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BMO creates energy transition group in the capital markets division

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BMO creates energy transition group in the capital markets division

The group aims to advise companies in all sectors on opportunities to adopt green technology and present them to companies that could help them achieve their climate goals.

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Bank of Montreal is forming an investment banking group to advise companies looking to switch to alternative energy sources.

The Energy Transition Group (ETG), as part of BMO’s capital markets division, plans to help companies identify opportunities to adopt green technologies and programs at a time when banks and large companies are grappling with the challenge of adopting alternatives to fossil fuels.

Aaron Engen, vice president of corporate and investment banking at BMO, said that many of BMO’s clients have already formed their own energy transition groups and have been stepping up their sustainability efforts.

“Our customers have been thinking more and more strongly about the energy transition broadly in terms of how the economy consumes and produces energy, and what role our customers play in that,” Engen said in an interview.

The group, which will be co-led by Engen and Managing Director of Sustainable Finance Jonathan Hackett, will integrate BMO Capital Markets’ industry teams in energy, utilities and infrastructure, metals and mining, industry and food, and retail.

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The group aims to advise companies in all sectors on opportunities to adopt green technology, including hydrogen, renewable energy and electric vehicles, and introduce them to companies that could help them meet their climate goals and determine ways to finance those. Projects.

“If you look at renewable energy, the financial sophistication of the way we finance solar and wind power has progressed,” Hackett said in an interview. “The question is how do we bring these types of tools to other industries. It’s pretty easy to say just make a carbon purchase agreement and you’ll be able to finance it, but instead, take the real work that underpins those tools and build the way we can leverage them in new spaces – it’s a place that we can see. a real opportunity to help catalyze areas that are not mature. “

The group will also oversee the division’s existing $ 250 million impact investment fund, which targets companies working on developing and expanding sustainability solutions. In March, BMO also pledged to provide $ 300 billion in sustainable loans and underwriting by 2025.

BMO is one of the first large Canadian banks to launch a dedicated energy transition team in its capital markets division. In April, the investment banking team at the Canadian Imperial Bank of Commerce created a global energy, infrastructure and transition group to focus on sustainable energy.

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As some of the world’s largest financiers of oil and gas producers, Canada’s largest lenders have come under fire for reducing their role in oil and gas financing.

While BMO is not changing its stance on financing the fossil fuel industry, Engen said the purpose of the ETG is to help clients identify ways to participate in energy transition initiatives.

“We are working with customers from all industries, whether it be manufacturing, biotech, energy or midstream, as those customers think about how they want to move forward with the energy transition,” Engen said. “Whether in energy production or consumption, we want to work with them to achieve it. It does not change our opinion on the financing or financibility of the oil and gas, energy or midstream industries. “

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