Canadian Imperial Bank of Commerce (CIBC) has set a net-zero target and plans to achieve carbon neutrality by 2024 using a mix of renewable energy certificates and carbon removals. CIBC's latest filings mentioned the keywords 'Emissions' and 'Carbon' most number of times in relation to 'Net Zero'.

The bank's net-zero roadmap uses timeframes that align with its net-zero ambition by 2050. CIBC's intensity-based emissions targets include both financed and facilitated emissions. The bank's sustainable financing largely relates to client activities that support sectors such as 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.

CIBC's total Scope 1 and 2 absolute financed emissions for its oil and gas sector portfolio were 2,659 kilotonnes of carbon dioxide equivalents (ktCO2e) in 2021, representing a 6% decrease in emissions compared to 2020. The bank's Scope 1 emissions include direct emissions from the combustion of natural gas and fuel (oil and propane), while Scope 2 emissions include indirect emissions from the purchase of electricity, district steam, and chilled water. Total Scope 3 absolute financed emissions for oil and gas sector portfolio was 79,043 ktCO2e in 2021. CIBC uses fiscal year data to calculate its absolute financed emissions.

In order to meet its 30% GHG reduction target by 2028, the company is investing in initiatives, such as improvements to operational energy efficiency, building recommissioning and retrofitting activities, redistribution of employees to hybrid work models, and new, more efficient facilities.

In Conclusion, CIBC's financed emissions for commercial and residential mortgages were calculated using best available data from both internal and external sources. CIBC's sustainable financing largely relates to client activities that support sectors such as 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.

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