BMO Carbon Neutral Project Descriptions
Carbon Neutrality: Achieving our Goal
2022 Sustainability Report Data Pack and Glossary
Operational ECO5 summary reporting
We strive to mitigate our impact by managing our energy use, transportation, material consumption (including paper), waste generation and procurement – these are the 5 pillars of our ECO5 strategy. Our Sustainability Report Data Pack and Glossary provides a holistic view of the major indicators we use to guide us in the implementation of this strategy and to track progress toward our publicly stated targets.
Emissions reduction targets and reports
As a bank, the majority of our operational footprint is a result of emissions from the buildings we occupy, and the remainder is largely the result of business travel. Since 2008, we’ve met four separate multi-year enterprise emissions reduction targets. And we’ve built on that success with an ambitious new target established in 2019.
Emissions reduction target, established 2019
- Plan: In 2019, BMO set a new target to reduce Scope 1 and Scope 2 GHG emissions 30% by 2030 versus a 2019 baseline using science-based approaches.
- Progress: Scope 1 and Scope 2 emissions have decreased by 35% since 2019.
Note: In 2022, we saw emissions reduction that surpassed the 2030 target, due in part to the implementation of improved cooling efficiency initiatives in our data centres, and largely attributable to COVID-19 related remote working conditions. Return to office could increase emissions in future years but the overall emissions reduction target from the 2019 baseline will continue to be pursued.
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 and to track progress toward our publicly stated targets can be found in our 2022 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 2023 response to the CDP which represents the relevant data for our fiscal 2022 period.
- Emissions verification statement: Read the third-party statement providing a commercially independent verification of the completeness and accuracy of our operational greenhouse gas emissions reporting.
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