Friday, March 06, 2020
CIBC (TSX: CM) (NYSE: CM) today announced its inaugural Green Bond Framework to help mobilize capital and develop market-based solutions to support investments that shape a more sustainable economy.
The bonds offered under this new framework will help finance new and sustainable projects, assets, and businesses that facilitate the transition to a low carbon economy, including: climate change mitigation, climate change adaptation, natural resource conservation, biodiversity conservation, and pollution prevention and control.
"With new and intensifying environmental challenges, CIBC is embracing our responsibility to create a more sustainable future by facilitating investments that mitigate the risks and effects of climate change," said Harry Culham, Senior Executive Vice-President and Group Head, CIBC Capital Markets. "The new Green Bond Framework reflects the growing demand for environmentally responsible investments."
CIBC's Green Bond Framework is in line with International Capital Market Association (ICMA) Green Bond Principles 2018 and has been reviewed by Sustainalytics, an independent provider and global leader in Environmental, Social and Governance research, analysis and services to investors.
CIBC is committed to becoming a leader in environmental stewardship by supporting sustainable financing and reducing the impact of its operations. Recently, CIBC committed to mobilize $150 billion in environmental and sustainable finance activities by 2027 to support clients and initiatives in transitioning to a lower carbon economy. CIBC also recently released its climate-related disclosure report entitled "Building a Sustainable Future" aligned with the Task Force on Climate-Related Financial Disclosures, and launched a greenhouse gas (GHG) emission reduction target to improve its operational footprint, as outlined in the annual Corporate Responsibility Report.