Toronto-based investment banking and financial services provider BMO Capital Markets announced today the launch of a dedicated Energy Transition Group, aimed at supporting clients exploring potential energy transition alternatives and pursuing opportunities driven by the increasing momentum of the global economy’s shift in production and consumption of energy.
The launch follows the announcement by BMO Financial Group earlier this year of its climate ambition, with the establishment of goals for emissions reduction in the company’s own operations, a net zero financing pathway, and sustainable finance targets. The climate ambition included the launch of the BMO Climate Institute, a multi-disciplinary organization aimed at understanding and managing the financial risks and opportunities related to climate change and transition for the bank and its clients, as well as a commitment to deploy $300 billion in capital to clients pursuing sustainable outcomes through green, social and sustainable lending, underwriting, advisory services, and investment by 2025.
According to BMO, the Energy Transition Group will support the firm’s various industry groups as they engage with clients on their energy transition endeavors, providing knowledge, tools and support, including research from the new Climate Institute, while also drawing on industry sector specialists from BMO’s Energy, Power Utilities & Infrastructure, Metals & Mining, Industrials, Food Consumer & Retail and Sustainable Finance groups.
The Energy Transition Group will be co-headed by Aaron Engen, Vice Chair, Investment & Corporate Banking and Jonathan Hackett, Managing Director and Head, Sustainable Finance.
Dan Barclay, CEO and Group Head, BMO Capital Markets, said:
“BMO is focused on being our clients’ lead partner in their pursuit of energy transition opportunities as they respond to regulatory and stakeholder initiatives related to a net zero future. Our Energy Transition Group will accelerate our leadership position as the global economy undergoes structural changes in how energy is produced and consumed.”