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CIBC Plans to Reduce Emissions Intensity of Oil, Gas Loan Book

CIBC To Double Venture-Lending Unit's Staff As Startups Boom
Photographer: Della Rollins/Bloomberg

Canadian Imperial Bank of Commerce plans to cut the emissions intensity of its lending to the oil and gas sector by 2030, part of a plan to reach net-zero emissions from its operations and financing activities by 2050.

The interim targets for the portfolio consist of a 35% reduction in the intensity of scope 1 and 2 emissions, which are those produced by the companies themselves, and a 27% reduction in the intensity of scope 3 emissions, those generated by burning the fuels the companies sell, according to a statement Thursday. The goals are set against a 2020 baseline.