TORONTO, March 14, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today released its 2022 Sustainability Report, providing an update on the bank's environmental, social and governance (ESG) progress in creating enduring value for stakeholders through its purpose-led commitment to helping make ambitions a reality.
CIBC's Sustainability Report demonstrates how the bank is working alongside stakeholders to create positive change and enable a more sustainable future for its clients, employees, communities and the planet. The report includes the Public Accountability Statement for CIBC and its applicable subsidiaries.
"Sustainability lies at the heart of our purpose, and as a bank, we play a unique and vital role in enabling a more secure, equitable and sustainable future, a responsibility we act on every day across our team," said Victor G. Dodig, CIBC President and CEO. "We are committed to further advancing our ESG efforts, including working closely with our clients to activate our resources to help achieve their sustainability ambitions."
"We will remain responsive to our stakeholders as we deliver on our strategy, further embedding ESG into all facets of our bank," said Kikelomo Lawal, CIBC Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council. "We made steady progress in 2022, and we are well positioned to continue building on our momentum as we play our part in accelerating climate action, creating access to opportunities and building integrity and trust."
The 2022 Sustainability Report highlights examples of CIBC's ambitions in action through collaboration with stakeholders to drive change and maximize impact.
Accelerating climate action – we support solutions to address climate change and help transition to a more sustainable, low carbon future.
- 22% reduction in absolute greenhouse gas emissions (Scope 1 & 2) from operations in Canada and the U.S. since 2018.(1) On track to reach our target of a 30% reduction by 2028.
- $112.9 billion in mobilization of sustainable financing over the past four years towards our 13-year goal – 37.6% of our mobilization goal. On track to reach our goal of $300 billion (2018-2030).(2)
- #6 in North America for renewable energy financings.(3)
Creating access to opportunities - we partner to build equitable and resilient communities where ambitions are more attainable for all.
- 38% women and 24% people of colour in Board-approved executive roles (globally).(4)
- Launched the Black Entrepreneur Program aimed at helping entrepreneurs from the Black community start, run and grow their business.
- Continued progress in stewarding the bank's Reconciliation Framework.
- Established a new partnership with the First Nations Major Projects Coalition (FNMPC) to help advance sustainable business opportunities for First Nations in Canada. As a Sustaining Partner, CIBC shares FNMPC's vision for building prosperity for Indigenous peoples in Canada while mobilizing towards a low carbon world and a more sustainable and inclusive economy.
- Opened a Legacy Space at CIBC's headquarters, dedicated to the importance of economic reconciliation in promoting Indigenous prosperity.
- $368 million invested in corporate giving, community sponsorships and employee giving and fundraising (Team CIBC) globally over the past four years, exceeding our target of $350 million (2019-2023).(5)
Building integrity and trust - we act with integrity and transparency to maintain the trust that you have placed in us.
- Achieved strong results in our 2022 Client Experience Index through enhanced digital capabilities, valued advice, and consistent service delivery.(6)
- Scored 2nd in the 2022 J.D. Power Retail Banking Satisfaction study, our highest ranking since 2018.
- Partnered with MX Technologies Inc. to enhance secure data sharing with third-party fintech applications to ensure a secure and seamless experience for our clients.
CIBC's Sustainability Report has been prepared with reference to the Global Reporting Initiative (GRI) Standards and mapped to the United Nations Sustainable Development Goals.
(1) Reduction in absolute GHG emissions (Scope 1 & 2) versus the baseline year of 2018. 2022 data is as of August 1, 2021 – July 31, 2022.
(2) Sustainable financing largely relates to client activities that support, but are not limited to, renewable and emission-free energy, energy efficiency, sustainable infrastructure, sustainable real estate, affordable housing and basic infrastructure, and products such as, sustainability-linked and green financial products. The services offered by CIBC included in our mobilization commitment to support these client activities include loans and loan syndications, debt and equity underwritings, M&A advisory and principal investments. In 2022, our methodology was updated prospectively to include transactions relating to the affordable housing sector. The affordable housing sector includes loans and investments that meet our obligations under the U.S. Community Reinvestment Act. We provided hedging solutions to our clients related to sustainable finance activities with a notional amount of $1.56 billion in 2022 and $6.45 billion cumulative from 2018 to 2022 that are excluded from our sustainable finance mobilization commitment.
(3) Source: Inframation. For transactions that closed from January 1, 2022 to December 31, 2022 (North American Renewables League Tables).
(4) Board-approved executive roles include Vice-Presidents and above appointed to their role as of October 31, 2022. All data is based on self-identification voluntarily disclosed by employees as of October 31, 2022 and excludes temporary employees, contingent workers, retirees, and FirstCaribbean International Bank Limited (CIBC FirstCaribbean) and CIBC Mellon. People of colour includes those who self-identify as visible minorities in Canada and non-white outside of Canada. Visible minorities are defined as persons – other than Indigenous peoples – who self-identify as non-white.
(5) Includes corporate giving, including $80 million since 2021 to CIBC Foundation, corporate sponsorships and employee giving and fundraising. Corporate giving and community sponsorships are defined as contributions CIBC makes in support of charities and non-profit organizations, including to the CIBC Foundation, that follow the contribution principles set by Imagine Canada's Caring Company Certification. Community sponsorships also include contributions in support of organizations, that may have a for-profit structure, where the activities supported have a social purpose that benefits the community. Team CIBC is defined as regular employees and retirees who volunteer, donate or fundraise in support of charities and non-profit organizations, including CIBC Miracle Day fundraising.
(6) The Client Experience Index is an enterprise-wide dashboard comprised of 20 internal and external client experience metrics. Excludes CIBC FirstCaribbean, CIBC Mellon, and the Asia-Pacific region.
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 our ESG strategy, sustainability commitments, goals and targets, as well as our ESG related impacts and objectives, including but not limited to, sustainable lending, data ethics, inclusion, employee engagement, inclusive banking, and our net-zero ambition for both our operational and financing activities by 2050 and statements about our financial condition, priorities, commitments, goals, 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 inflationary pressures, geopolitical risk, global supply-chain disruptions, 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.
CIBC is a leading North American financial institution with 13 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.