BMO Canadian Business Banking launched Greener Future Financing — its first climate financing program — which has been developed to help agriculture businesses looking to build climate resilient operations.
BMO has committed $30 million to a climate related financing product for small and medium sized enterprises across Canada to help farmers and business owners access capital to make the investments needed to reduce carbon emissions and adapt to the effects of climate change. As part of this new program, clients can receive guidance and advice on the impact of climate change and the value of climate-related protection measures.
New and current agriculture business banking clients at BMO are also potentially eligible for a discount of up to 1% on new loans for investments in reducing emissions or implementing climate resilience measures. Eligible loan proceeds include investments in renewable energy, such as solar power and geothermal energy; energy efficiency, including LED lighting, heat pump systems, smart meters and other performance monitoring equipment; and flood proofing.
“BMO’s Greener Future Financing program provides business owners with the support to make bold investments in sustainable business practices that will position them to become more climate resilient and prepared for a lower carbon economy,” Mike Bonner, head of Canadian business banking at BMO, said. “Our purpose to boldly grow the good in business and life inspires us to find opportunities to be our clients’ lead partner in the transition to a net-zero world and drive progress towards a thriving economy, sustainable future and inclusive society.”
“Our farmers and agri-businesses sit at the forefront of environmental stewardship; many have implemented land management practices to build soil health and improve carbon storage,” Michael Torrance, chief sustainability officer at BMO, said. “Supporting agri-business clients to help them make progress towards their climate goals can help to lower emissions and build resilience to changing weather patterns.”
