The World Benchmarking Alliance (WBA) named BMO the world’s top ranked financial institution based on its 2022 Financial System Benchmark, a new global benchmark to assess how firms are helping make progress in support of a just and sustainable economy.
The WBA, whose mission is to advance the United Nations’ sustainable development goals, ranked 2,000 of the world’s most influential companies on their performance against several industry benchmarks. The 2022 Financial System Benchmark, announced at COP27, independently assessed 400 financial institutions from around the globe in three areas: governance, planetary boundaries and human rights and social issues.
“As a purpose-driven organization, BMO is committed to helping to build a thriving economy and a sustainable future and eliminate barriers to inclusion,” Michael Torrance, chief sustainability officer at BMO, said. “We’re honored that the progress we are making in these areas — which includes our climate ambition to be our clients’ lead partner in the transition to a net zero world — is being recognized. We know there is still much work to be done, and we remain committed to our purpose to boldly grow the good in business and life.”
The WBA noted BMO’s strong performance across all three measurement areas, noting it is one of the few financial institutions that has set targets for both environmental and social impact of its financing activities and that tracks progress against them.