TORONTO, Nov. 22, 2023 /CNW/ - CIBC has been selected by the Government of Canada on its recently updated Green Bond Framework as Sole Structuring Advisor.
CIBC was selected to advise on all aspects of the updated green bond framework to align with the latest sustainable finance developments, including assistance with a second-party opinion from Sustainalytics, confirming alignment with the International Capital Markets Association Green Bond Principles 2021.
"With intensifying environmental challenges, Canada's updated green bond framework is an important step in the development of a stronger sustainable finance market," said Siddharth Samarth, Managing Director and Head, Sustainable Finance, CIBC. "As trusted advisors in helping our clients navigate a time of significant change, we're pleased to work with the Government of Canada on this important initiative. This mandate highlights CIBC's longstanding leadership in supporting evolving business needs and enabling a more sustainable future."
Recently, CIBC was named the Best Investment Bank in Canada and for Outstanding Leadership in Sustainable Infrastructure Finance by Global Finance, and received the Financial Adviser (Americas) Award by Infrastructure Journal Global in 2022 for its leading financial advisory expertise through transactions across the energy transition space.
CIBC's key investments towards sustainability include:
- Commitment to achieve net-zero greenhouse gas emissions associated with operational and financing activities by 2050. In 2022, we established interim targets for our oil and gas and power generation portfolios, against a 2020 baseline;
- 22% reduction in absolute greenhouse gas emissions (Scope 1 & 2) from operations in Canada and the U.S. since 20181. On track to reach our target of a 30% reduction by 2028; and
- $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 by 20302.
CIBC continues to invest in the energy transition system through:
- $100 million in limited partnership investments in climate technology and energy transition funds;
- Announced a new sustainable finance offering in collaboration with Export Development Canada to help support export-oriented Canadian businesses transitioning towards more sustainable operations; and
- Established multi-year partnerships with the University of Calgary, the Schulich School of Business, and McGill University to help foster the energy transition ecosystem and develop a new generation of leaders.
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Reduction in absolute GHG emissions (Scope 1 & 2) versus the baseline year of 2018. 2022 data is as of August 1, 2021 – July 31, 2022.
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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.
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Disclaimer on Forward-Looking Information
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this Report, in other flings with Canadian securities regulators or the SEC and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". This Report contains forward-looking statements including with respect to, our purpose – to help make our clients' ambitions a reality, sustainability commitments, goals and targets, as well as our environmental, social and governance (ESG) related impacts and objectives, including but not limited to, sustainable lending, data ethics, inclusion, employee engagement, inclusive banking, and our net-zero ambition for both our operational and financing activities by 2050. As we work to advance our ESG goals, external factors outside of CIBC's reasonable control may act as constraints on achieving these goals, including inflationary pressures, geopolitical risk, global supply-chain disruptions, varying decarbonization efforts across economies, the need for thoughtful climate policies globally, the availability of comprehensive and high-quality greenhouse gas emissions data, reasonably supported methodologies, deployment of new technologies and industry-specific solutions, the evolution of consumer behavior, the challenges of balancing interim emissions goals with an orderly transition, and the development of regulations and frameworks internationally. These and other factors may cause actual results to differ materially from the expectations expressed in the forward-looking statements and may require CIBC to adapt its initiatives and activities or adjust its targets. The forward-looking statements in this report are presented for the purpose of assisting clients and others in understanding our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement except as required by law.
About CIBC
CIBC is a leading North American financial institution with 13 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 www.cibc.com/ca/media-centre.
SOURCE Canadian Imperial Bank of Commerce
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