TORONTO, Dec. 14, 2020 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that it received a score of A- from the CDP (formerly known as the Carbon Disclosure Project). Improving from a B rating in 2019, this score demonstrates CIBC's progress in environmental performance and reporting. The score also places CIBC among the highest ranking Canadian financial institutions and the top-tier of global banks.
"This rating reflects our strong disclosure practices and continued focus on environmental priorities," said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC.
"We are committed to supporting our clients and communities in their efforts to transition to a more sustainable future."
As part of CIBC's commitment to support environmental sustainability initiatives, the bank's actions include:
- In 2020, increased its GHG emissions intensity target for operations to 20 per cent over eight years (using 2018 as a baseline).
- In 2020, issued a USD $500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control.
- In 2019, announced a target of mobilizing $150 billion in environmental and sustainable finance activities by 2027.
- In 2019, issued the climate-related disclosure report "Building a Sustainable Future," aligned with the Task Force on Climate-Related Financial Disclosures.
- In 2019, set new targets to source 100 per cent of its electricity from renewable sources and become carbon neutral by 2024.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and 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 with offices 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.