CIBC Publishes 2022 Climate Report
The 2022 Climate Report by CIBC has been published to track the bank's advancements towards reaching its net-zero objective by 2050, amplifying climate initiatives throughout the company, and conforming to the Task Force on Climate-related Financial Disclosures (TCFD) guidelines for climate disclosure.
To report relevant climate-related information, the TCFD framework advises disclosure around four primary governance areas: strategy, risk management, metrics, and targets.
A series of guiding principles uphold this comprehensive disclosure to ensure that informative and valuable information is shared, allowing users to grasp the full extent of how climate change affects organisations. This disclosure aims to provide high-quality and practical information that can facilitate effective decision-making.
CIBC's 2022 Climate Report comprises several essential highlights, including an update on the progress towards achieving the 2030 financed emissions targets for its power generation and oil and gas portfolios.
The report also assesses climate-related risks' impacts on CIBC's lending portfolio using climate scenario analysis and heatmap assessment. The bank has enhanced its risk management approach to identify, assess, and manage climate-related risks by developing the Carbon Risk Scoring Methodology to comprehend clients' risks due to climate change.
Additionally, the report also discloses CIBC's financed emissions metrics for loan portfolios in the power generation and oil and gas sectors, as well as residential and commercial mortgages, using the Partnership for Carbon Accounting Financials (PCAF) Standard.
CIBC also continues to provide a Director Development Programme, which supports ongoing education for Board members to stay abreast of new governance practices, regulatory developments, and emerging ESG issues, including those related to climate.
Readers can learn more about CIBC's sustainability commitment and approach to net zero by accessing the 2022 Sustainability Report.
Source: CIBC
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