When Bank of Montreal began considering how climate change could affect its business in 2019, it turned to others for help. The bank collaborated with a climate mapping company, used third-party software to study how its portfolios would fare under different scenarios and worked with academics at a Canadian university on a climate-risk research project.

The Canadian investment bank has now hired its own climate experts and considers its expertise on the topic extensive enough that it founded its own climate institute earlier this year. It is now considering how to use what it learned to inform and attract clients.