- Canada's only private-sector
nuclear generator produces 30 percent of Ontario's power and is committed to mitigate
climate change and enhance a clean, safe and sustainable way of
life for present and future generations
- BMO committed to deploy $300
billion in sustainable lending and underwriting to companies
pursuing sustainable outcomes by 2025, and to be its clients' lead
partner in the transition to a net zero world
TORONTO, Nov. 22, 2021 /PRNewswire/ - Bruce Power,
Ontario's leading private sector
power provider, has taken another industry-leading step in its
environmental, social and governance strategy by launching the
world's first green finance framework with nuclear use of
proceeds.
Acting as Co-Lead Green Structuring Agent, BMO Financial Group
(TSX:BMO) (NYSE:BMO), today announced the successful issuance of
CAD $500 Million in green bonds under
the framework, which is designed to guide future issues of green
bonds with a focus on Bruce Power's Life-Extension Program and
investments related to increasing the output of nuclear units and
extending the plant's life beyond 2060.
The framework sets out the guidelines in accordance with the
Green Bond Principles issued by the International Capital Markets
Association (ICMA) and the Green Loan Principles issued by the Loan
Market Association (LMA) and Loan Syndications and Trading
Association (LSTA) – ensuring the proceeds are exclusively
allocated to green projects and activities that promote
environmental sustainability and deliver clear environmental
benefits.
CICERO Shades of Green, an internationally-recognized leading
provider of independent review and second-party opinions on green
financing frameworks, has given Bruce Power's Green Finance
Framework the highest possible governance score of
Excellent, and an overall designation of CICERO Medium
Green, acknowledging the role of nuclear power in mitigating
climate change and recognizing Bruce Power's strong risk management
processes.
"Clean nuclear power is crucial to fighting climate change, and
today's announcement marks another industry-leading step in the
company's environmental, social and governance strategy," said
Mike Rencheck, Bruce Power's
President and CEO. "One of the largest greenhouse gas emission
reduction initiatives in the world was the phase-out of coal-fired
electricity in Ontario, and Bruce
Power was at the heart of making this a reality by providing 70 per
cent of the energy the province needed to achieve this goal."
"We're proud to partner with Bruce Power to build a green
framework that facilitates the alignment of the company's business
and financing activities to support nuclear power's critical role
in mitigating climate change," said Jonathan Hackett, Head, Sustainable Finance, BMO
Capital Markets. "Providing access to sustainable financing and
being a lead partner in our clients' transition to a net-zero
future is part of BMO's purpose to Boldly Grow the Good in
business and life."
A track record of innovative firsts
BMO continues to work closely with clients in their transition
to a more sustainable future as part of its commitment to deploy
$300 billion in sustainable lending
and underwriting to companies pursuing sustainable outcomes by
2025. In December 2019, BMO provided
Maple Leaf Foods Inc. with Canada's first sustainability-linked loan.
Since then BMO has completed sustainability and green financing
frameworks, green and sustainability-linked loans for companies in
a range of sectors, from manufacturing and packaging to metals
& mining and energy. This year, as part of its Climate Ambition
to be its clients' lead partner in the transition to a net-zero
world, BMO established a dedicated Energy Transition Group and
the BMO Climate Institute.
BMO's leadership on sustainability has been recognized on
numerous rankings:
- Ranked 15th on The Wall Street Journal's 2020
list of the 100 Most Sustainably Managed Companies in the
World
- Top North American bank on Corporate Knights' 2021 Global 100
Most Sustainable Corporations in the World
- Ranked on the World Index of the 202I Dow Jones Sustainability
Indices – one of five Canadian companies and two North American
banks
- Scored an A- on the 2020 CDP Climate Change disclosure
- Ethisphere® Institute's 2020 list of the World's
Most Ethical Companies®
- Corporate Knights 2021 Best 50 Corporate Citizens in
Canada
For more information on BMO's commitment to a sustainable
future, please visit the bank's Sustainability Report. To learn
more about sustainable finance at BMO click here. For BMO's climate
ambition, visit our Climate page.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America. With total assets of
$971 billion as of July 31, 2021, and a team of diverse and highly
engaged employees, BMO provides a broad range of personal and
commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
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SOURCE BMO Financial Group