The bank's climate ambition builds on a previous commitment to mobilize $300 billion (CAD) in sustainable lending and underwriting to companies pursuing sustainable outcomes by 2025. Carbon neutral in its own operations since 2010, BMO announced its Climate Ambition, to be its clients' lead partner in the transition to a net-zero world, in March 2021 alongside the launch of the BMO Climate Institute. BMO's participation in this working group builds on its engagement with the Taskforce on Nature-related Financial Disclosure as a Forum participant, and collaboration with the Partnership for Biodiversity Accounting Financials– both leading frameworks for biodiversity and nature-related impact measurement in the financial sector.Īs part of its Purpose, to Boldly Grow the Good in business and life, BMO is driving progress toward a more sustainable future. Updated guidance from the working group will allow PRB signatories interested in tackling the loss of biodiversity and nature to apply a holistic and systematic approach to set and achieve biodiversity targets. Leveraging existing climate mitigation and net-zero targets towards addressing biodiversity loss.Providing guidance for integrating the rights of Indigenous peoples and local communities in biodiversity targets.Recommending measures to enable nature-friendly businesses.Analyzing resources needed to close the biodiversity financing gap.Developing a Theory of Change for nature that considers the relationship between banking activities and the natural world.Providing guidance to banks on setting targets to align their portfolio with the goals of the GBF.Ensuring alignment with existing finance approaches.The working group will work to build a new path for the banking sector to take urgent action on nature, including: Banks have a critical role to play in supporting the goals set out in the Global Biodiversity Framework (GBF) and driving progress toward closing the biodiversity financing gap." "Biodiversity, alongside climate action, is core to environmental sustainability. "As members of the United Nations Environment Program since 2010 and a signatory to the Principles for Responsible Banking since 2021, we are pleased to be part of the working group tasked with providing guidance to global banks for setting biodiversity and nature targets," said Michael Torrance, Chief Sustainability Officer, BMO. The working group consists of 34 bank signatories to the UN PRB. TORONTO, /PRNewswire/ - BMO (TSX: BMO) (NYSE: BMO) today announced it has been selected to join the newly formed UN Principles for Responsible Banking (PRB) Nature Target Setting Working Group to innovate nature target-setting for banks. BMO named as the only Canadian bank participating in pioneering global working group composed of 34 banks from 24 countries.Part of UN Principles for Responsible Banking, Nature Target Setting Working Group to align targets with Kunming-Montreal Global Biodiversity Framework which aims to reverse nature loss by 2030.
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