Canadian Imperial Bank of Commerce (CIBC) has announced its ambition for net zero greenhouse gas emissions associated with its operational and financial activities by 2050.
It has also made a commitment to mobilising sustainable finance to a target of CAD$300 billion (£173bn) by 2030.
CIBC is establishing key areas of focus to achieve its goal, including leading its clients through the transition to a lower carbon economy, refining its operations and encouraging consumer behaviours that reduce climate impact.
It will be setting interim targets for financed emissions reductions and will report on key sectors starting in 2022.
CIBC is also a member of the Partnership for Carbon Accounting Financials (PCAF), an initiative led by the financial industry to develop a global standard to measure and disclose greenhouse gas emissions on loans and investments.
Last year, it issued a $500 million (£363m), five-year green bond to help finance new and existing green projects, assets and businesses that mitigate the risks and effects of climate change.
Victor Dodig, President and CEO of CIBC said: “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.
“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.”