Ontario — CIBC announced its target to reduce the carbon intensity of its financed emissions in the power generation sector by 2030.
The bank says this target is further to its recent commitment to reduce the carbon intensity of its financed emissions in its oil and gas portfolio. Adding that the 2030 target for its power generation portfolio is for a 32% reduction in emissions intensity (Scope 1) compared to 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 says it is prioritizing the establishment of interim targets for financed emissions reductions in high greenhouse gas (GHG) 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.”
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 says it 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.