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, firstname.lastname@example.org,
www.cibc.com; Partnership for Carbon Accounting,
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To that end, Bank of America will need to eliminate greenhouse gas emissions from its own operations as well as engage with its borrowers in order to "help accelerate their own transitions to net zero." The bank notes it plans to establish interim science-based emissions targets for "high-emitting portfolios, including energy and power."
In the announcement, Bank of America laid out initial steps to cut its operational emissions by 2030, which include purchasing 100 pct zero carbon electricity and reducing energy use and potable water use by 55 pct, among other initiatives.
The bank is also set to disclose its financed emissions by 2023 through the Partnership for Carbon Accounting Financials. (Source: Bank of America, PR, Feb., 2021)
Contact: Bank of America, www.bankofamerica.com; Partnership for Carbon Accounting Financials, www.carbonaccountingfinancials.com
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Launched in 2019, PCAF will offer a consistent approach to portfolio carbon accounting that provides financial institutions the information required to inform actions and strategy, set climate targets, assess climate transition risks, and disclose progress. This approach feeds into the work of other climate disclosure guidelines and reporting initiatives, such as the Task Force on Climate-related Financial Disclosures (TCFD), Science Based Targets initiative (SBTi), and CDP, according to the release.
As of December 31, 2019, Hannon Armstrong's investments have avoided 3.2 million metric tpy of CO2e. .
The company is the first U.S. public company solely dedicated to investments in climate change solutions, providing capital to leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $6 billion in managed assets as of June 30, 2020. Hannon Armstrong's core purpose is to make climate-positive investments with superior risk-adjusted returns
(Source: Hannon Armstrong, Website, PR, Sept., 2020) Contact: Partnership for Carbon Accounting Financials, www.carbonaccountingfinancials.com; Hannon Armstrong, Jeffrey W. Eckel, CEO, . (410) 571-6189, email@example.com, www.hannonarmstrong.com
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The bank noted it is working to measure, manage and reduce the climate risk and impact of its portfolio of clients and to that end is is participating in the development and rollout of the Partnership for Carbon Accounting Financials, a framework that will help it measure the carbon footprint of its lending portfolios. Additionally, Citi is testing the methodology for the 2016 Paris Agreement Capital Transition Assessment, a tool that will enable it to look at its most carbon-intensive sectors and clients and measure their progress toward reducing global warming.
Citigroup is also aiming for a 45 pct CO2 emission reduction reduction in its operations by 2025 from a 2010 baseline and, to that end, aims to only use renewable electricity to power its facilities globally by the end of 2020.
In 2019, Citigroup assets totaled $1.951 trillion, equity totaled
$193 billion and net income came in at
$19.471 billion. (Source: Citigroup, PR, MarketScreener, 29 July, 2020) Contact: Citigroup, www.citigroup.com
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PCAF is a global partnership of financial institutions that work together to develop and implement a harmonized approach to assess and disclose the GHG emissions associated with their loans and investments.
PCAF enables transparency and accountability and will develop an open-source global carbon accounting standard for financial institutions, according to a Reuters report. (Source: PCAF, euronews, Reuters, 23 Sept., 2019)
Contact: Partnership for Carbon Accounting Financials, Giel Linthorst, Executive Director, +31 6 1136 6935,
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