Ms. Kikelomo Lawal reports
CIBC NET-ZERO AMBITION FURTHER SUPPORTED BY ESTABLISHING 2030 TARGET FOR EMISSIONS REDUCTION FROM ITS POWER GENERATION PORTFOLIO
Canadian Imperial Bank of Commerce has established its target to reduce the carbon intensity of its financed emissions in the power generation sector by 2030. This target is further to the bank's recent commitment to reduce the carbon intensity of its financed emissions in its oil and gas portfolio.
CIBC's 2030 target for its power generation portfolio is for a 32-per-cent reduction in emissions intensity (scope 1) compared with a 2020 base year.
"We're committed to working together with stakeholders to play our part in enabling a more sustainable future, and establishing clear interim targets is an important element in achieving these long-term ambitions," said Kikelomo Lawal, executive vice-president and chief legal officer, CIBC.
Recognizing the scale and urgency of climate change, CIBC is prioritizing the establishment of interim targets for financed emissions reductions in high-greenhouse-gas-emitting sectors within its portfolio to make the most significant impact. With two interim targets now in place, CIBC is furthering its net-zero ambitions.
"We have a role to play in powering our economy today and in developing solutions that will continue to enable the transition to a low-carbon future," said Harry Culham, group head, capital markets, CIBC. "We continue to be encouraged by the commitment we're seeing from our clients as we work towards enabling a more sustainable and inclusive economy."
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.
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 greenhouse gases (GHGs) associated with loans and investments and to transitioning these activities to net zero.
CIBC's efforts to accelerate climate action include:
Targets established to reduce scope 1 and 2 emissions intensity by 35 per cent and scope 3 emissions intensity by 27 per cent from oil and gas portfolio compared with a 2020 base year;
A 30-per-cent reduction target in absolute GHG emissions from North American operations by 2028 based on CIBC's 2018 baseline;
$34.9-billion in mobilization of sustainable financing in 2021 -- and doubled the bank's sustainable finance mobilization target to $300-billion by 2030;
Ranked fourth in financing for the renewable energy industry across North America;
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.
About Canadian Imperial Bank of Commerce
CIBC is a leading North American financial institution with 13 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.
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