Ontario — CIBC announced it has joined the Partnership for Carbon Accounting Financials (PCAF).
PCAF is an initiative led by the financial industry to develop a harmonized global standard to measure and disclose the greenhouse gas emissions (GHG) of loans and investments. Using jointly developed GHG accounting methodologies, PCAF will help enable CIBC to align its targets with the Paris Climate Agreement.
Its harmonized accounting approach provides financial institutions with the starting point required to set science-based targets and align their portfolio with the Paris Climate Agreement.
“We are committed to taking action on environmental issues of importance to our clients and communities. Through our PCAF membership, we will focus on enhancing disclosure practices and actions that promote sustainability in a measurable and meaningful way,” said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC.
“PCAF is pleased to have CIBC join our global partnership of institutions committed to measuring financed emissions to align with the goals of the Paris Climate Agreement,” said Nicole Labutong, PCAF North America Lead. “CIBC’s participation demonstrates their leadership and dedication toward creating a more sustainable world.”
CIBC is a North American financial institution with 10 million personal banking, business, public sector and institutional clients.