Canadian Bank CIBC announced its ambition to achieve net zero greenhouse gas emissions associated with operational and financing activities by 2050, and a significant increase in its commitment to mobilizing sustainable finance to a target of $300 billion by 2030, driven by a strong positive response from clients and a growing opportunity in the market to further invest in their sustainability initiatives.
To help achieve its net zero ambition CIBC is establishing key areas of focus, including leading our clients through the transition to a lower carbon economy; refining our operations; encouraging consumer behaviors that reduce climate impact; and sharing our progress with stakeholders.
Aligned to these areas of focus, CIBC will be setting interim targets for financed emission reduction, with reporting on key sectors beginning in fiscal 2022. In addition, CIBC will achieve carbon neutrality in its operations as of the end of 2024, including sourcing 100% of electricity for operations from renewable sources. CIBC will also encourage consumer behaviors through a Climate Ambition Hub coming soon to our website that will provide education, resources, and advice to help clients reduce their environmental impact.
"Combatting climate change is one of the most significant challenges facing society. Achieving a successful transition to a low carbon future means taking action now to drive change and establishing clear and measurable targets to drive progress over time," said Victor Dodig, President and CEO of CIBC. "Increasing our sustainable financing commitment empowers our clients to take decisive action towards achieving their sustainability goals through effective, market-based solutions, and we're encouraged by the strong response from clients as we approach this issue with a shared purpose."