BMO buying Calgary-based emissions reduction advisor Radicle Group Inc.

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 This material may not be published, broadcast, rewritten or redistributed.

• 0079 Ministry of Energy Business_incentive PO
  0079 Ministry of Energy Business_incentive PO
• 0078 LHOS 2024
  0078 LHOS 2024
• 0077 Caprice Resources Stand Up For Free Speech
  0077 Caprice Resources Stand Up For Free Speech
• 0053 Kingston Midstream Westspur Alameda
  0053 Kingston Midstream Westspur Alameda
• 0076 Latus only
  0076 Latus only
• 0073 SaskWorks-Pipeline Online
  0073 SaskWorks-Pipeline Online
• 0063 Turnbull Excavating hiring crusher
  0063 Turnbull Excavating hiring crusher
• 0061 SIMSA 2024 For Sask Buy Sask
  0061 SIMSA 2024 For Sask Buy Sask
• 0058 Royal Helium Steveville opens anonymous rocket
  0058 Royal Helium Steveville opens anonymous rocket
• 0055 Smart Power Be Smart with your Power office
  0055 Smart Power Be Smart with your Power office
• 0051 JML Hiring Pumpjack assembly
  0051 JML Hiring Pumpjack assembly
• 0049 Scotsburn Dental soft guitar
  0049 Scotsburn Dental soft guitar
• 0046 City of Estevan This is Estevan
  0046 City of Estevan This is Estevan
• 0041 DEEP Since 2018 now we are going to build
  0041 DEEP Since 2018 now we are going to build
• 0032 IWS Summer hiring rock trailer music
• 0022 Grimes winter hiring
• 0021 OSY Rentals S8 Promo
• 0018 IWS Hiring Royal Summer
• 0013 Panther Drilling PO ad 03 top drive rigs
• 0011
• 0006 JK Junior
• 0002 gilliss casing services
  0002 gilliss casing services
• 9002 Pipeline Online 30 sec EBEX
  9002 Pipeline Online 30 sec EBEX
• 9001