The Canadian Imperial Bank of Commerce (CIBC) has made significant steps to reduce its environmental impact by 2027 through funding and operational support of sustainable activity
The global bank, based in Toronto, announced its intention to commit CA$150bn to environmental and sustainability initiatives by 2027.
"Our bank recognizes the positive role that financial institutions can play by investing in a more sustainable future," said Harry Culham, Senior Executive Vice-President and Group Head of Capital Markets at CIBC. "Our commitment today will enable the development and implementation of new and innovative solutions for our clients to address critical environmental challenges including climate change."
CIBC is a global financial institution with 10mn personal banking, business and public sector, and institutional clients. CIBC offers a range of advice, solutions and services through a leading digital banking network, established globally.
This is not CIBC’s first involvement in sustainable finance; it has already supported activity through its capital markets, lending and advisory activities. The $150bn emphasiszs the bank’s commitment to making use of its considerable capital to develop solutions that confront environmental challenges across industry sectors.
"Many of our clients are leaders in driving change and creating innovative solutions to better manage our resources for the future, and we view our commitment as an opportunity to play a role in accelerating these efforts to benefit our communities," added Mr. Culham.
In conjunction with the announcement, CIBC also released a report entitled “Building a sustainable future”; the first climate-related disclosure report aligned with Task Force on Climate-Related Financial Disclosures. The report describes the bank’s approach to climate related issues in governance, strategy and risk management. The report outlines the specific metrics that the bank wishes to target and reduce its overall environmental impact, and encourages clients and partners to do the same.