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CIBC Sets Goal for Cutting Emissions Intensity for Power Lending

Hydro towers at dusk in Toronto.

Hydro towers at dusk in Toronto.

Photographer: Christopher Katsarov Luna/Bloomberg

Canadian Imperial Bank of Commerce set a goal of reducing the carbon-emissions intensity of its lending to power generators, adding to targets it has already placed on the oil and gas industry.

The target entails a 32% reduction in the intensity of scope 1 emissions -- those generated by the companies themselves -- from CIBC’s loan portfolio by 2030 from decade-earlier levels, the Toronto-based bank said in a statement Thursday. Intensity refers to the amount of carbon emitted per unit of electricity generated.