BMO Capital Markets announced that it is establishing a dedicated Energy Transition Group to support clients in pursuit of opportunities driven by the increasing momentum of the global economy’s shift in production and consumption of energy.
“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,” Dan Barclay, CEO and Group Head, BMO Capital Markets said in a media statement.
“Our Energy Transition Group will accelerate our leadership position as the global economy undergoes structural changes in how energy is produced and consumed.”
The group will accelerate BMO Capital Markets’ participation in the economy’s energy transition by providing knowledge, tools and support, including research from BMO’s Climate Institute, to support the firm’s various industry groups as they engage with clients on their energy transition endeavors.
It will also draw on industry sector specialists initially from within BMO’s Energy, Power Utilities & Infrastructure, Metals & Mining, Industrials, Food Consumer & Retail and Sustainable Finance groups to provide a broad spectrum of expertise regarding energy transition developments and opportunities, including those in:
Energy transition finance
Carbon capture, use and sequestration
Electric mobility / EVs
Energy demand-side management
Low carbon fuels
Energy transition minerals
Renewable natural gas
Circular economy solutions including waste-to-value processes
The new group will be co-headed by Aaron Engen, Vice Chair, Investment & Corporate Banking and Jonathan Hackett, Managing Director and Head, Sustainable Finance. Both will report to Shane Fildes, Managing Director and Head of Investment Banking.
The Energy Transition Group will also include BMO’s existing Sustainable Finance group including its Sustainable Finance Advisory and Impact Investing platforms. The C$250 million Impact Investing Fund will continue with its mandate of investing in companies that are solving sustainability challenges and scaling them.
In March 2021, the bank announced its Climate Ambition and introduced the BMO Climate Institute, a multi-disciplinary organization harnessing science, analytics powered by innovative technology and industry leading expertise.
As part of its commitment to Sustainable Finance, BMO has committed to deploying $300 billion in sustainable lending and underwriting by 2025.