Energy Efficiency, GHG Emissions  -  April 4, 2022

CIBC Sets 2030 Goals

CIBC announced targets to significantly reduce the carbon intensity of its financed emissions in the oil and gas sector by 2030. These targets include a 35% reduction in operational emissions intensity (Scope 1 and 2); and a 27% reduction in end-use emissions intensity (Scope 3) compared to a 2020 base year.

The Canadian investment bank is also prioritizing its work with carbon-intensive sectors and increasing support to help those sectors adapt to a low-carbon economy.

"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 of CIBC in a statement. "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."

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.

The bank intends to set an additional target before the end of 2022. 

CIBC's previous efforts to accelerate climate action include:

• 20% reduction in GHG 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 2030
• Ranked in the top 10 in financing for the renewable energy industry across North America
• Launched Carbonplace, a 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

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