Potential offtaker

Canadian Imperial Bank of Commerce


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Countries of production presence


The Canadian Imperial Bank of Commerce (CIBC) is a leading financial institution in Canada that operates in the diversified banks sector. With a history dating back to 1867, CIBC has grown to become one of the largest banks in Canada, offering a wide range of financial products and services to its customers. The bank has a strong focus on sustainability and has made significant efforts towards decarbonisation and the adoption of renewable energy.

CIBC has recognised the importance of reducing its carbon footprint and has set ambitious targets to achieve this. The bank has committed to reducing its greenhouse gas emissions by 40% by 2025, compared to its 2018 baseline. To achieve this, CIBC has implemented a number of initiatives, including the adoption of renewable energy and the implementation of energy-efficient technologies.

One of the key ways in which CIBC is working towards decarbonisation is through the use of corporate power purchase agreements (PPAs). A corporate PPA is an agreement between a company and a renewable energy provider, whereby the company agrees to purchase a certain amount of renewable energy over a specified period of time. By entering into a corporate PPA, CIBC is able to support the development of renewable energy projects and reduce its reliance on fossil fuels.

CIBC has already signed several corporate PPAs, including agreements with wind and solar energy providers. In 2019, the bank signed a 20-year agreement with BluEarth Renewables to purchase 75% of the output from the 23 MW Bull Creek Wind Facility in Alberta. This agreement will enable CIBC to reduce its greenhouse gas emissions by approximately 9,000 tonnes per year.

In addition to corporate PPAs, CIBC is also investing in renewable energy projects. The bank has provided financing for a number of renewable energy projects, including wind and solar farms. In 2018, CIBC provided financing for the 100 MW Northland Power Solar Project in Ontario, which is one of the largest solar projects in Canada. This project will generate enough electricity to power approximately 17,000 homes and will reduce greenhouse gas emissions by approximately 72,000 tonnes per year.

CIBC is also committed to reducing its energy consumption and has implemented a number of energy-efficient technologies in its buildings. The bank has installed LED lighting, motion sensors, and building automation systems to reduce energy consumption and improve efficiency. In addition, CIBC has implemented a green building policy, which requires all new buildings and major renovations to meet LEED (Leadership in Energy and Environmental Design) certification standards.

CIBC has also implemented a number of initiatives to encourage its employees to adopt sustainable practices. The bank has launched a green team program, which encourages employees to take action on environmental issues and provides them with resources and support to do so. The bank has also implemented a telecommuting program, which enables employees to work from home and reduce their carbon footprint.

Overall, CIBC is a leader in sustainable banking and is making significant efforts towards decarbonisation and the adoption of renewable energy. The bank's commitment to reducing its greenhouse gas emissions and investing in renewable energy projects demonstrates its dedication to sustainability. By adopting sustainable practices and supporting the development of renewable energy, CIBC is helping to create a more sustainable future for Canada and the world.

✓ Declared Net Zero commitment