on CIBC’s latest net-zero pledges

September 29, 2022

Unceded territories of Anishinabewaki ᐊᓂᔑᓈᐯᐗᑭ, Wendake-Nionwentsïo, Ho-de-no-sau-nee-ga (Haudenosaunee),  Mississauga, Mississaugas of the Credit First Nations (SO-CALLED TORONTO, ONTARIO CANADA) – Today, Canadian Imperial Bank of Commerce (CIBC) released its latest 2030 target for emissions reduction from its power generation portfolio.

Richard Brooks, Climate Finance Director, issued the following statement: 

“This is a real missed opportunity for CIBC to set themselves apart from their Canadian peer banks by failing to set an absolute emissions target for high-emitting energy and power clients. Climate justice and science prove we need a reduction in pollution — not more efficiently polluting fossil fuel projects. We continue to see no action on how they plan to deal with oil and gas clients, whose projects are in direct conflict with Indigenous communities; a prime case is Coastal GasLink and the Wet’suwet’en.”

CIBC is in the top 20 major global banks financing fossil fuels, and an investor behind the Coastal GasLink fracked gas and TransMountain tar sands pipelines.