TORONTO, June 28, 2022 /CNW/ - CIBC today released its 2021 Task Force on Climate-related Financial Disclosures (TCFD) Report outlining its approach to accelerating climate action.
This is CIBC's second standalone TCFD report summarizing the bank's efforts towards aligning climate disclosures to best practices.
The TCFD set out eleven recommended disclosures in 2017 around four core areas of Governance, Strategy, Risk Management, and Metrics and Targets, for companies to report material climate-related information. Underpinning the overall disclosure is a set of guiding principles that ensure high-quality, decision-useful information is communicated, enabling users to fully understand the impacts of climate change faced by organizations today.
Key highlights from CIBC's 2021 TCFD Report include:
- Implementing a Director Development Program that fosters continuous education for Board members, helping them stay current with new and emerging governance practices, regulatory developments and evolving ESG issues.
- Assessing the impacts of climate-related risks in our lending portfolio using climate scenario analysis and heatmap assessment.
- Enhancing our risk management approach by building capabilities to identify, assess and manage climate-related risks.
- Developing new metrics related to financed emissions in our oil and gas and residential mortgages loan portfolios.
For more details on our commitment to sustainability, please read CIBC's 2021 Sustainability Report and accompanying ESG Data Tables highlighting CIBC's strategy and progress across the ESG spectrum.
CIBC is a leading North American financial institution with 13 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.