BMO Launches Greener Future Financing Program for Agriculture Businesses

Apr 19, 2023

TORONTO, - BMO Canadian Business Banking today announced the launch of Greener Future Financing – its first climate financing program – which has been developed to help agriculture businesses looking to build future-ready, climate resilient operations.

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, BMO has committed $30 million to a climate related financing product for small and medium sized enterprises across Canada. As part of this new program, clients can receive guidance and advice on the impacts of climate change and the value of climate-related protection measures.

New and current agriculture business banking clients are also potentially eligible for a discount of up to one per cent 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, flood proofing and more.

"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," said Mike Bonner, Head, Canadian Business Banking, BMO. "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," said Michael Torrance, Chief Sustainability Officer, BMO. "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."

In 2021, BMO announced its Climate Ambition to be its clients' lead partner in the transition to a net-zero world, and also launched the BMO Climate Institute. BMO's Climate Ambition builds on BMO's previous commitment to mobilize $300 billion by 2025 in sustainable lending and underwriting to companies pursuing sustainable outcomes.

Since December 2019, BMO's industry-leading Sustainable Finance team has completed green and sustainability-linked loans for companies in a range of sectors, with targets including sustainability, diversity, and health and safety. Established in 2021, the Energy Transition Group supports clients' pursuit of opportunities driven by the increasing momentum of the global economy's shift in production and consumption of energy.

In 2022, BMO completed the acquisition of Radicle Group Inc., a Calgary-based leader in sustainability advisory services, market-based solutions, and technology-driven emissions measurement and management – further establishing the bank as a market leader in helping companies navigate the transition.

BMO's sustainability leadership has been recognized on a number of global rankings, including number one bank on the World Benchmarking Alliance's 2022 Financial System Benchmark, the Dow Jones Sustainability Index, and Ethisphere Institute's list of the World's Most Ethical Companies.

For information on BMO's Purpose and commitments to a sustainable future, visit its Sustainability Report, Purpose, Climate, Climate Institute and its survey of small and mediumsized enterprises, and Zero Barriers to Inclusion 2025 pages.

Source : Newswire.ca

Video: Why Seed Analysts are Thriving Under Seeds Canada

Last month in Edmonton, Alta., industry leaders and stakeholders gathered to discuss the evolving landscape of the seed industry at Seeds Canada’s annual conference. Among them was Sarah Foster, president of 2020 Seed Labs and the new vice-president of Seeds Canada.

Foster, who has been on the board of Seeds Canada for over a year, has witnessed firsthand the challenges and opportunities that come with the formation of the organization. Seeds Canada was established just over three years ago through the merger of multiple seed industry groups, including the Commercial Seed Analysts Association of Canada (CSAAC). Since then, the organization has been working to define its priorities and solidify its role in the industry.

“The challenge has been allowing the dust to settle after the merger,” Foster explained. “We’ve been focused on identifying what our priorities should be and ensuring that our members, especially the seed analysts, are getting what they need to continue their professional work.”

One of the recent highlights was a pre-conference event where the three major seed labs in Alberta — 20/20 Seed Labs, SGS Canada and Seed Check — opened their doors to members. The event saw a record number of seed analysts and business professionals in attendance. Foster emphasized the importance of this transparency, stating, “It’s crucial for people to see what goes on behind the scenes. We’re an open book now, and that openness helps build trust and understanding within the industry.”

The event also featured an environmental scan and a series of discussions that fostered strong communication among attendees. According to Foster, the dialogue was both encouraging and inspiring.

“A lot of people were really inspired by the fact that Seeds Canada is moving ahead with its agenda. The seed analysts, who have always worked diligently in the background, are now being recognized more prominently,” she said.

Before the merger, seed analysts were represented by CSAAC. Now, as part of Seeds Canada, they are finding their place within the larger organization. Foster believes that the integration has been successful, noting, “I think we’re thriving. You only need to look south of the border, where similar consolidations are happening.”

As Seeds Canada continues to evolve, Foster remains optimistic about the future. “I want to be totally transparent with anyone who is a seed analyst — I’ve got your back. We’re moving in a positive direction, and we’ll do everything we can to meet the needs of our members,” she said.