Our Impact

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As part of our Climate Ambition, we are working to minimize the environmental impact of our business operations by managing the sustainability impacts of our buildings and advancing our operational decarbonization strategy.

As part of our Climate Ambition, we are working to minimize the environmental impact of our business operations by managing the sustainability impacts of our buildings and advancing our operational decarbonization strategy.

Operational sustainability

Reducing the environmental impact of our operations

As one of Canada’s largest banks, we’re committed to minimizing the impact of our operations on the environment and demonstrating leadership by integrating environmental considerations into our business practices. We continue to find new, innovative ways to reduce our environmental footprint through both enterprise-wide and employee-led initiatives.

Our strategy

BMO’s operational efficiency program is driven by the following three strategies:

  1. Reduce operational GHG emissions from energy use in our buildings and business travel
  2. Neutralize Scope 2 emissions from electricity with renewable energy certificates (RECs)
  3. Purchase voluntary carbon offsets equivalent to remaining emissions

Our work continues

Our Corporate Real Estate team implements its Global Energy Management Playbook with the aim of reducing energy use and emissions. We focus on operational efficiency improvements and capital building upgrades that lead to decarbonization.

Since 2008, we have set and met four multi-year enterprise-wide GHG emission reduction targets for our Scope 1 and 2 emissions. In the period from 2020 to 2023, reductions relative to our 2019 baseline either met or came close to our target to reduce Scope 1 and 2 emissions by 30% by 2030. We plan to re-assess our operational GHG emissions reduction target in 2025 to account for the impact of our acquisition of Bank of the West.

Further reporting on emissions

Here’s more information on how we’re measuring against our goal to reduce carbon emissions:

  • Sustainability Report Data Pack and Glossary: The indicators we use to guide us in the implementation of our operational efficiency strategy can be found in our Sustainability Report Data Pack and Glossary.
  • CDP: Formerly the Carbon Disclosure Project, CDP aims to enhance the level and quality of carbon emissions disclosure from publicly traded corporations. Read our most recent (2024) response to the CDP which represents the relevant data for our fiscal 2023 period.
  • Emissions verification statement: Read the third-party statement providing an independent verification of the completeness and accuracy of our operational greenhouse gas emissions reporting.
  • Carbon offsets project descriptions: Describes our voluntary purchases of carbon offset credits.

 

Environmental policy and approach

BMO’s environmental sustainability strategy, known as ECO5, guides how we reduce the environmental impact of our business operations.

Environmental targets and performance

Our operational activities are continually revised to achieve improved environmental performance.

Environmental community outreach

Through grassroots employee programs and partnerships with environmental organizations, we’re working to create a greener workplace and planet.

Reducing the environmental impact of our operations

As one of Canada’s largest banks, we’re committed to minimizing the impact of our operations on the environment and demonstrating leadership by integrating environmental considerations into our business practices. We continue to find new, innovative ways to reduce our environmental footprint through both enterprise-wide and employee-led initiatives.

Our strategy

BMO’s environmental sustainability strategy guides how we reduce the environmental impact of our business operations.

BMO’s carbon neutral strategy comprises a three-pronged approach:

  1. Reduce emissions from energy use in our buildings and business travel
  2. Invest in renewable energy
  3. Purchase high-quality voluntary carbon credits to close the remaining gap

This strategy also provides a framework for developing new practices, measuring success, charting our progress, promoting transparency, identifying opportunities and encouraging our clients, suppliers, peers and global partners to be innovative and find new ways to protect our collective future. Through grassroots employee programs and partnerships with environmental organizations, we are working in large and small ways to create a greener workplace and planet.

Our work continues

Achieving carbon neutrality in 2010 and matching our global electricity use with renewables in 2020 were key milestones in our journey — but that journey continues. We are focused on reducing our own energy use and associated greenhouse gas emissions with a robust energy management plan that includes both operational efficiency improvements and capital upgrades to our buildings.

BMO has set a target to reduce its operational greenhouse gas emissions 30% by 2030 compared to its 2019 baseline.

In 2020 and 2021, we saw emissions reduction that reached or came close to the 2030 target, largely attributable to COVID-19 related remote working conditions. Return to office could increase emissions relative to 2020 and 2021 in future years but we will continue to target a 30% reduction by 2030 from the 2019 baseline.