Represents the bank's commitment to support clients and initiatives in shaping a more sustainable future
TORONTO, Sept. 24, 2019 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced a commitment to support $150 billion in environmental and sustainable finance activities by 2027, underscoring the bank's focus on enabling growth, and helping make Canada and North America global leaders in environmental stewardship and sustainability.
"Our bank recognizes the positive role that financial institutions can play by investing in a more sustainable future," said Harry Culham, Senior Executive Vice-President and Group Head, Capital Markets, CIBC. "Our commitment today will enable the development and implementation of new and innovative solutions for our clients to address critical environmental challenges including climate change."
CIBC is already active in environmental and sustainable finance, providing support for these initiatives through our capital markets, lending and advisory activities. In establishing a long-term target of $150 billion, CIBC is committing to mobilize the necessary capital and develop market-based solutions to support investments that address critical environmental challenges and sustainability.
"Many of our clients are leaders in driving change and creating innovative solutions to better manage our resources for the future, and we view our commitment as an opportunity to play a role in accelerating these efforts to benefit our communities," added Mr. Culham.
In addition, CIBC today released a report entitled "Building a Sustainable Future", our first climate-related disclosure report aligned with the Task Force on Climate-Related Financial Disclosures. The report highlights the bank's governance, strategy, and risk management approach to climate related issues. The report also provides specific metrics and targets for the bank to reduce our overall environmental impact and support clients in doing the same. The report is available at https://www.cibc.com/en/about-cibc/corporate-responsibility/environment/environmental-performance.html.
CIBC is a leading North American global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small 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, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html