Banking

CIBC prepares to lower emissions strength of oil, gas loan book

Canadian Imperial Bank of Commerce prepares to cut the emissions strength of its loaning to the oil and gas sector by 2030, part of a strategy to reach net-zero emissions from its operations and funding activities by 2050.

The interim targets for the portfolio include a 35% decrease in the strength of scope 1 and 2 emissions, which are those produced by the business themselves, and a 27% decrease in the strength of scope 3 emissions, those produced by burning the fuels the business offer, according to a declaration Thursday. The objectives are set versus a 2020 standard.

Canada’s biggest banks have actually launched interim objectives for their funded emissions in current weeks, with a lot of selecting intensity-based targets that still enable overall emissions to grow and let the banks increase their loaning existence in the market. Toronto-based CIBC stated it prepares to set an extra objective by the end of the year.

“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,” Chief Executive Officer Victor Dodig stated in the declaration.

Among Canada’s 5 biggest lending institutions, just Bank of Montreal has actually set a target for outright emissions decreases in part of its loaning portfolio.



Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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