CIBC’s 2022 ESG Report: Building a Better Future
CIBC, one of Canada’s leading banks, has released its 2022 ESG Report, outlining its commitment to creating a more sustainable and equitable future. The report highlights CIBC’s efforts to mobilize sustainable finance, reduce its emissions intensity, and create access to opportunities for all.
One of the key goals highlighted in the report is CIBC’s commitment to mobilize $300 billion in sustainable finance by 2030. In 2022 alone, CIBC mobilized $35.9 billion in sustainable finance activities, including a lending facility for the largest solar farm in Canada and a syndicated credit facility for the First Nations Finance Authority.
CIBC is also committed to reducing its emissions intensity from its oil and gas and power generation portfolios by 2030, as part of its ambition to achieve net-zero greenhouse gas emissions from its operational and financing activities by 2050.
In addition to these environmental goals, CIBC is focused on creating access to opportunities for all, both inside and outside the bank. The bank has committed to raising its minimum hourly wage to $25 for Canada and the U.S. by the end of 2025 and has increased representation for people of color in Board-approved executive roles to 24%.
CIBC is also committed to creating shared economic prosperity through affordable housing initiatives, including providing US$129 million in annual loans in the U.S. toward the acquisition and preservation of affordable housing. The bank has also introduced new products and programs for underserved communities in banking, including a banking program designed specifically for Black-owned businesses.
As part of its commitment to building integrity and trust in a digital era, CIBC is focusing on innovation, technology, talent, and underlying processes and systems. The bank has developed its Data Ethics Impact and Risk Assessment processes to ensure transparency about how data is used and has made investments to improve its digital capabilities to enhance the value of advice it provides to clients.
CIBC’s 2022 ESG Report demonstrates the bank’s dedication to creating positive change for its clients, team, communities, and the planet. As CIBC President and CEO Victor Dodig notes in the report, “we’re committed to furthering that momentum in the years to come.” CIBC’s efforts to mobilize sustainable finance, reduce its emissions intensity, and create access to opportunities for all show that banks can play a vital role in enabling a more secure, equitable, and sustainable future.