The Candian Imperial Bank of Commerce (CIBC) announced it will support $150bn in environmental and sustainable finance activities by 2027.
CIBC hopes this will help to make Canada and North America global leaders in environmental stewardship and sustainability.
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Harry Culham, Senior Executive Vice-President of Capital Markets at CIBIC, said: “Our commitment today will enable the development and implementation of new and innovative solutions for our clients to address critical environmental challenges including climate change.
“Many of our clients are leaders in driving change and creating innovative solutions to better manage our resources for the future, and we view our commitment as an opportunity to play a role in accelerating these efforts to benefit our communities.”
This comes after the recent UN Climate Action Summit where increasing pressure was put on global leaders to act.
The Canadian bank has previous experience in providing support for environmental initiatives through capital markets and lending and advisory activities.
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By GlobalDataThe $150bn target will help CIBC to mobilise capital and develop market-based solutions to support investments addressing environmental challenges.
In addition, CIBC released a climate-related disclosure report entitled ‘Building a Sustainable Future’. The report highlighted the bank’s governance, strategy, and risk management approach to climate related issues.
It also provides specific targets for the bank to reduce its overall environmental impact and support clients. These include managing greenhouse gas emissions as well as recycling technology and issuing it to institutions like schools.
Other CIBC news
Earlier this year, CIBC partnered with the National Australian Bank (NAB) and Israel’s Bank Leumi to launch an online portal to encourage collaboration with fintechs.
Additionally, it unveiled a new online banking platform to boost efficiency for business clients. The platform allows integrated banking, accounting and payrolls all in one benefiting SMEs.
