TORONTO, April 18, 2023 /CNW/ - For the second consecutive year, CIBC has been named one of Canada's Greenest Employers for 2023 by MediaCorp for its commitment to build a more secure, equitable and sustainable future for all.
"Sustainability is at the heart of our purpose at CIBC," said Kikelomo Lawal, Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council, CIBC. "This award recognizes our long-term vision and efforts to reduce our carbon footprint and accelerate our climate action by supporting our clients, team members and stakeholders to prioritize sustainability in the communities where we live and work."
The Canada's Greenest Employers ranking evaluates organizations based on their unique environmental programs and initiatives, the extent to which they have been successful in reducing their organizational environmental footprint, the degree to which their employees are involved in these programs and whether these initiatives have attracted new employees to the organization.
CIBC's key investments towards sustainability include:
- Commitment to achieve net-zero greenhouse gas emissions associated with operational and financing activities by 2050, and collaboration with carbon-intensive sectors for a successful transition.
- 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.
- $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)
- Ranked #6 in North America for renewable energy financings. (3)
- Implementing the Sustainability Issuance Framework to help mobilize capital and develop market-based solutions to support investments that shape a more sustainable economy.
- Introducing Sustainable Investment Solutions, focused on responsible investing, with a portion of revenues donated to organizations supporting climate transition activities.
CIBC's sustainability partnership commitments include:
- One of the first banks in Canada to join the RMI Centre for Climate Aligned Finance.
- 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.
- Collaborating with Export Development Canada (EDC) to expand sustainable finance solutions for Canadian businesses.
For more information about CIBC's commitment to sustainability, visit our website.
(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: Information. For transactions that closed from January 1, 2022 to December 31, 2022 (North American Renewables League Tables). |
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/ca/media-centre.
SOURCE CIBC
