboneconomy.Forexample,BMOwasthesustainabilitystructuringagentandsolebookrunnerprovidingMapleLeafFoodswiththefirstsustainability-linkedloaninCanada.This$2billioncreditfacilityallowsforaninterestratemarginreductionifMapleLeafFoodsachievespredeterminedsustainabilitytargetsrelatedtoelectricityuse,wateruse,solidwasteandcarbonneutrality.Wewerealsothesustainabilitystructuringagentandleadarrangeronasustainability-linkedreserve-basedlendingfacilityforanorthernEurope-basedexplorationandproductionborrower.ThisfacilitywasmorethanUS$3billionandincludedenvironmentaltargetsthat,ifmet,wouldallowforaninterestratemarginreductiononthedrawnspread.BMOCapitalMarketsalsounderwrote$42.7billionofsustainablebondsinfiscal2020,whichincludedseveralgreenbonds,withproceedsusedtosupportrenewableenergyandenergyefficiencyprojects,greenbuildings,pollutionprevention,andmore.

Climate-Related Risks and Strategy

Werecognizethatclimatechangeposespotentialriskstoourorganization,ourcustomersandthecommunitieswhereweoperate.Climate-relatedriskscanbecategorizedasphysicalrisksassociatedwiththeeffectsofachangingclimate,andtransitionrisksassociatedwiththeshifttoanetzerocarboneconomy.

BMO’sRiskManagementFramework(RMF)guidesourrisk-takingactivitiesinordertoalignthemwithourriskappetite,clientneeds,shareholderexpectationsandregulatoryrequirements.TheRMFprovidesforthedirectmanagementofeachindividualrisktype,aswellasthemanagementofrisksonanintegratedbasis.TheRMFisoverseenbytheCRO.Itguidesandisanchoredinthethree-lines-of-defenceapproachtomanagingrisk,asdescribedintheEnterprise-WideRiskManagementsectionofour2020AnnualReporttoShareholders.Ourapproachtoevaluatingriskexposuresincludesclimate-relatedtransitionrisksandphysicalrisks.

IDENTIFYING AND ASSESSING CLIMATE-RELATED RISKSIn2020,weincorporatedspecificclimateconsiderationsaspartofourenhancedenvironmentalandsocialriskframework.Climate-relatedriskhasbeenidentifiedasamaterialriskandisincludedinourenterprise-widerisktaxonomyasasubsetofenvironmentalandsocialrisk.Wehaveestablishedprocessestomeasureandmanagethisriskandwecontinuetoanalyzethemagnitude,timehorizonandpotentialfinancialandnon-financialimpact.Forinstance,wehaveexpandedourclimatechangescenarioanalysiscapabilities,discussedonpage10,anddevelopedaqualitativeriskappetitestatementonenvironmentalandsocialrisk,includingclimatechange.

Toidentifyandassessspecificclimate-relatedrisksarisingfromourcustomerrelationships,wefollowinternalguidelinesthatoutlinethescopeofenvironmentalandsocialrisk,andestablishprocedures,includingenhancedduediligence,todeterminetheextentofourexposuretoanysuchrisk.Theseincludeidentifyingandassessingourcustomers’climatechangestrategiesandcarbonmitigationplans,aswellasthequalityoftheirclimatechangedisclosuresandtheirreadinesstorespondtoclimate-relatedregulatorychangesorreputationrisk.Wearealsoimplementinganenhancedenvironmentalandsocialriskpolicyframeworkinordertoimproveourgovernanceandmanagementofclimate-relatedrisks.

Tokeepinformedofevolvingpracticesrelatedtoclimate-relatedrisk,BMOconductsindependentresearch,participatesinglobalforumswithourpeers,maintainsanopendialoguewithourinternalandexternalstakeholders,andmonitorsregulatorydevelopments,bestpracticesandinitiativesfromnon-regulatoryinternationalbodies.

BMOhasbeenasignatorytotheEquatorPrinciplessince2005andappliesitscreditriskmanagementframeworktoidentify,assessandmanagetheenvironmentalandsocialriskoftransactionswithinitsscope.AsamemberoftheEquatorPrinciplesSteeringCommittee,BMOactivelycontributedtotheevolutionoftheEquatorPrinciplesandthereleaseofEP4in2019.WeareimplementingtheEP4framework,whichincludesmorestringentrequirementsrelatedtoclimatechangeforin-scopetransactionsandin2020weconductedtrainingonthenewframeworkforourCapitalMarketsteam.Wealsoapplyanenvironmentalandsocialscreeningandassessmentprocesstocategorizeandassessprojectsbasedonthemagnitudeoftheirpotentialimpactsandrisks,includingclimatechange.

Goingforward,BMO’sevolvingclimatechangescenarioanalysisworkwillinformourprocessforclimate-relatedriskassessment.

https://www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars

https://www.bmo.com/home/about/banking/investor-relations/annual-reports-proxy-circulars


MANAGING CLIMATE-RELATED RISKSWerecognizethatbothphysicalandtransitionriskscouldheightenotherkeyriskexposuresthatBMOfaces.TheSustainabilityOfficeworkswiththelinesofbusiness,RiskManagement,andothers,todevelop,coordinateandmaintainanenterprise-widestrategythataddressesourenvironmentalandsocialresponsibilities.Tomanageanyrelatedbusinessrisks,weworkwiththesebusinesspartners,aswellasexternalstakeholders,tobetterunderstandtheimpactsofouroperationsandfinancingdecisions.

Credit and Counterparty RiskClimate-relatedriskscouldaffectourexposuretocreditandcounterpartyriskbyimpactingourcustomers’revenues,costs,oraccesstocapitalsuchthattheymaybecomeunabletomeettheirfinancialcommitmentstoBMO.Borrowersmayfacelossesorincreasesintheiroperatingcostsasaresultofacuteorchronicchangesinclimateconditionsand/orclimate-relatedpolicies,suchascarbonemissionspricing.Revenuesmaybeaffectedbynewandemergingtechnologies,whichcoulddisrupttheexistingeconomicsystemanddisplacedemandforcertaincommodities,productsandservices.

1Carbon-relatedassetsaremeasuredasthevalueofnetloansandacceptancesconnectedtotheenergyandutilitiessectors,excludingwaterutilities,independentpowerproducers,electricitytransmissionanddistributioncompanies,renewableelectricityproducersandnuclearelectricityproducers.TheamountisreportedasatOctober31,2020,andisexpressedasapercentageoftotalloansandacceptances,netofallowanceforcreditlossesonimpairedloans.

2Powergenerationisasubsetofutilitiesthatexcludeswaterutilities,independentpowerproducers,andelectricitytransmissionanddistributioncompanies.Theshareoflow-carbonenergygenerationiscalculatedonaclient-by-clientbasisusingthemostrecentlypubliclyavailableinformationonenergysources.

Wehaveimplementedfinancingguidelinestoaddressenvironmentalrisks,andweapplyenhancedduediligencetotransactionswithcustomersoperatinginhigherrisksectors.OurEnvironmentalandSocialRiskFinancingGuidelineincludesdirectiononhowtodevelopanunderstandingofspecificclimatechangeimpactsontheborroweranditsoperations,includingregulatoryand/orlegislativechanges.Thisincludeseffortstodevelopanunderstandingofborrowers’climatechangeadaptationandmitigationstrategies.

Toavoidoverexposuretoanyonesectororgeographicregionthatmightbeimpactedbyclimate-relatedrisks,BMOmaintainsadiverselendingportfolio.Wehaveconductedasector-specificanalysisacrossourlendingportfoliotoassessourexposuretoclimate-sensitiveindustries.In2020,ourlendinginsupportofcarbon-relatedassetswasapproximately$13.7billionandrepresented3.0%ofourtotallendingportfolio1.Inourpowergenerationportfolio,approximately58%oflendingwastolow-carbonenergygenerationassets2.Theresultsoftheseanalyses,shownbelow,willinformthedevelopmentofourclimateriskprogramgoingforward,includingourprioritizationofsectorsinwhichtopilotscenarioanalysismethodologies.

Lending to Carbon-Related Assets

BMO’s total lending

$461billion1

1 Total loans and acceptances, net of allowance for credit losses on impaired loans.

3.0%

3.0%ofBMO’stotalloanportfolioistiedtocarbon-relatedassets

BMO’s Lending to Power Generation, as at October 31, 2020

Category %

Low-carbonenergygeneration 58%

Fossil-fuelbasedenergygeneration 31%

Other(unclassified) 11%

Sensitivity to Climate Risk of BMO Lending Exposures, as at October 31, 2020

Primarily physical risks Primarily transition risks Both physical and transition risks

No significant physical or transition risks identified

Industry % of Net Loans

and Acceptances

Residentialmortgages 27.5%

Consumerinstalmentandotherpersonalloans 15.2%

Serviceindustries 10.4%

Financial 9.8%

Commercialrealestate 8.7%

Manufacturing 5.7%

Retailtrade 4.4%

Wholesaletrade 3.4%

Agriculture 2.9%

Transportation 2.8%

Oilandgas 2.7%

Creditcards 1.7%

Utilities 1.1%

Construction(non-realestate) 1.0%

Financingproducts 0.9%

Mining 0.5%

Government 0.5%

Other 0.4%

Forestproducts 0.2%

Communications 0.2%

31%

11%58%


Environmental Policy: corporate-responsibility.bmo.com/our-practices/environmental-stewardship/environmental-policy-and-approach/

Website: https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/

BMOisawareofindustryinitiativestodevelopadditionalmeasuresofportfolioclimate-relatedimpacts,includingemissionsassociatedwithlendingandunderwritingactivities,orfinancedemissions.Atthetimethisreportwaspublished,nogloballyacceptedmethodologyformeasuringfinancedemissionshadbeenestablished.Thetopicisasubjectofinternalresearchandevaluation,andin2020,webegantoimplementleadingmethodologiestoestimatetheGHGemissionsassociatedwithourlendingactivity.Wecalculatedtheweightedaveragecarbonintensityofourlendingactivityasafirststeptobetterunderstandingourfinancedemissionsandourexposuretocarbon-intensivecompanies.

Wewillcontinuetoassessthecredibility,reliability,comparabilityanddecisionusefulnessofapproachestoquantifyingScope3emissionssuchasthoseproposedbythePartnershipforCarbonAccountingFinancials(PCAF)andtheScience-BasedTargetsinitiative(SBTi),andhowtheycouldbeincorporatedintoourclimateriskmanagementprocessesanddisclosures.

Operational RiskBMOiscommittedtoreducingtheenvironmentalimpactofouroperationalactivitiesbymanagingouruseofenergy,transportationandwater,aswellasourmaterialconsumption,wasteandemissions.Ourexposuretooperationalrisksrelatedtoouruseofresourcescouldbeheightenedbyclimate-relatedphysicalandtransitionrisks.Forexample,changesinclimatepatternsandclimate-relatedpoliciesmayresultinincreasesintheoperatingandcapitalcostsassociatedwiththeenergyandequipmentusedtoheat,coolandpowerourfacilities.

BMO’sSustainabilityOfficeworkswithCorporateRealEstatetoassesstheserisks.WemaintainanoperationalenvironmentalmanagementsystemthatisalignedwiththeprinciplesofISO14001andwearecommittedtocontinuouslyimprovingourenvironmentalmanagementsystem,includingbysettingobjectivesandtargetsthatalignBMO’soperationswithitsEnvironmentalPolicy,andreportingonourprogress.In2020,wedevelopedsustainable

designandconstructionguidelinesthatincludeenergyintensityperformancespecificationsforofficeandretailconstructionandrenovationprojects.TheseguidelinesreflectindustrybestpracticesdevelopedbytheU.S.andCanadaGreenBuildingCouncils,theInternationalWELLBuildingInstituteandotherorganizations.ByimplementingelementsoftheLeadershipinEnergyandEnvironmentalDesign(LEED)andWELLstandards,weincreasetheenergyefficiencyofourbuildings.WemaintainISO14001certificationattwoofficebuildingsinCanadaandtwointheUnitedKingdom,andwehaveachievedLeadershipinEnergyandEnvironmentalDesign(LEED)certificationatninelocationsglobally.

Wealsomonitortheregulatorylandscapefornewfuelorenergytaxesandcarbonpricingregulationsonanongoingbasisthroughourinternalriskmanagementgroup,feedbackfromourthird-partyfacilitiesmanagementserviceprovidersandparticipationinindustryassociations.

Facility Certification

BMOexecutiveoffices–FirstCanadianPlace,Toronto,ON LEEDGold–ExistingBuildingsOperationandMaintenance

BMObranch–9630MacleodTrailSE,Calgary,AB LEEDSilver–NewConstruction

BMObranch–5111NewStreet,Burlington,ON LEEDCertified–CoreandShell

BMObranch–1454MerivaleRoad,Ottawa,ON LEEDSilver–NewConstruction

BMObranch–105ClairRoadE,Guelph,ON LEEDSilver–NewConstruction

BMObranch–631–645CommissionersRoadE,London,ON LEEDSilver–NewConstruction

BMOcustomercontactfacility–Mississauga,ON LEEDGold–CoreandShell

BMOHarrisbranch–12920SRoute47,Huntley,IL LEEDSilver–NewConstruction

BMOHarrisbranch–15450WNationalAvenue,NewBerlin,WI LEEDSilver–NewConstruction

BMOfirstachievedcarbonneutralstatusinouroperationsin2010andwehavecontinuedtomaintaincarbonneutralityeachyear.Ourcarbonneutralstrategyisbasedonathree-prongedapproachthatincludespromotingenergyefficiencyandlimitingemissions,purchasingelectricityfromrenewablesourcesandpurchasinghigh-qualitycarbonoffsets1.In2020,wesetandmetagoaltomatch100%ofourglobalelectricityusagewithelectricityprocuredfromrenewablesources,includinginvestinginrenewableenergycertificatesthatwillenablethegenerationofapproximately400,000MWhofrenewableelectricityeachyear.Thishelpstocleantheelectricalgridswhereweoperatewhileinvestingintherenewableenergymarketandcreatingdemandtostimulateitsgrowth.

WetrackandanalyzeourScope1and2GHGemissionsandourScope3GHGemissionsassociatedwithwastegeneration,businesstravelandpurchasedgoodsandservices.BMOhassetandachievedthreesuccessivemulti-yearenterprise-wideemissionreductiontargetssince2008.Ourcurrenttargetistoachievea15%reductioninabsoluteGHGemissionsbytheendoffiscal2021relativetoourfiscal2016baseline.Wearemakingprogresstowardthistargetbyinvestinginenergy-savinginitiativessuchaslightingretrofits,heatingandcoolinginfrastructureupgrades,andbuildingenvelopeimprovements.Attheendoffiscal2019,wehadachievedareductionof8.7%relativetoourfiscal2016baseline,demonstratinggoodprogresstowardachievingourtarget.Weareinvestigatingsettingfurtherscience-basedemissionreductiontargetsinthefuture.

1InformationonBMO’scarbonneutralstrategyisavailableonourwebsite.

http://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/environmental-policy-and-approach/

https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/


Scope1

Scope3

Scope2

Scope1+2GHGIntensity

BMO’s Greenhouse Gas Emissions Performance

Physicalrisksfromenvironmentalevents,suchasdroughts,floods,wildfires,earthquakes,andhurricanesandotherstormscouldalsopotentiallydisruptouroperations,impactourcustomersorcounterparties,andresultinlowerearningsandhigherlosses.Ourbusinesscontinuitymanagementpreparationsprovideuswiththecapabilitytorestore,maintainandmanagecriticaloperationsandprocessesintheeventofabusinessdisruption.

Changingclimatepatternsandclimate-relatedpoliciesmayalsoaffecttheoperatingandcapitalcostsofoursuppliers.Suppliersmaychoosetopassthesecostsontotheircustomers,whichcouldresultinhigherpurchasingcostsforBMO.ConsistentwithourSupplierCodeofConduct,BMOisdevelopingaSustainableProcurementprogramthatconsiderscurrentandfuturesuppliers’sustainabilityperformanceandriskmanagement,includingrisksrelatedtoclimatechange.In2020,weconductedananalysistoestimatetheGHGemissionsembeddedinoursupplychain,identifiedasScope3category1emissionsfrompurchasedgoodsandservicesintheGHGProtocol.Thisinformationenabledustosetabaselineandidentifycarbonhotspotsinoursupplychain,andwillalsoinformthedevelopmentofoursustainableprocurementprogram.WealsojoinedCDPSupplyChaintohelpusbetterunderstandtheenvironmentalimpactofourprocurementactivitiesandtoprovideaplatformforengagingwithstrategicsuppliersonclimate-relatedrisksandopportunities.

In2020,inlinewithourgoaltodivertwastefromlandfillandworktowardasustainableeconomy,wepartneredwiththeRecyclingCouncilofOntariotodevelopanenterprise-widestrategytoeliminateplasticwasteinouroperations.

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Risks to BMO’s Investment ActivityWithinourassetmanagementbusiness,BMOGAMintegratesconsiderationsofclimate-relatedriskintoinvestmentprocessesbyspecificassetclass.Examplesinclude:

Asset Class Risk Management Activities

EquitiesandFixedIncome BMO’sESGportfolioanalyticstoolshelpfundmanagersflagcompaniesashighlyexposedtoclimateriskbasedontheiremissionsperformancerelativetotheirsectoraverage.FundmanagersworkwiththeResponsibleInvestingteamtounderstandthedriversofemissionsperformanceandthestrategiesthatcompaniesaretakingtomitigatethisrisk.

Wearealsoassessingphysicalrisksforinvesteecompaniesincertainsectors.Forexample,BMOGAMhasengagedcompaniesinthefoodandbeverageindustryonwaterriskmanagement.

GreenBonds BMOGAMoverseesgreenbondmandatesforindividualinstitutionalclients,andalsoinvestsingreenbondsunderourResponsibleSterlingandEuroBondstrategies.Wehaveacomprehensivein-houseassessmentprocesstoscreenbondsandensuretheymeetourstandards.

SovereignDebt BMOGAM’scountry-levelESGtoolincludesdataonenvironmentalrisks,includingindicatorsdrawnfromYaleUniversity’sEnvironmentalPerformanceIndex.

Property BMORealEstatePartnershasaResponsiblePropertyInvestmentstrategythatconsidersenvironmentalissuesinrelationtobothexistingassetsandassetsattheduediligencestage,andincludesanassessmentofhowenergyefficiencyisfactoredintopropertymanagementandrefurbishment.

BMOGAMhasacomprehensiveglobalinvestorengagementprogramthatdatesbacknearly20years.Climatechangeisoneofthecoreprioritiesofthisengagement,andtheResponsibleInvestmentteamhasfivememberswhoareworkingonclimatechangeengagement,aswellasawatermanagementexpert.In2020,weengagedwithapproximately60companiesonthetopicofclimatechange.

OurESGViewpoint,Climatechangeengagement:aframeworkforthefuture,outlinesourexpectationsofinvesteecompanies,whicharealignedwiththoseoftheTCFD.

AtBMOGAM,weengagebothone-on-oneandthroughtheClimateAction100+initiative,throughwhichweleadonengagementwithsixcompaniesandcollaborateonengagementwithseveralmore.OurengagementalsoinvolvessectorsbeyondthemandateofClimateAction100+.

Climate change engagement: a framework for the future: https://www.bmogam.com/gb-en/institutional/news-and-insights/climate-change-engagement-a-framework-for-the-future/

https://www.bmogam.com/gb-en/institutional/news-and-insights/climate-change-engagement-a-framework-for-the-future/

https://www.bmogam.com/gb-en/institutional/news-and-insights/climate-change-engagement-a-framework-for-the-future/


SCENARIO ANALYSIS ON BMO’s LENDINGBMOhasundertakenclimatechangescenarioanalysistoexploreclimatevulnerabilitiesinordertoenhanceourresiliencetoclimate-relatedrisks.In2020,wecontinuedtoexpandourscenarioanalysiswork,evaluatingbothphysicalandtransitionrisksforaselectionofclimate-sensitivelendingportfolios.

Our2020scenarioanalysisactivitiesbuildonapilotconductedin2019thatfocusedonupstreamoilandgascounterparties.Weareimprovingourcapabilitiestoconductclimatechangescenarioanalysisenterprise-wideanddevelopinganapproachtoclimateriskstress-testingthatisconsistentwithourbroaderriskmanagementapproachandthatcanbereplicatedforothersectorsinourportfolio.In2020,wetestedthisapproachonourcommercialrealestateandagricultureportfolios.Thesewereselectedfortheircontributiontoouroveralllendingactivity($40.0billionand$13.5billion,respectively,jointlyamountingto11.6%ofourtotallendingportfolioin2020).Weevaluatedthepotentialimpactofbothphysicalandtransitionrisksunderarangeofscenarios,asshowninthetablebelow.WealsocontinuetodevelopourapproachtoscenarioanalysisonourLondonportfolioinlinewithourimplementationplanforthePRASupervisoryStatementonEnhancingBanks’andInsurers’ApproachestoManagingtheFinancialRisksfromClimateChange,beginningwiththeoilandgasandmetalsandminingsectors.TheresultswillbesharedwiththebusinessandwithleadersinRisksotheycanfactorpotentialclimateriskconsiderationsintotheirdecisions.

BMO’s 2020 Scenario Analysis Pilots

Commercial Real Estate Pilot Agriculture Pilot Metals and Mining Pilot

Lending portfolio Commercial Real Estate Agriculture Metals and Mining

Transitionrisksassessed PolicyriskfromcarbonpricingresultinginhighercostofoilandGDPdeclineinselectedeconomies

Policyriskfromcarbonpricingresultinginhigherenergyprices

Regulatoryriskresultinginmorestringentenergyefficiencyrequirements

Policyriskfromcarbonpricingresultinginhigherinputcostsandconsumerprices

Marketriskfromshiftsinconsumers’dietarypreferencestolower-carbonproducts

Marketriskfromshiftsawayfromfossilfuels

Theimpactofpolicies,suchascarbonpricingresultinginhigherenergyprices,onthecostofoperations

Physicalrisksassessed AcuteriskfromfloodingduetoEastcoaststormsurge,RockyMountainsnowmeltandmassiverainfalleventsinOntarioandQuebec

Chronicriskfromincreasedaveragetemperatureandprecipitation

Acuteriskfromincreasedvolatilityofweatherpatterns

Notassessed

Climatescenariosassessed BMOevaluatedthreereferencescenarios,consistentwithemergingglobalregulatorypracticesincludingthoseusedbytheNetworkofCentralBanksandSupervisorsforGreeningtheFinancialSystem(NGFS)

Orderlytransition(2°C,RCP8.5)–climatepoliciesintroducedearlyandbecomegraduallymorestringent;netzerocarbonemissionsachievedbefore2070;67%changeoflimitingglobalwarmingto2°C

Disorderlytransition(2°C,RCP8.5)–climatepoliciesintroducedbeginningin2030;sharperemissionreductionsneededtoreachnetzerocarbonemissionsby2070

Hothouseworld(3°C+,RCP8.5)–currentlyimplementedpoliciesarepreserved;emissionsgrowuntil2080leadingtoglobalwarmingof3°Cormore;irreversibleclimaticchangesoccur

BMOappliedtheREMIND(RegionalModelofInvestmentandDevelopment)coupledwiththeMAgPIE(ModelofAgricultureProductionandItsImpactsontheEnvironment)integratedassessmentmodellingframework.TheBankevaluatedtwoimmediateactiontransitionscenarios:

Immediate2°C–collectiveactionistakennowtoreduceemissionstowardsa2°Ctarget

Immediate1.5°C–immediateactionistakennowtoreduceemissionstowardsa1.5°Ctarget

Timehorizon Short-term–immediate

Medium-term–2030

Long-term–2040+

Climateriskmetrics Potentialimpactoncreditlosses

Weplantoconsolidatelearningsfromthesepilotstoexpandsuchanalysistoothersectorsandrisktypesinordertoidentifypotentialmaterialfinancialrisksandtoinformourbusinessstrategyrelatedtoclimatechange.TheresultsofthescenarioanalysispilotsareprovidedtotheSustainabilityCouncil–educatingourleadersaboutpotentialclimateoutcomesenablesthemtoincorporatetheseinsightsintotheirdecision-making,improvingtheresilienceofourlong-termstrategicplans.

In 2020, BMO’s Artificial Intelligence team conducted geospatial modelling to create a rainfall flood risk map for a selection of our residential real estate assets. This enabled us to assess the vulnerability of our mortgage portfolio to property damage and to quantify the potential adverse economic consequences of flooding.


BMOalsoactivelyparticipatedinPhase2oftheUnitedNationsEnvironmentProgramme–FinanceInitiative(UNEPFI)climate-relatedscenarioanalysispilot.Throughthisworkweadvancedmethodologiesandinnovativeapproachestoidentifyingandmanagingclimate-relatedrisksintherealestate,agricultureandmetalsandminingsectors.

Scenario Analysis on BMO’s Investment ActivityBMOGAMhasalsobeenexaminingscenarioanalysisfromtheperspectiveofanassetmanager.In2020,BMOGAMdevelopedtoolsforanalysisandclientreportingonscenarioanalysis.BMOGAM’sRiskteamdevelopedastresstestingtoolbasedonscenariosdevelopedbytheDutchNationalBank.

BMOGAMalsocontributedtotheParisAlignmentInvestmentInitiative,runbytheInstitutionalInvestorsGrouponClimateChange,includingco-chairingtheworkinggrouponstrategicassetallocation.TheInitiativepublishedareportforconsultationinAugust2020thatsetoutspecificcriteriainvestorscouldusetoaligntheirinvestmentportfolioswithaglobalgoalofnetzerocarbonemissionsby2050,consistentwithlimitingtheglobaltemperatureriseto1.5degreesC.

Convening and Catalyzing

BMOiscommittedtobeingaconvenorandcatalystinmobilizingactionthatcaneffectivelyaddressthechallengesposedbyclimatechange.Weactivelyparticipateinthefollowinginitiatives,workinggroupsandmulti-stakeholderpartnerships.Thesecollaborationssupportthedevelopmentofclimatechangeknowledgeandexpertise,includingabetterunderstandingoftherisksandopportunitiesrelatedtoclimatechangeandthetransitiontoanetzerocarboneconomy.

Initiative Key Area of Focus

EquatorPrinciples BMOhasbeenasignatorytotheEquatorPrinciplessince2005.WerepresentNorthAmericaontheEquatorPrinciplesSteeringCommitteeandwereactivelyinvolvedintheEP4update,whichincludedclimatechangeandriskmanagementinitsscope.

InstitutionalInvestorsGrouponClimateChange

BMOGAMisamemberofthiscollaborativeplatform,whichencouragestheadoptionofpublicpolicies,investmentpracticesandcorporatebehaviourthataddressthelong-termrisksandopportunitiesassociatedwithclimatechange.ItparticipatedintheParisAlignedInvestmentInitiative,whichpublishedareportoutlininghowinvestmentportfolioscanalignwiththeParisAgreement.

ClimateAction100+ BMOGAMwasafoundingmemberofthisUS$40trillionglobalinvestorengagementcollaboration,whichisworkingtoensurethattheworld’slargestcorporategreenhousegasemitterstakenecessaryactiononclimatechange.

TransitionPathwayInitiative BMOGAMsupportstheTransitionPathwayInitiative,whichassessescompanies’preparednessforthetransitiontoalower-carboneconomy.

InvestorStatementonJustTransition BMOGAMsupportsthe2019StatementofInvestorCommitmenttoSupportaJustTransitiononClimateChange,whichcommitsinvestorstoconsideringthesocialaspectsofthetransitiontoalower-carboneconomy.

UNEPFITCFDPilotProjectforBanks–Phase2

BMOparticipatedinPhase2oftheUNEPFITCFDBankingPilottoenhanceourTCFDimplementation.Thepilotbroadenedandexpandedthegroupofparticipatingbanksandexternalpartners,enhancedtheexistingTCFDtoolkit(includingscenarios,dataandmethodology,reportingandgovernance),andestablishedUNEPFI’sleadershippositionasanessentialplatformforadviceanddialogue.

CanadianBankersAssociation–TCFDWorkingGroup

BMOisparticipatinginaforumfortheindustrytodevelop,shareanddisseminatebestpracticesonclimate-relateddisclosuresthatalignwiththerecommendationsoftheTCFD.

ISOTechnicalCommittee207onStandardizationintheFieldofEnvironmentalManagement

AmemberofBMO’sSustainabilityOfficeistheheadoftheCanadiandelegation,andsubjectmatterexpertandinternationalnegotiatorfortheharmonizedStandardsCouncilofCanadaMirrorCommitteestoISO’sTechnicalCommittee207–EnvironmentalManagementandISO’sTechnicalCommittee207/Sub-Committee1onEnvironmentalManagementSystems.Thisworkisfocusedoncreatingtoolstohelporganizationsofanysizebuildrobust,credibleandreliableenvironmentalmanagementsystemstoimprovetheirenvironmentalperformance.

ISOTechnicalCommittee322onStandardizationintheFieldofSustainableFinance

AmemberofBMO’sSustainableFinanceTeamistheChairofCanada’sMirrorCommitteetoISO’sTechnicalCommittee322onStandardizationintheFieldofSustainableFinance.Itsworkwillpromotetheintegrationofenvironmental,socialandgovernancepracticesinfinancingactivities.

CanadianStandardsAssociation–TechnicalCommitteeonTransitionandSustainableFinance

BMOisparticipatinginaCanadianTechnicalCommitteetodevelopanationalstandardofCanadafortransitionandsustainablefinance.ThefirstdraftoftheTransitionandSustainableFinanceTaxonomyisexpectedtobereleasedbyFebruary2021.


Metrics and Targets

Inassessingourapproachtoclimate-relatedrisksandopportunities,BMOtracksthefollowingmetrics.Wealsotrackoursustainablefinanceactivityandhaveprovided$45.7billionincapitaltocompaniespursuingobjectivesrelatedtoclimateandtheenvironmentsince2019.

Climate-Related Metrics and Targets

Metric UnitofMeasure 2020 2019 2018 2017 2016

Managingclimate-relatedrisks

Lendingtocarbon-relatedassets %oftotalassets 3.0 3.3 N/A N/A N/A

Operationalefficiency1 Target Progress

GHGemissionsfromfuel(Scope1) tonnesCO2e TBD2 45,672 42,883 38,065 37,837

GHGemissionsfromelectricityandsteam(Scope2) tonnesCO2e TBD2 90,457 99,062 103,350 115,334

GHGemissionsfromwastegeneratedinoperations(Scope3category5)3 tonnesCO2e TBD2 530 1,227 1,167 1,401

GHGemissionsfrombusinesstravel(Scope3category6)4 tonnesCO2e TBD2 24,655 20,164 20,667 20,696

Total GHG emissions tonnesCO2e TBD2 161,314 163,336 163,249 175,268 15%reductionby2021vs.2016 Ontrack–8.7%reductionsince2016

Carboncreditsretired tonnesCO2e TBD2 71,401 74,180 67,775 115,715

GHGreductionsfromRECs tonnesCO2e TBD2 89,913 89,156 95,474 59,553

Net GHG emissions tonnesCO2e TBD2 0 0 0 0 Carbonneutralinoperations Achieved

Additionally,aspartofBMOGAM’sESGintegrationapproach,wemonitortheportfolio-weightedcarbonintensityoftheportfolioswithinourkeyfundamentalequityandfixedincomestrategies.WehavepublishedthisdataforourspecialistESGstrategies,includingourResponsibleandSustainableFundsandSDGEngagementFund.

1AdditionalinformationonBMO’soperationalefficiencyperformance,includingenergy,waterandwastedata,canbefoundonourwebsiteat:EnvironmentalPerformance.

2AvailableonlineinJune2021at:EnvironmentalPerformance.

3Scope3category5emissionsincludeindirectGHGemissionsfromBMO’ssolidwastesenttomunicipallandfills(NorthAmericaonly).

4Scope3category6emissionsincludeindirectGHGemissionsfromemployeebusinesstravelinnon-companyownedassets.

Website: https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/

Environmental Performance: https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/

100%

renewable electricity achieved in 2020

https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/

https://corporate-responsibility.bmo.com/our-practices/environmental-stewardship/enviro-targets-performances/

Documents

BMO Financial Group 2020 Climate Report