TORONTO, Feb. 24, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced it has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments. Using jointly developed GHG accounting methodologies will help enable CIBC to align its targets with the Paris Climate Agreement.
"We are committed to taking action on environmental issues of importance to our clients and communities. Through our PCAF membership, we will focus on enhancing disclosure practices and actions that promote sustainability in a measurable and meaningful way," said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC.
"PCAF is pleased to have CIBC join our global partnership of institutions committed to measuring financed emissions to align with the goals of the Paris Climate Agreement," said Nicole Labutong, PCAF North America Lead. "CIBC's participation demonstrates their leadership and dedication toward creating a more sustainable world."
CIBC's recent highlights and actions towards a sustainable future include:
- Recently became the first Canadian bank to join RMI's Center for Climate-Aligned Finance.
- In 2019, CIBC committed $150 billion in support of environmental and sustainable finance activities by 2027 and has achieved 28 per cent of this goal.
- In 2020, issued a US$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.
- Also in 2020, CIBC Asset Management committed to the Responsible Investment Association's investor statement on diversity and inclusion.
- Ranked among the top-tier of global banks for climate change action by the Carbon Disclosure Project (CDP).
- In 2019, issued the climate-related disclosure report "Building a Sustainable Future," aligned with the Task Force on Climate-Related Financial Disclosures.
Sustainability is at the heart of CIBC's purpose: to help make ambitions a reality. Guided by this purpose, CIBC integrates sustainability into every aspect of its business, focusing on environmental, social and governance (ESG) matters of importance to its clients and communities.
More on CIBC's sustainability practices can be found in the Sustainability Report.
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.