Wednesday 2 November 2022

BMO banks on carbon credits from Amazon-backed tech firm in net zero drive

Bank of Montreal (BMO) Financial Group has announced its commitment to buy carbon credits from a technology company backed by investors including Amazon and Microsoft as part of its drive towards net zero emissions.

The purchase of carbon credits from CarbonCure over five years, expected to be delivered every September from 2022 to 2026, will represent 5,750 metric tons of carbon dioxide removal and reductions.

CarbonCure's systems inject captured CO2 into ready-mix concrete, reclaimed plant water and recycled concrete aggregates where the carbon dioxide is permanently stored.

It can measure and tack the CO2 from the point of capture through to mineralisation, which provides credit buyers with precise information related to the deployment date and location of the CO2 they paid to remove.

BMO has been carbon-neutral since in its own operations since 2010 through a combination of measures such as reduction of energy consumption, purchasing renewable energy certificates and offsetting the remaining emissions.

The latest investment is part of BMO's strategy to diversify its offset portfolio and meet its net zero goals by 2050.

Michael Torrance, Chief Sustainability Officer, BMO Financial Group said: “As part of our Climate Ambition and our Purpose to Boldly Grow the Good in business and life, BMO is focused on how we can support innovation through our carbon neutrality program. To achieve net zero, we will need a lot of innovation and new technologies, including the solutions being developed by CarbonCure.

“Since 2010, BMO has been carbon-neutral in its own operations through a combination of reducing energy use, purchasing renewable energy certificates to match 100% of our electricity use and offsetting remaining emissions. Our agreement with CarbonCure is an exciting opportunity for BMO to support new technology that will advance net zero aligned innovation in the decades ahead.”