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Environment

Image of white clouds in a blue sky

Our Priorities

  • Reduce our operational impact.
  • Maintain responsible lending practices.
  • Work with stakeholders to deepen our understanding of current environmental issues.

Our goal is to deliver economic growth while practicing environmental stewardship.

BMO is committed to playing a leadership role when it comes to climate change – an important issue for our customers, employees, shareholders and communities. We continue to work with our many stakeholders to assess the environmental implications of our actions and determine the best way to minimize their long-term effects. At the same time, we are actively integrating environmental best practices into our business practices.

BMO ECO5 Strategy

In 2008, we updated our Environmental Policy and introduced the BMO ECO5 Strategy (see table below). Each of the five areas identified in the strategy – energy consumption, transportation, material consumption, waste generation and procurement – is addressed by a corresponding program that will be managed, documented and periodically reviewed by BMO’s Environmental Sustainability Office. This new strategy will enable us to more systematically report on our environmental performance, and to better measure our company-wide greenhouse gas emissions and achieve our reduction targets.

Recognized as a Leader in Climate Disclosure

BMO is one of two Canadian banks included in the 2008 Carbon Disclosure Leadership Index. Index members are distinguished by their demonstration of an awareness of the risks associated with climate change, as well as the quality and effectiveness of programs they have in place to reduce their overall greenhouse gas emissions.

Saving Energy

We are reducing our consumption of nonrenewable energy. In Ontario and Alberta, we have opened 55 new branches powered from renewable sources of electricity, including wind and low-impact water power. In 2008, BMO contracted with Bullfrog Power an additional 3,300 MWh of clean energy, raising the total to more than 8,300 MWh per year. This makes BMO the leading purchaser of renewable energy among Canadian financial institutions on the bullfrogpowered™1 Green Index. At Harris, construction of our first two Leadership in Energy and Environmental Design (LEED) certified buildings was completed in October 2008.

Travelling Smarter

We are reducing our impact on the environment by changing the way we travel. Employees are encouraged to choose teleconferencing over travel, and to use public transit when possible. We are working to ensure we use the most fuel-efficient vehicles possible. In Chicago, Harris employees make use of a fleet of hybrid vehicles. In Canada, we have mandated that all newly leased sedans must be hybrids.

Commitment to Carbon Neutrality

In September, we announced our intention to achieve carbon neutrality relative to energy consumption and transportation across our enterprise, worldwide, by 2010. We also committed to cut our greenhouse gas emissions by 5% by 2010. With our purchases of green power and ongoing energy saving initiatives, we are making significant progress toward these objectives.

Tracking Our Performance

Our commitment to providing comprehensive performance data will allow BMO stakeholders to track our progress in reducing our carbon footprint.

Our Sustainability Plan in Action

MANAGING THE ENVIRONMENTAL IMPACT OF OUR OPERATIONS

ACTIVITY GOAL ACTION PLAN HIGHLIGHTS

1. Energy Consumption

Realize optimal energy consumption reductions and efficiencies

BMO Energy Reduction and Efficiency Program

  • Increase purchase of green power
  • Build new LEED-certified branches
  • Achieve BOMA Go Green certification in office towers
  • Measure and reduce energy consumption

2. Transportation

Minimize environmental impacts of transport

BMO Sustainable Transport Program

  • Encourage employee use of public transit
  • Replace service vehicles with more fuel-efficient alternatives
  • Reduce commercial air travel for meetings

3. Material Consumption

Reduce unnecessary use of materials and use materials more efficiently

BMO Sustainable Material Program

  • Reduce paper use
  • Offer online customer statement option
  • Use more recycled content in building construction

4. Waste Generation

Reduce waste going to landfills and promote recycling

BMO Waste Management Program

  • Strengthen waste reduction programs already in place
  • Improve tracking of waste and recycling

5. Procurement

Take environmental and social considerations into account in the procurement process

BMO Sustainable Procurement Program

  • Use BMO’s new sustainable procurement questionnaire and criteria
  • Purchase office paper produced from responsibly managed forests
  • Work with key suppliers to communicate sustainability requirements

See also www.bmo.com/environment

BMO Financial Group Annual Report 2008 Home