CANADIAN IMPERIAL BANK OF COMMERCE By Adriano Marchese
Canadian Imperial Bank of Commerce has set a target to reduce the emissions intensity of its power generation portfolio by 32% by the end of the decade.
The Canadian financial institution said Thursday that the new target is to reduce the carbon intensity of its financed emissions in the power generation sector by 2030 compared with the base year of 2020.
This category of emissions it is targeting falls under scope 1 which include all emissions that are created by activities or assets controlled or owned by an organization.
For CIBC, these targets include the emissions associated with its corporate lending and facilitated financing. It also includes its share of actual economic allocation for equity capital markets and debt capital markets underwriting.
Moreover, the bank intends to support its clients' transition goals through its lending activity, it said.
The new targets complement CIBC's other concurrent initiatives which include increasing how much it lends under the category of sustainable financing and lowering its own greenhouse gas emissions from its North American operations.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
09-29-22 0935ET
