CIBC joins Partnership for Carbon Accounting Financials
TORONTO, Feb. 24, 2021 /CNW/ – CIBC (TSX: CM) (NYSE: CM) currently announced it has joined the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the fiscal marketplace to build a harmonized world-wide standard to evaluate and disclose the greenhouse fuel emissions (GHG) of financial loans and investments. Making use of jointly created GHG accounting methodologies will enable allow CIBC to align its targets with the Paris Weather Settlement.
“We are dedicated to getting action on environmental challenges of relevance to our shoppers and communities. By way of our PCAF membership, we will focus on improving disclosure techniques and steps that promote sustainability in a measurable and meaningful way,” said Kikelomo Lawal, Government Vice-President and Main Legal Officer, CIBC.
“PCAF is pleased to have CIBC sign up for our international partnership of establishments dedicated to measuring financed emissions to align with the aims of the Paris Weather Agreement,” mentioned Nicole Labutong, PCAF North The usa Lead. “CIBC’s participation demonstrates their management and determination towards building a additional sustainable planet.”
CIBC’s the latest highlights and steps towards a sustainable future contain: 
- A short while ago became the initial Canadian bank to be part of RMI’s Centre for Weather-Aligned Finance.
- In 2019, CIBC fully commited $150 billion in support of environmental and sustainable finance pursuits by 2027 and has realized 28 per cent of this objective.
- In 2020, issued a US$500 million, five-12 months inexperienced bond to aid finance new and present eco-friendly projects, property, and organizations that mitigate the hazards and outcomes of climate modify. These include renewable energy, inexperienced buildings, thoroughly clean transportation, all-natural useful resource conservation, biodiversity conservation, power performance, and air pollution avoidance and management.
- Also in 2020, CIBC Asset Administration dedicated to the Responsible Investment Association’s investor assertion on diversity and inclusion.
- Ranked among the best-tier of world-wide banks for local climate transform motion by the Carbon Disclosure Task (CDP).
- In 2019, issued the climate-linked disclosure report “Creating a Sustainable Potential,” aligned with the Task Drive on Local climate-Associated Economical Disclosures.
Sustainability is at the heart of CIBC’s objective: to aid make ambitions a fact. Guided by this objective, CIBC integrates sustainability into every facet of its company, concentrating on environmental, social and governance (ESG) issues of worth to its customers and communities.
Additional on CIBC’s sustainability techniques can be discovered in the Sustainability Report.
About CIBC
CIBC is a primary North American economic institution with 10 million personal banking, business enterprise, general public sector and institutional clients. Across Individual and Company Banking, Business Banking and Prosperity Management, and Money Markets organizations, CIBC offers a comprehensive vary of information, alternatives and solutions as a result of its major digital banking network, and areas across Canada with places of work in the United States and all-around the environment. Ongoing news releases and much more details about CIBC can be observed at www.cibc.com/en/about-cibc/media-centre.html.
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