TORONTO, Jan. 27, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that it received a score of B from the CDP (formerly known as the Carbon Disclosure Project), recognizing continued improvements to transparency and reporting on environmental impact, and the bank's continued focus on enhancing environmental sustainability. This score ranks CIBC above the global financial services average in CDP's most recent rankings.
"Our focus on creating a more sustainable future is reflected in our continued improvements in the areas of transparency and reporting, and our commitment as an organization to taking action on climate change," said Josh Picov, Senior Vice-President, Enterprise and Conduct Risk, CIBC. "We believe banks have a clear role to play in reducing their own environmental impact as well as helping to shape a more sustainable economy working with clients, and we have made clear progress in each of these areas as part of our long term focus on environmental sustainability."
CIBC recently announced a target of $150 billion in environmental and sustainable financing by 2027, to mobilize the necessary capital and develop market-based solutions to support investments that address critical environmental challenges and sustainability.
CIBC also recently released a report entitled "Building a Sustainable Future", our first climate-related disclosure report aligned with the Task Force on Climate-Related Financial Disclosures. The report highlights the bank's governance, strategy, and risk management approach to climate related issues. The report also provides specific metrics and targets for the bank to reduce our overall environmental impact and support clients in doing the same.
"Together with our team, our clients, and all of our stakeholders, CIBC is committed to creating a more sustainable future," added Mr. Picov.
CIBC's "Building a Sustainable Future" report is available at https://www.cibc.com/content/dam/about_cibc/inside_cibc/environment/building-a-sustainable-future-report-en.pdf
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
SOURCE Canadian Imperial Bank of Commerce