Canadian bank CIBC announced today that it has joined the Partnership for Carbon Accounting Financials (PCAF), a global partnership of financial institutions with a mission to develop and implement a harmonized approach to assess and disclose the greenhouse gas (GHG) emissions associated with their loans and investments.

Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC, said:

“We are committed to taking action on environmental issues of importance to our clients and communities. Through our PCAF membership, we will focus on enhancing disclosure practices and actions that promote sustainability in a measurable and meaningful way.”

The PCAF is a global collaboration of nearly 100 financial institutions, representing roughly $20 trillion in total assets. In joining the initiative, members have committed to measuring and reporting the greenhouse gas emissions associated with loans and investments.

Nicole Labutong, PCAF North America Lead, said:

“PCAF is pleased to have CIBC join our global partnership of institutions committed to measuring financed emissions to align with the goals of the Paris Climate Agreement. CIBC’s participation demonstrates their leadership and dedication toward creating a more sustainable world.”

CIBC also announced last week that it had become the first Canadian bank to join RMI’s Center for Climate-Aligned Finance as a Strategic Partner. The center brings together financial institutions, corporates, and experts to overcome practical obstacles to climate alignment, helping to shape sectoral climate alignment initiatives for high-emitting industries and contributing to the development of global solutions, practices, and frameworks, in order to facilitate a transition in the global economy to net-zero emissions by mid-century.

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