2021 was an inflection point for the bank, says CLO Kikelomo Lawal
CIBC Bank has released its 2021 sustainability report, providing a summary of the bank's actions to tackle urgent sustainability challenges. The report shows how CIBC is providing meaningful support and leadership, from enabling the transition to a lower-carbon future to its investments in building a more equitable society.
"2021 was an inflection point for us," says Kikelomo Lawal, CIBC executive vice-president, chief legal officer and chair of the senior executive ESG council. "We know that to further strengthen our focus and accelerate progress in an era where sustainable development has renewed urgency, we need to enhance structures, strategies and processes at CIBC. Doing so will continue to integrate our efforts and embed sustainability further into our business."
CIBC continues to seize opportunities in its sustainability efforts and manage risks in areas like sustainable finance, climate change, data ethics, and inclusion and diversity. It has also taken significant steps to enhance its environmental, social and governance framework. The bank recently announced a refocused ESG strategy built around three pillars: accelerating climate action, creating access to opportunities, and building integrity and trust.
The report highlights examples of CIBC's goals through collaboration with stakeholders to drive change and maximize impact.
"We believe that CIBC can make a positive impact in furthering sustainability by working together with our clients and all stakeholders to build on the momentum that's already gathering,” said Victor G. Dodig, CIBC president and CEO. “Given the complexity of the challenges we all face, it's the power of innovation, inclusion, and collective action that will drive us forward."
Highlights from the report include 20 percent reduction in absolute greenhouse gas emissions (Scope 1 & 2) from North American operations since 2018, and an announcement of net-zero ambition including financed emissions. It also highlights 38 percent women in board-approved executive roles on a global basis and 23 percent visible minorities in Canada.
