March 31, 2020 / 3:24 PM / in 2 months

Bank of Montreal CEO says fossil fuel divestment not a 'productive solution'

TORONTO (Reuters) - Bank of Montreal (BMO.TO) doesn’t believe divesting from the fossil fuel industry is a productive solution to climate concerns and collapsing energy prices, and is working with oil and gas clients on a case-by-case basis, its chief executive said on Tuesday.

“We have the particular, almost idiosyncratic, confluence of supply shock and demand shock at the same time, which has impacted the commodity price,” BMO CEO Darryl White said during the bank’s annual shareholder meeting, which was held with a virtual format due to the coronavirus outbreak.

“We are engaging with our energy clients to navigate the transition overall to a lower carbon economy in a way that accounts for the socio-economic impacts and energy needs of today while addressing the needs of the planet for tomorrow,” he said.

Reporting By Nichola Saminather; Editing by Denny Thomas and Paul Simao

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