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.
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:
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.
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.