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BMO Financial to join Breakthrough Energy to advance sustainability

BMO Financial

BMO Financial Group, the Canadian-based financial services provider, announced this Monday its plans to join the Bill Gates-founded sustainability platform Breakthrough Energy. It will be the first Canadian company to partner with Breakthrough.

Firstly, BMO intends to commit $50 million over five years and provide extensive project finance capabilities and energy transition expertise. The intention of BMO is to support climate innovation; including direct air capture, clean hydrogen, long-duration energy storage, and sustainable aviation fuel.

Moreover, along with the other Breakthrough Energy partners; BMO will support the commercialization and scalation of the most promising climate technologies. To do so, BMO will invest $50 million over five years, as outlined above.

In addition, joining the sustainability platform is relevant for BMO as it has been carbon neutral in its own operations since 2010. In March 2021, it announced its Climate Ambition; a goal to deploy $300 billion in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025.

Furthermore, BMO has the focus of being its client’s lead partner in their transition to a net-zero future. In fact, since December 2019, has completed green and sustainability-linked loans for companies in a range of sectors; with targets including sustainability, diversity, and health and safety.

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BMO Financial strengthening its capabilities on sustainability

Darryl White, the CEO, said about the matter. “We’re excited by the opportunity to be the first Canadian company to join Breakthrough Energy Catalyst; whose mandate strongly aligns with BMO’s Purpose to Boldly Grow the Good in business and life and our commitment to mobilizing capital for a sustainable future.”

He also remarked. “We look forward to applying our extensive project finance and energy transition expertise to the acceleration of climate innovation critical to helping the economy, and our clients, make progress in the transition to a net-zero world.”

On the other hand, Jonathan Hackett, Head of Sustainable Finance and Co-Head, Energy Transition Group at BMO, added. “Getting to net-zero is going to take a global effort to find and support innovative climate technologies, which can be expensive to adapt and scale.”

Finally, he remarked. “BMO is particularly suited to this challenge given our ongoing investments, via the BMO Impact Investment Fund, in companies that are providing sustainability solutions, as well as the experience we have, through the Energy Transition Group, in transitioning clients through sustainable finance solutions.”

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