Wins highlight commitment to making clients' ambitions a reality
TORONTO, June 29, 2023 /CNW/ - CIBC has been recognized by Global Finance as the Best Investment Bank in Canada and for Outstanding Leadership in Sustainable Infrastructure Finance at the Global Finance World's Best Investment Bank and Sustainable Finance Awards for 2023.
"We are proud to be recognized as a global leader in both sustainable infrastructure finance and investment banking," said Susan Rimmer, Managing Director and Head, Global Corporate and Investment Banking, CIBC. "This award recognizes our team and our global capabilities in supporting our clients in achieving their ambitions."
This recognition highlights CIBC's longstanding leadership in supporting our clients' evolving business needs and enabling a more sustainable future. In 2022, CIBC was a top ten financier of U.S. renewable energy projects(1), and received the 2022 Financial Adviser (Americas) Award by Infrastructure Journal Global for its leading financial advisory expertise through transactions across the energy transition space.
CIBC's key investments towards sustainability include:
- Commitment to achieve net-zero greenhouse gas emissions associated with operational and financing activities by 2050. In 2022, we established interim targets for our oil and gas and power generation portfolios, against a 2020 baseline;
- 22% reduction in absolute greenhouse gas emissions (Scope 1 & 2) from operations in Canada and the U.S. since 2018.(2) On track to reach our target of a 30% reduction by 2028; and
- $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 by 2030(3).
CIBC continues to invest in the energy transition system through:
- $100 million in limited partnership investments in climate technology and energy transition funds;
- Launched Carbonplace, a new technology platform for the voluntary carbon market. Expected to be commercial this year, CIBC will begin leveraging the platform to help its clients meet their net-zero ambitions; and
- Established multi-year partnerships with the University of Calgary, the Schulich School of Business, and McGill University to help foster the energy transition ecosystem and develop a new generation of leaders.
The Global Finance Awards recognize leadership in environmental and social sustainability financing, and highlights leading institutions' expertise, consultation and guidance for capital markets clients. Activities in 2022 were considered for both awards.
Based on the 2022 League Tables Report for Greenfield and Energy Transition Lending by New Project Media.
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.
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.
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 www.cibc.com/ca/media-centre.