CIBC Sets Goal to Reduce Financed Emissions from the Power Sector
Canada-based financial institution CIBC announced today the latest in a series of targets to reduce carbon intensity of financed emissions high-emitting sectors, with a new goal to reduce emissions intensity in its power generation portfolio by 32% by 2030, compared to 2020.
The announcement follows the introduction last year by CIBC of a series of sustainability-related goals, including an ambition to reach net zero greenhouse gas emissions associated with operational and financing activities by 2050, and a target to facilitate $300 billion in sustainable finance by 2030.
Kikelomo Lawal, Executive Vice-President and Chief Legal Officer at CIBC, said:
“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.”
Earlier this year, CIBC set interim financed emissions targets for the oil and gas sector, targeting a 35% reduction in operational emissions intensity (Scope 1 and 2) and a 27% reduction in end use emissions intensity (Scope 3) by 2030.
The bank’s sector targets cover the emissions associated with its corporate lending and facilitated financing, including its share of actual economic allocation for equity capital markets and debt capital markets underwriting.
CIBC stated that it is committed to collaborating with carbon-intensive sectors for a successful transition to net-zero, and that it intends to support its clients’ transition goals through its lending activity.
Harry Culham, Group Head of Capital Markets at CIBC, said:
“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. 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.”