TORONTO, Dec. 16, 2021 /CNW/ - CIBC (TSX:
CM) (NYSE: CM) today announced that it received a score of A-
from the CDP (formerly known as the Carbon Disclosure Project),
recognizing continued improvements to transparency and reporting on
environmental impact, and the bank's continued focus on enhancing
environmental sustainability. This score places CIBC among the
highest-ranking Canadian financial institutions and in the top-tier
of global banks.
"We are committed to playing our role in creating a more
sustainable future, and this strong rating is a reflection of the
continued investments we're making to accelerate climate action,"
said Kikelomo Lawal, Executive Vice-President and Chief Legal
Officer, CIBC. "We remain focused on working closely with our
clients to enable their sustainability ambitions, while also
delivering on operational commitments to reduce our environmental
footprint."
CIBC recently announced its ambition to achieve net-zero
greenhouse gas emissions associated with operational and financing
activities by 2050. In addition, we announced a significant
increase in our commitment to mobilizing sustainable finance to a
target of $300 billion by 2030, driven by a strong
positive response from clients and a growing opportunity in the
market to further invest in their sustainability initiatives. CIBC
currently ranks in the top 10 in financing for the renewable energy
industry across North America, a
clear indication of the progress being made in helping clients
achieve their sustainability ambitions.
"Across our team, we are working with all of our stakeholders to
help our society continue moving towards sustainable solutions,"
added Ms. Lawal.
Other key investments CIBC has undertaken in environmental,
social and governance initiatives include:
- A new Sustainability Issuance Framework to help
mobilize capital and develop market-based solutions to support
investments that shape a more sustainable economy. The Framework
replaces and updates CIBC's existing Women in Leadership and Green
Bond Frameworks to include three types of issuances: Green, Social
and Sustainability.
- Project Carbon, a voluntary carbon credit marketplace to
bring transparency to the carbon credit ecosystem, a key element in
achieving net zero targets.
- CIBC was the first Canadian bank to join the Center for Climate
Aligned Finance, focused on helping corporate clients identify
practical solutions to achieve climate goals through partnerships
with industry and policymakers.
- CIBC is also a 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.
More on CIBC's environmental initiatives and performance can be
found on CIBC's Environmental Sustainability website and
in the bank's CDP Climate Change 2021 questionnaire
response.
About CIBC
CIBC is a leading Canadian-based global financial institution
with 11 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, 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.
SOURCE CIBC