TORONTO, April 18,
2023 /CNW/ - For the second consecutive year, CIBC
has been named one of Canada's
Greenest Employers for 2023 by MediaCorp for its commitment to
build a more secure, equitable and sustainable future for all.
"Sustainability is at the heart of our purpose at CIBC," said
Kikelomo Lawal, Executive
Vice-President, Chief Legal Officer and Chair of the Senior
Executive ESG Council, CIBC. "This award recognizes our long-term
vision and efforts to reduce our carbon footprint and accelerate
our climate action by supporting our clients, team members and
stakeholders to prioritize sustainability in the communities where
we live and work."
The Canada's Greenest Employers
ranking evaluates organizations based on their unique environmental
programs and initiatives, the extent to which they have been
successful in reducing their organizational environmental
footprint, the degree to which their employees are involved in
these programs and whether these initiatives have attracted new
employees to the organization.
CIBC's key investments towards sustainability
include:
- Commitment to achieve net-zero greenhouse gas emissions
associated with operational and financing activities by 2050, and
collaboration with carbon-intensive sectors for a successful
transition.
- Continuing a Director Development Program that fosters ongoing
education for Board members, helping them stay current with new and
emerging governance practices, regulatory developments and evolving
ESG issues, including those related to climate.
- $112.9 billion in mobilization of
sustainable financing over the past four years towards our 13-year
goal – 37.6% of our mobilization goal. On track to reach our goal
of $300 billion (2018-2030).
(2)
- Ranked #6 in North America for
renewable energy financings. (3)
- Implementing the Sustainability Issuance Framework to help
mobilize capital and develop market-based solutions to support
investments that shape a more sustainable economy.
- Introducing Sustainable Investment Solutions, focused on
responsible investing, with a portion of revenues donated to
organizations supporting climate transition activities.
CIBC's sustainability partnership commitments
include:
- One of the first banks in Canada to join the RMI Centre for Climate
Aligned Finance.
- Member of the Partnership for Carbon Accounting Financials
(PCAF), an initiative led by the financial industry to develop a
harmonized global standard to measure and disclose greenhouse gas
emissions on loans and investments.
- Collaborating with Export Development Canada (EDC) to expand
sustainable finance solutions for Canadian businesses.
For more information about CIBC's commitment to sustainability,
visit our website.
(2)
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Sustainable financing
largely relates to client activities that support, but are not
limited to, renewable and emission-free energy, energy efficiency,
sustainable infrastructure, sustainable real estate, affordable
housing and basic infrastructure, and products such as,
sustainability-linked and green financial products. The services
offered by CIBC included in our mobilization commitment to support
these client activities include loans and loan syndications, debt
and equity underwritings, M&A advisory and principal
investments. In 2022, our methodology was updated prospectively to
include transactions relating to the affordable housing sector. The
affordable housing sector includes loans and investments that meet
our obligations under the U.S. Community Reinvestment
Act. We provided hedging solutions to our clients related to
sustainable finance activities with a notional amount of $1.56
billion in 2022 and $6.45 billion cumulative from 2018 to 2022 that
are excluded from our sustainable finance mobilization
commitment.
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(3)
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Source: Information.
For transactions that closed from January 1, 2022 to December 31,
2022 (North American Renewables League Tables).
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About CIBC
CIBC is a leading North American financial institution with
13 million personal banking, business, public sector and
institutional clients. Across Personal and Business Banking,
Commercial Banking and Wealth Management, and Capital Markets
businesses, CIBC offers a full range of advice, solutions and
services through its leading digital banking network and locations
across Canada, with offices in the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre.
SOURCE CIBC