TORONTO, March 30, 2023 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today released its 2022 Climate Report, which provides an update on the bank's progress towards achieving its net-zero ambition by 2050, accelerating climate action across the organization, and aligning climate disclosure with the Task Force on Climate-related Financial Disclosures (TCFD) framework.
The TCFD framework recommends disclosure around four core areas of governance, strategy, risk management, and metrics and targets, for reporting material climate-related information. A set of guiding principles underpins this overall disclosure to ensure high-quality, decision-useful information is communicated, enabling users to fully understand how organizations are impacted by climate change.
- An update on CIBC's progress towards its established 2030 financed emissions targets for its oil and gas and power generation portfolios.
- Assessing the impacts of climate-related risks in CIBC's lending portfolio using climate scenario analysis and heatmap assessment.
- Enhancements to CIBC's risk management approach by building capabilities to identify, assess and manage climate-related risks, including its Carbon Risk Scoring Methodology to understand clients' risk due to climate change.
- Reporting against metrics related to CIBC's financed emissions for loan portfolios in the oil and gas and power generation industries, along with residential and commercial mortgages using the Partnership for Carbon Accounting Financials (PCAF) Standard.
- Continuing a Director Development Program that fosters ongoing education for Board members, helping them stay current with new and emerging governance practices, regulatory developments and evolving ESG issues, including those related to climate.
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 https://www.cibc.com/en/about-cibc/media-centre.html