BMO is purchasing a sustainability specialist firm, the Canadian bank announced this week.
Calgary-based Radicle Group, which BMO would acquire by the end of the year, focuses on carbon credit development, measuring emissions and environmental commodities, the companies noted in an announcement. Radicle founded itself in 2008 and has 130 employees.
The firm, which helps clients measure and reduce their emissions, has more than 4,000 customers globally, the companies stated. It claims to have helped cut 7m tons of carbon emissions among its clients and that it has traded more than $500m of environmental commodities.
Last year, Radicle disclosed that it received an investment from Canadian venture capital fund TELUS Ventures.
Following the acquisition, BMO Capital Markets’ global markets group will integrate Radicle’s team.
“The acquisition of Radicle supports BMO’s climate ambition to be our clients’ lead partner in the transition to a net-zero world, and the progress we’re making for a thriving economy, a sustainable future and an inclusive society,” BMO Capital Markets CEO Dan Barclay stated in the acquisition announcement. “Radicle’s leading expertise and innovative solutions make BMO a leader in carbon credit development capabilities and the environmental commodity market. These capabilities enhance our commitment to help our clients understand and manage the risks and opportunities of energy transition.”
