Establishing clear interim targets will help achieve long term ambition, says CLO, Kikelomo Lawal
CIBC has announced its target to reduce the carbon intensity of its financed emissions in the power generation sector by 2030. This target is further to the bank's recent commitment to reduce the carbon intensity of its financed emissions in its oil and gas portfolio.
CIBC's 2030 target for its power generation portfolio is for a 32% reduction in emissions intensity compared to a 2020 base year.
"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," said Kikelomo Lawal, executive vice-president and chief legal officer at CIBC. Lawal is also responsible for leading the development of the environmental, social and governance strategy across the bank.
CIBC is prioritizing the establishment of interim targets for financed emissions reductions in high greenhouse gas emitting sectors within its portfolio to make the most significant impact. With two interim targets now in place, CIBC is furthering its net-zero ambitions.
CIBC's targets include the emissions associated with its corporate lending and facilitated financing, which includes its share of actual economic allocation for equity capital markets and debt capital markets underwriting. CIBC recognizes that setting net-zero targets across a set of financing activities is an emerging practice and will continue to leverage the best available science and follow industry standards. CIBC also intends to support its clients' transition goals through its lending activity.
CIBC is working with its peers to bring increased transparency to assessing and disclosing greenhouse gasses associated with loans and investments and to transitioning these activities to net-zero.