TORONTO, Dec. 16, 2021 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced that it received a score of A- 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 places CIBC among the highest-ranking Canadian financial institutions and in the top-tier of global banks.
"We are committed to playing our role in creating a more sustainable future, and this strong rating is a reflection of the continued investments we're making to accelerate climate action," said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC. "We remain focused on working closely with our clients to enable their sustainability ambitions, while also delivering on operational commitments to reduce our environmental footprint."
CIBC recently announced its ambition to achieve net-zero greenhouse gas emissions associated with operational and financing activities by 2050. In addition, we announced a significant increase in our commitment to mobilizing sustainable finance to a target of $300 billion by 2030, driven by a strong positive response from clients and a growing opportunity in the market to further invest in their sustainability initiatives. CIBC currently ranks in the top 10 in financing for the renewable energy industry across North America, a clear indication of the progress being made in helping clients achieve their sustainability ambitions.
"Across our team, we are working with all of our stakeholders to help our society continue moving towards sustainable solutions," added Ms. Lawal.
Other key investments CIBC has undertaken in environmental, social and governance initiatives include:
- A new Sustainability Issuance Framework to help mobilize capital and develop market-based solutions to support investments that shape a more sustainable economy. The Framework replaces and updates CIBC's existing Women in Leadership and Green Bond Frameworks to include three types of issuances: Green, Social and Sustainability.
- Project Carbon, a voluntary carbon credit marketplace to bring transparency to the carbon credit ecosystem, a key element in achieving net zero targets.
- CIBC was the first Canadian bank to join the Center for Climate Aligned Finance, focused on helping corporate clients identify practical solutions to achieve climate goals through partnerships with industry and policymakers.
- CIBC is also a member of the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global standard to measure and disclose greenhouse gas emissions on loans and investments.
CIBC is a leading Canadian-based global financial institution with 11 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, 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.