BMO Financial Group says it has struck a deal to buy Radicle Group Inc. for an undisclosed sum as it looks to expand its emission reduction advisory services. A Bank of Montreal sign is shown in the financial district in Toronto on Tuesday, August 22, 2017. THE CANADIAN PRESS/Nathan Denette

TORONTO — BMO Financial Group says it has struck a deal to buy Radicle Group Inc. for an undisclosed sum as it looks to expand its emission reduction advisory services.

Calgary-based Radicle is a developer of carbon offsets and helps organizations measure and reduce emissions.

BMO Capital Markets chief executive Dan Barclay says in a statement that the acquisition will help the bank be its clients’ lead partner in the transition to a net-zero world.

Canada’s big banks have come under criticism for their funding of the oil and gas industry, but the banks have defended their position in part by saying they plan to work with heavy emitters to reduce emissions.

Carbon offsets have had a mixed history, with many questioning their effectiveness at actually reducing emissions, but Radicle notes the market is growing and continues to play an important part in curbing the effects of climate change.

Radicle has 130 employees and has worked with over 4,000 clients including major oil and gas producers such as Imperial Oil, Meg Energy, TC Energy, Chevron, and ConocoPhillips.

This report by The Canadian Press was first published July 20, 2022.

Companies in this story: (TSX:BMO)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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