Bank also becomes a registered member of Green Bond Principles
TORONTO, Oct. 9, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) is among the top 20 greenest banks in the world according to Bloomberg Markets magazine.
CIBC's ranking follows its participation in more than C$6 billion worth of clean energy financings over the last three years. Among the notable recent financings that CIBC participated in is Project Gemini, a €2.8 billion (C$3.97 billion) offshore wind farm in the Dutch North Sea that will provide 600 megawatts of electricity to 1.5 million people annually, one of the largest projects of its kind in the world.
"CIBC is committed to supporting the development of clean energy through innovative projects around the world," says Laurie Mahon, CIBC's Managing Director and Global Head of Infrastructure Finance. "We thank our clients and industry partners for the opportunities to raise capital and help bring many important projects to fruition."
CIBC's ranking among the world's greenest banks will appear in the November issue of Bloomberg Markets magazine. The rankings are based on banks' investments and financings in clean energy projects as well as their own environmental performance.
In addition, CIBC's wholesale banking business has become a member of the Green Bond Principles (GBP) initiative. The GBP is a set of voluntary guidelines designed to promote integrity in the green bond market where capital is raised to fund projects with environmental benefits. As a member, CIBC will provide input on governance and updates to the GBP, and will help select an executive committee that oversees the principles. CIBC was previously an observer of the GBP.
Green bonds are growing increasingly popular among issuers and investors, with global issuance for the first half of 2014 reaching approximately C$22 billion, almost double the total for all of last year.
CIBC is committed to helping issuers and investors access this growing market and ensuring that funding continues to be available for important environmentally-themed projects. Underscoring that commitment, CIBC this past week was awarded its first green bond mandate as joint lead and joint bookrunner on the Province of Ontario's $500 million global green bond. Ontario's offering is the first-ever Canadian dollar green bond to be issued by a Canadian government. Proceeds of the issuance will be used to help finance the Eglinton Crosstown Light Rail Transit project in Toronto.
CIBC is also the only bank in Canada to be listed among the top 100 global companies in Newsweek's 2014 World's Greenest Companies ranking.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
For further information:
Tom Wallis, Communications and Public Affairs at 416-980-4048, [email protected].