TORONTO, March 14, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM) CIBC today released its 2021 Sustainability Report, providing a summary of the bank's actions to tackle urgent sustainability challenges that people, communities and our planet are facing. The report shows how CIBC is providing meaningful support and leadership, from enabling the transition to a lower-carbon future to its investments in building a more equitable society.
"Our team of over 45,000 strong has never been more determined to do our part to realize our shared ambition for a more sustainable future," said Victor G. Dodig, CIBC President and CEO. "We believe that CIBC can make a positive impact in furthering sustainability by working together with our clients and all stakeholders to build on the momentum that's already gathering. Given the complexity of the challenges we all face, it's the power of innovation, inclusion, and collective action that will drive us forward."
CIBC continues to make progress in its sustainability efforts, applying industry-leading approaches to seize opportunities and manage risks in areas like sustainable finance, climate change, data ethics, and inclusion and diversity. The bank has also taken significant steps to enhance its environmental, social and governance (ESG) framework. Anchored in our purpose to help make your ambition a reality, CIBC recently announced a refocused ESG strategy built around three pillars: accelerating climate action, creating access to opportunities, and building integrity and trust.
Our 2021 Sustainability Report highlights examples of CIBC's ambitions in action through collaboration with stakeholders to drive change and maximize impact.
"2021 was an inflection point for us," says Kikelomo Lawal, CIBC Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council. "We know that to further strengthen our focus and accelerate progress in an era where sustainable development has renewed urgency, we need to enhance structures, strategies and processes at CIBC. Doing so will continue to integrate our efforts and embed sustainability further into our business."
Key highlights from CIBC's 2021 Sustainability Report:
Accelerating climate action
- 20% reduction in absolute greenhouse gas emissions (Scope 1 & 2) from North American operations since 2018, and announced our net-zero ambition including financed emissions.
- $34.9 billion in mobilization of sustainable financing in 2021– and doubled our sustainable finance mobilization target to $300 billion by 2030.(1)
- Top 10 in financing for the renewable energy industry across North America.(2)
- Ranked A- among the top-tier of global banks for climate actions by CDP.
Creating access to opportunities
- 38% women in Board-approved executive roles (global) and 23% visible minorities in Board-approved executive roles (Canada).
- Launched a new banking program for Black-owned businesses.
- 19% growth in our Indigenous commercial banking and wealth management businesses.
- Formation of a Reconciliation Action Committee responsible for stewarding the company's Reconciliation Framework.
- $133 million in corporate giving, corporate sponsorships and employee giving and fundraising across North America, including $70 million to CIBC Foundation, toward our target of $350 million between 2019 and 2023.
Building integrity and trust
- Further improvement in our CIBC Enterprise Net Promoter Score, which measures the client experience.
- New enterprise-wide ESG framework, supported by our Enterprise ESG team and new Senior Executive ESG Council, provides enhanced governance at all levels across CIBC.
- Ranked among Canada's top corporate boards by The Globe and Mail.
CIBC's Sustainability Report (which includes its annual Public Accountability Statement) is aligned with international standards including the Global Reporting Initiative, Sustainability Accounting Standards Board and the United Nations Sustainable Development Goals.
For more details on our progress, please read CIBC's 2021 Sustainability Report and accompanying ESG Data Tables detailing the bank's six-year performance trends.
(1) | Sustainable financing largely relates to client activities that support, but are not limited to, renewable and emission-free energy, energy efficiency, sustainable infrastructure, green buildings, sustainability-linked financings and green financial products. See pages 3 and 27 of our 2021 Sustainability Report for additional information. |
(2) | North American Renewables League Tables by Inframation for transactions that closed from January 1, 2021 to September 30, 2021. |
A note about Forward-Looking Statements
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this press release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission and in other communications. These statements include, but are not limited to, statements in this press release about CIBC's ESG strategy, sustainability goals and its net-zero ambition for both its operational and financing activities by 2050 and statements about our financial condition, priorities, targets, ongoing objectives, strategies and outlook. As we work to advance our ESG goals, external factors outside of CIBC's reasonable control may act as constraints on achieving these goals, including varying decarbonization efforts across economies, the need for thoughtful climate policies globally, the availability of comprehensive and high-quality greenhouse gas emissions data, reasonably supported methodologies, deployment of new technologies and industry-specific solutions, the evolution of consumer behavior, the challenges of balancing interim emissions goals with an orderly transition, and the development of regulations and frameworks internationally. These and other factors, including general business and economic conditions worldwide; amendments to, and interpretations of, risk-based capital guidelines; and changes in monetary and economic policy, may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require CIBC to adapt its initiatives and activities or adjust its targets. The forward-looking statements in this press release are presented for the purpose of assisting clients and others in understanding our objectives and strategic priorities, and may not be appropriate for other purposes. Forward-looking statements are subject to inherent risks and uncertainties that may be general or specific. We do not undertake to update any forward-looking statement except as required by law.
About CIBC
CIBC is a leading North American financial institution with 11 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 https://www.cibc.com/en/about-cibc/media-centre.html.
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