CIBC
Date: 2021-02-26
Following up on our 16 Dec, 2020 coverage, in Toronto, the Canadian Imperial Bank of Commerce (CIBC) reports it has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments. Using jointly developed GHG accounting methodologies will help the bank align its targets with the Paris Climate Agreement, according to the bank release.

In 2019, CIBC committed $150 billion in support of environmental and sustainable finance activities by 2027 and has to date achieved 28 pct of this goal. The bank also issued the climate-related disclosure report Building a Sustainable Future aligned with the Task Force on Climate-Related Financial Disclosures.

In 2020, CIBC issued a $500 million(US), five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control. Also in 2020, CIBC ranked among the top-tier of global banks for climate change action by the Carbon Disclosure Project (CDP).

CIBC, which recently became the first Canadian bank to join RMI's Center for Climate-Aligned Finance, has more than 10 million personal banking, business, public sector and institutional clients and $768.545 billion (Cdn) in total assets. (Source: CIBC, Website News, Feb., 2021) Contact: CIBC, Nima Ranawana, 647-456-4556, nima.ranawana@cibc.com, www.cibc.com; Partnership for Carbon Accounting, www.carbonaccountingfinancials.com

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CIBC, CDP
Date: 2020-12-16
In Toronto, the Canadian Imperial Bank of Commerce (CIBC) reports receipt of a score of A- from the CDP (fka the Carbon Disclosure Project). Improving from a B rating in 2019, this score demonstrates CIBC's progress in environmental performance and reporting. The score also places CIBC among the highest ranking Canadian financial institutions and the top-tier of global banks. As part of CIBC's commitment to support environmental sustainability initiatives, the bank's actions include:

In 2020, increased its GHG emissions intensity target for operations to 20 pct over eight years (using 2018 as a baseline).

In 2020, issued a USD $500 million, five-year green bond to help finance new and existing green projects, assets, and businesses that mitigate the risks and effects of climate change. These include renewable energy, green buildings, clean transportation, natural resource conservation, biodiversity conservation, energy efficiency, and pollution prevention and control.

In 2019, announced a target of mobilizing $150 billion in environmental and sustainable finance activities by 2027.

In 2019, issued the climate-related disclosure report Building a Sustainable Future aligned with the Task Force on Climate-Related Financial Disclosures.

In 2019, set new targets to source 100 pct of its electricity from renewable sources and become carbon neutral by 2024.

Toronto-headquartered CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients and $768.545 billion (Cdn) in total assets. (Source: CIBC, PR, 14 Dec., 2020) Contact: CIBC, www.cibc.com/en/about-cibc/corporate-responsibility/environment.html; CDP, Lance Pierce, Pres. North America, (212) 378 2086, info.northamerica@cdp.net, www.cdp.net

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