CIBC is to set commitment to mobilize sustainable finance to target of $300 billion by 2030. To achieve its net zero ambition CIBC is setting up key areas of focus, along with leading clients via the transition to a lower carbon economy; refining operations; encouraging consumer behaviours that lessen climate impact; and sharing development with stakeholders. CIBC will fund emission reductions, with reporting on key areas, starting in fiscal 2022. In addition, CIBC to achieve carbon neutrality in its operations by the end of 2024, and to source 100% electricity from renewable sources.
Bank recently announced to join the Carbon Accounting Finance Partnership (PCAF), to develop and implement a significant approach for assessing and revealing greenhouse emission (GHG) associated with their loans and investments leading to net zero emission in financial activities. Moreover, CIBC will promote consumer behaviour through the new Climate Ambition Hub on their website, providing training, resources and recommendation to assist customers cut back their environmental impact.
Victor Dodig, President and CEO of CIBC said “Combatting climate change is one of the most significant challenges facing society. Achieving a successful transition to a low carbon future means taking action now to drive change, and establishing clear and measurable targets to drive progress over time. He further added “Increasing our sustainable financing commitment empowers our clients to take decisive action towards achieving their sustainability goals through effective, market-based solutions, and we’re encouraged by the strong response from clients as we approach this issue with a shared purpose.”