Canadian Imperial Bank of Commerce (CIBC) has made a CAD$100 million (£58.4m) commitment to invest in funds for climate technologies and energy transition.
It follows the financial services company’s pledge for net zero emissions in its operations and financing activities by 2050.
The latest announcement aims to drive the development of new climate innovations and is in addition to CIBC’s CAD$450 million (£262.8m) announced for funds focused on the venture capital and growth equity sectors last year.
Harry Culham, Group Head, CIBC Capital Markets said: “With new and intensifying environmental challenges, we believe our bank has an important role to play in supporting the acceleration of climate action through innovation across North America.
“These investments are another way we’re driving growth into new areas of the economy while helping to foster long term sustainability.”