- CIBC is committed to collaborating with carbon-intensive
sectors for a successful transition to net-zero
- Targets established to reduce Scope 1 and 2 emissions
intensity by 35% and Scope 3 emissions intensity by 27% from oil
and gas portfolio
TORONTO, March 31, 2022 /CNW/ - CIBC (TSX: CM) (NYSE: CM)
today announced targets to significantly reduce the carbon
intensity of its financed emissions in the oil and gas sector by
2030. Further to the bank's net-zero ambition associated with
operational and financing activities by 2050, CIBC is accelerating
climate action and acting on its purpose-driven strategy.
In tandem, CIBC is prioritizing its work with carbon-intensive
sectors and increasing support to help those sectors adapt as the
world transitions to a low-carbon economy.
CIBC's 2030 targets for its oil and gas portfolio:
- 35% reduction in operational emissions intensity (Scope 1 and
2); and
- 27% reduction in end use emissions intensity (Scope 3) compared
to a 2020 base year.
"Climate change is a critical and defining issue of our time,
and CIBC is taking important steps to help mobilize stakeholders
and chart a new path towards a low-carbon future," said
Victor Dodig, President and CEO,
CIBC. "The targets we have set will be key to accelerating our
actions aimed at addressing climate change, and we are committed to
supporting our clients as we navigate this transition together and
realize our shared ambition for a more sustainable future."
Working alongside its clients in achieving their net-zero
ambitions, CIBC recently created an energy-transition investment
banking group, with a global focus on delivering industry-leading
advice and capital markets solutions to clients across the energy
and infrastructure sectors.
"We're encouraged by the commitment we're seeing from our
clients in achieving their sustainability ambitions, and our team
will continue to bring the combined expertise, scale and reach to
support them through the transition," said Harry Culham, Group Head, Capital Markets,
CIBC.
CIBC's targets include the emissions associated with its
corporate lending and facilitated financing, which includes its
share of actual economic allocation for equity capital markets and
debt capital markets underwriting. CIBC recognizes that setting
net-zero targets across a set of financing activities is an
emerging practice and will continue to leverage the best available
science and follow industry standards. CIBC also intends to support
its clients' transition goals through its lending activity.
Recognizing the scale and urgency of climate change, CIBC
intends to set an additional target before the end of 2022. As a
member of the Net-Zero Banking Alliance (NZBA), the Center for
Climate Aligned Finance, the Partnership for Carbon Accounting
Financials (PCAF), and guided by the Task Force on Climate-related
Financial Disclosures, CIBC is working with its peers to bring
increased transparency to assessing and disclosing GHGs associated
with loans and investments and to transitioning these activities to
net-zero.
CIBC's efforts to accelerate climate action include:
- 20% reduction in absolute greenhouse gas emissions (Scope 1 and
2) from North American operations based on our 2018 baseline
- $34.9 billion in mobilization of
sustainable financing in 2021 – and doubled our sustainable finance
mobilization target to $300 billion
by 20301
- Top 10 in financing for the renewable energy industry across
North America2
- Launching Carbonplace, a new technology platform for the
voluntary carbon market helping companies meet their net-zero
ambitions, as part of an international joint effort by leading
global banks
- $100 million commitment in
Limited Partnership (LP) investments dedicated to investing in key
climate tech and energy transition funds
To learn more about CIBC's Net-Zero Approach, please visit:
https://www.cibc.com/en/about-cibc/corporate-responsibility/net-zero-ambition.html
__________________________
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1
|
Sustainable financing
largely relates to client activities that support, but are not
limited to, renewable and emission-free energy, energy efficiency,
sustainable infrastructure, green buildings, sustainability-linked
financings and green financial products. The products 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.
|
2
|
North American
Renewables League Tables by Inframation for transactions
closed from January 1, 2021 to September 30, 2021.
|
A NOTE ABOUT FORWARD-LOOKING STATEMENTS: 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 CIBC's Net-Zero Approach,
sustainability goals and its net-zero ambition for both its
operational and financing activities by 2050 and statements about
our financial condition, priorities, targets, ongoing objectives,
strategies and outlook. As we work to advance our environmental,
social and governance (ESG) goals, external factors outside of
CIBC's reasonable control may act as constraints on achieving these
goals, including varying decarbonization efforts across economies,
the need for thoughtful climate policies globally, the availability
of comprehensive and high-quality GHG emissions data (including
from CIBC's clients), the evolution of our lending portfolios over
time, reasonably supported methodologies, the need for active and
continued participation of stakeholders (including enterprises,
financial institutions and governmental and non-governmental
organizations), 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.
About CIBC
CIBC is a leading North American 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 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.
SOURCE CIBC