- World Benchmarking Alliance's 2022 Financial System
Benchmark assessed 400 financial institutions around the
globe
- Focus on governance, planetary boundaries and human rights
and social issues
TORONTO, Nov. 22,
2022 /PRNewswire/ - BMO has been recognized as
the world's top ranked financial institution by the World
Benchmarking Alliance's new global benchmark (WBA) for helping make
progress in support of a just and sustainable economy.
The WBA, whose mission is to advance the UN sustainable
development goals, ranks 2,000 of the world's most influential
companies on their performance against several industry benchmarks.
The 2022 Financial System Benchmark, announced at COP27, independently assesses 400 financial
institutions from around the globe in three areas: governance,
planetary boundaries and human rights and social issues.
"As a purpose-driven organization, BMO is committed to helping
to build a thriving economy and a sustainable future and eliminate
barriers to inclusion," said Michael
Torrance, Chief Sustainability Officer, BMO. "We're honoured
that the progress we are making in these areas – which includes our
climate ambition to be our clients' lead partner in the transition
to a net zero world – is being recognized. We know there is still
much work to be done, and we remain committed to our purpose to
Boldly Grow the Good in business and life."
The WBA noted BMO's strong performance across all three
measurement areas, noting it is one of the few financial
institutions that has set targets for both environmental and social
impact of its financing activities and tracks progress against
them. Additionally, BMO has many offerings and programs that are
supporting progress for a more just and sustainable economy,
including:
- Committing $5 billion over five
years to address key barriers faced by minority businesses,
communities and families in the United
States
- Supporting women business owners in Canada with a $5-billion commitment
- Acting as a joint-lead manager for the Government of
Canada's inaugural Green Bond
transaction
- Being the first financial institution in the world to implement
the Mastercard True Name feature, enabling people to use their true
first name on their personal debit and ATM cards without the
requirement of a legal name change
BMO announced its Climate Ambition in March 2021, including
the launch of the BMO Climate Institute, with a focus on being
their clients' lead partner in the transition to a net-zero world.
This goal built on a previous commitment to mobilize $300
billion in sustainable lending and underwriting to companies
pursuing sustainable outcomes by 2025. In 2021 BMO established
a dedicated Energy Transition Group, to support clients'
pursuit of opportunities driven by the increasing momentum of the
global economy's shift in production and consumption of energy.
BMO's sustainability leadership has been recognized on a number
of global rankings, including the Corporate Knights' Global 100
Most Sustainable Corporations, Dow Jones Sustainability Indices
World Index, and Ethisphere Institute's list of the World's Most
Ethical Companies.
For more information on BMO's commitment to a sustainable
future, please see the bank's Sustainability Report. To learn more
about sustainable finance at BMO click here. For BMO's climate
ambition, visit its Climate page.
For more on BMO's ranking on the Financial System Benchmark,
visit the World Benchmarking Alliance's website.
About BMO
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest bank, by
assets, in North America. With
total assets of $1.07 trillion as of
July 31, 2022, and a team of diverse
and highly engaged employees, BMO provides a broad range of
personal and commercial banking, wealth management and investment
banking products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
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SOURCE BMO Financial Group