BMO creates new dedicated energy transition group

Bank of Montreal is forming an investmentbanking group to advise companies looking to shift to alternative sources of energy.

The energy transition group (ETG), as part of BMO’S capital markets division, plans to help companies identify opportunities to adopt green technologies and programs at a time when banks and large companies are grappling with the challenge of adopting alternatives to fossil fuels.

Aaron Engen, BMO’S investment and corporate banking vice chair, said that many of BMO’S clients have already formed their own energy transition groups and have been ramping up their efforts on sustainability.

“Our clients have been increasingly, and with more momentum, thinking about the energy transition broadly in terms of how the economy consumes and produces energy, and what role our clients play in that,” Engen said in an interview.

The group, which will be co-led by Engen and sustainable finance managing director Jonathan Hackett, will loop in BMO Capital Markets’ industry teams in energy, power utilities and infrastructure, metals and mining, industrials, and food and retail.

The group aims to advise companies across sectors on opportunities to adopt green technology — including hydrogen, renewable power and electric vehicles — and introduce them to businesses that could help them meet their climate goals and determine ways to finance those projects. (Reuters/postmedia News)