By Adriano Marchese
Canadian Imperial Bank of Commerce said Thursday that it has set lower emissions targets for its oil and gas portfolio with the aim of reducing the carbon intensity of its financed emissions by 2030.
The Canadian financial institution said that it is planning for a 35% reduction in scope 1 and 2 operational emissions intensity--emissions which are caused directly from its operations and from the energy it sources.
CIBC said that it has a 27% reduction target for end-use emissions intensity, also known as scope 3, using 2020 as its base year of comparison.
In particular, the targets include the emissions associated with its corporate lending and facilitated financing, while helping its clients' transition goals through its lending activity it said.
"CIBC is taking important steps to help mobilize stakeholders and chart a new path towards a low-carbon future," President and Chief Executive Officer Victor Dodig said.
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(END) Dow Jones Newswires
March 31, 2022 09:29 ET (13:29 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.