CIBC to Slash Emissions Resulting from Oil & Gas Sector Financing
Canada-based financial institution CIBC announced today a series of targets for financed emissions reductions from its activities with companies in the oil and gas sector, including both emissions generated from the upstream production and refining of oil and gas products (scope 1 and 2), as well as scope 3 emissions such as the end use of products, including fuel combustion.
The announcement follows the introduction last year by CIBC of a series of sustainability-related goals, including an ambition to reach net zero greenhouse gas emissions associated with operational and financing activities by 2050, and a target to facilitate $300 billion in sustainable finance by 2030.
The new targets, forming part of CIBC’s 2050 net zero financing pathway, include achieving a 35% reduction in operational emissions intensity (Scope 1 and 2) and a 27% reduction in end use emissions intensity (Scope 3), compared to a 2020 base year.
Victor Dodig, President and CEO, CIBC, said:
“Climate change is a critical and defining issue of our time, and CIBC is taking important steps to help mobilize stakeholders and chart a new path towards a low-carbon future. The targets we have set will be key to accelerating our actions aimed at addressing climate change, and we are committed to supporting our clients as we navigate this transition together and realize our shared ambition for a more sustainable future.”
One of the key focus areas announced last year by CIBC with the introduction of its net zero goals was a pledge to lead clients through the transition to a lower carbon economy. Along with the new goals announced today, CIBC stated that it has recently established an energy-transition investment banking group, focused on “delivering industry-leading advice and capital markets solutions to clients across the energy and infrastructure sectors.”
Harry Culham, Group Head, Capital Markets, CIBC, said:
“We’re encouraged by the commitment we’re seeing from our clients in achieving their sustainability ambitions, and our team will continue to bring the combined expertise, scale and reach to support them through the transition.”