Canadian Imperial Bank of Commerce (CIBC) has set target for net zero by 2050 and aims to achieve carbon neutrality by 2024. In 2022, the company’s scope 1 GHG emissions reported was 22,157 tCO2e, scope 2 GHG emissions (both location-based and market-based) were 27,608 and 5,139 tCO2e respectively and scope 3 GHG emissions was 17,766 tCO2e. CIBC has taken steps to reduce its emissions, including offsetting CO2 emissions from employee flights with Sustainable Aviation Fuel. The bank also focuses on sustainable financing, supporting sectors such as renewable energy, energy efficiency, sustainable infrastructure, and green financial products. CIBC plans to use a mix of renewable energy certificates and carbon removals to achieve its net-zero targets.

The bank is committed to reducing its emissions and has taken measures to achieve its net-zero targets. CIBC does not anticipate purchasing renewable energy credits or carbon offsets to reach its GHG targets, as these do not represent actual emissions reductions. To minimize the Bank's environmental impact, there is a target to reduce Scope 1 and 2 (location-based) absolute greenhouse gas (GHG) emissions from Canadian and U.S. operations by 30% by 2028, compared to a baseline set in 2018. As of 2022, the Bank has already accomplished a cumulative reduction of 22%, representing nearly three-quarters of the progress toward the established targets. The Bank has set a goal to channel $300 billion into sustainable financing activities by 2030.

CIBC calculates its financed emissions using data from both internal and external sources. However, limitations in data availability may result in a large margin of error in estimating emissions for commercial and residential mortgages. The bank aims to secure more reliable and accurate data for future disclosures. CIBC uses the Partnership for Carbon Accounting Financials (PCAF) data scoring methodology to determine the quality of its data and ensure transparency in its calculations.

In conclusion, CIBC is committed to achieving net-zero emissions by 2050 and has set specific targets for scope 1, scope 2, and scope 3 emissions. The bank has taken steps to reduce its emissions, including offsetting employee flight emissions and focusing on sustainable financing. CIBC plans to use renewable energy certificates and carbon removals to achieve carbon neutrality by 2024. The bank acknowledges the limitations in data availability for estimating emissions and aims to improve the quality of data used in its calculations.

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