CIBC has established interim targets to reduce the financed emissions associated with our oil and gas portfolio: • We are targeting a 35% reduction in the operational emissions intensity of our oil and gas portfolio compared to a 2020 base year, including Scope 1 and 2 emissions from upstream production and downstream refining of oil and gas products. • We are targeting a 27% reduction in the end use emissions intensity of our oil and gas portfolio compared to a 2020 base year, including Scope 3 emissions from the combustion of hydrocarbon-derived fuels sold into the market. CIBC has established an interim target to reduce the financed emissions associated with our power generation portfolio. We are targeting an emissions intensity of 156 kgCO2 /MWh associated with direct Scope 1 emissions from power generation activities by 2030, which represents a 32% reduction in emissions intensity compared to our 2020 base year. Our target includes portfolio companies with owned power generation, such as independent power producers and the power generation share of combination (power and gas) utilities and integrated (generation, transmission and distribution) utilities.
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