While he said it was crucial to address “the needs of the planet for tomorrow,” Darryl White told the bank’s annual shareholder meeting that shedding oil and gas investments doesn’t take current energy needs into account. (Reuters)
Talking point: The trend among Canadian banks and pension funds toward “decarbonization” followed U.S. firm BlackRock’s pledge to revamp its US$7-trillion portfolio to fight climate change. BMO is among the most prolific fossil-fuel investors in the country, with $56 billion of fossil-fuel financing between 2016 and 2018. In January, The Logic surveyed 13 institutional investors about their carbon-reduction strategies. BMO didn’t respond to multiple requests for comment.