Canadian Imperial Bank Of Commerce Sustainability Profile
The Canadian Imperial Bank of Commerce (CIBC), headquartered in Toronto, Ontario, is a leading financial institution in Canada, renowned for its comprehensive banking services. Founded in 1867, CIBC has evolved into a major player in the banking industry, serving millions of customers across Canada and internationally. CIBC offers a diverse range of products, including personal and commercial banking, wealth management, and investment services, distinguished by its commitment to customer service and innovative solutions. With a strong market position, CIBC has received numerous accolades for its financial performance and customer satisfaction, solidifying its reputation as a trusted partner in the financial sector.
DitchCarbon Score
How does Canadian Imperial Bank Of Commerce's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Canadian Imperial Bank Of Commerce's score of 49 is higher than 69% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Canadian Imperial Bank Of Commerce's reported carbon emissions
In 2023, the Canadian Imperial Bank of Commerce (CIBC) reported total carbon emissions of approximately 207,500,000 kg CO2e in Canada, with Scope 1 emissions at about 48,366,000 kg CO2e and Scope 2 emissions at approximately 159,134,000 kg CO2e. Globally, CIBC's emissions reached about 71,031,000 kg CO2e, comprising 21,321,000 kg CO2e from Scope 1, 25,713,000 kg CO2e from Scope 2, and 23,997,000 kg CO2e from Scope 3, which includes 6,039,000 kg CO2e from business travel. CIBC has set ambitious climate commitments, aiming for a 30% reduction in operational greenhouse gas emissions by 2028, using 2018 as a baseline. Additionally, the bank has established a goal to achieve carbon neutrality by 2024. These targets apply to both Scope 1 and Scope 2 emissions, reflecting CIBC's commitment to enhancing sustainability within its operations. The emissions data is not cascaded from any parent organization, indicating that CIBC independently reports its carbon footprint and climate initiatives.
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| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|---|
| Scope 1 | 20,623,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 32,572,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | - | - | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Canadian Imperial Bank Of Commerce's Industry?
How Carbon Intensive is Canadian Imperial Bank Of Commerce's Location?
Canadian Imperial Bank Of Commerce's Scope 3 Categories Breakdown
Canadian Imperial Bank Of Commerce's Scope 3 emissions, which increased by 35% last year and decreased by approximately 16% since 2019, demonstrating supply chain emissions tracking. A significant portion of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 34% of total emissions under the GHG Protocol, with "Business Travel" being the primary emissions source at 25% of Scope 3 emissions.
Top Scope 3 Categories
Canadian Imperial Bank Of Commerce's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Canadian Imperial Bank Of Commerce has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
