BMO declares climate ambition
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TORONTO, March 10, 2021 /PRNewswire/ - There is a pressing need for action to address climate change by reducing greenhouse gas emissions to achieve 2050 targets. Helping our customers to adapt and thrive through this transition requires a thoughtful, balanced and accelerated approach; informed by science, common sense and bold but practical solutions.
Media backgrounder - BMO Climate Announcement (CNW Group/BMO Financial Group)
Our clients are ready to act but many, especially smaller and medium-size companies, need advice and expertise to inform their response. Within this challenge is an opportunity for BMO to make a difference, to help our customers, and to drive long-term value and growth. Our ambition is clear:
Climate conflict : 4 in 5 UK bank directors have connections to high-emitting corporates
An analysis of the activities of directors at the UK s biggest banks has revealed that almost 80% have close ties to corporates in industries linked to climate change and pollution - which could undermine their net-zero commitments.
Almost one-quarter of the directors analysed have a close link to the fossil fuel sector
Conducted by investigative environmentalist platform DeSmog, the analysis covered 64 incumbent directors at the UK’s biggest banks, including Barclays, HSBC, Lloyds, Standard Chartered and Natwest.
It concluded that almost one-quarter of the directors have a current or past connection to the fossil fuel industry. Links include being a current director or advisor, or a former senior-level employee, or holding significant amounts of shares.
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By pouring money into emissions-intensive agriculture, banks and investors are making a dangerous bet on the world’s growing demand for food, especially foods that are the greatest source of emissions in the food system: meat and dairy.
New Citi boss unveils net-zero financed emissions vision
Finance giant Citigroup s new chief executive, Jane Fraser, has unveiled a new commitment to reach net-zero financed emissions by 2050. Our ESG agenda can t just be a separate layer that sits above what we do day-to-day, Fraser said in a statement.
On her first day in post on Monday (1 March), Fraser confirmed that the business will publish its first roadmap to reaching net-zero within a year. The plan will cover emissions from all scopes, with a focus on Scope 3 (indirect) emissions from the projects and businesses which Citi finances.
As well as overarching targets for reducing emissions, the plan will contain interim sector-specific targets for high-carbon sectors. Energy and power sector players, for example, will get specific targets for 2030. Citigroup will assess which other sectors will benefit from such targets.
The Role of Accounting and Auditing in Addressing Climate Change
By Samantha Ross Getty/Mario Tama
Floodwaters cover a roadway near structures damaged by Hurricane Laura on October 10, 2020, in Cameron, Louisiana.
With President Joe Biden’s recommitment to the Paris climate accord, all eyes are on the policy changes and investments necessary to chart a course to net-zero global greenhouse gas emissions by 2050 and accounting and independent auditing can help keep the United States on track.
Julia Cusick
Introduction and summary
U.S. federal securities laws are founded on the idea that transparency promotes well-functioning capital markets. This is particularly true when it comes to the urgent goal of reducing global greenhouse gas emissions to prevent the devastating impacts of climate change. For companies, those impacts include both physical risks, including the risk that facilities will be destroyed by fire or flood, and risks related to the global transition to a low-