Canadian Imperial Bank of Commerce (CM) announced Thursday it has obtained an A- rating from the CDP (formerly the Carbon Disclosure Project).
Investing in Sustainability
This score highlights the bank’s continued improvements in transparency and reporting on its environmental impact, as well as its continued efforts to strengthen environmental sustainability.
The result places CIBC among the top-rated Canadian financial institutions, and among the best performing global banks.
CIBC recently announced its goal of zero net greenhouse gas emissions associated with its operations and financing activities by 2050. In addition, the bank announced a significant increase in its commitment to sustainable financing, raising its target to C$300 billion by 2030, driven by very positive customer response and a growing opportunity in the market to invest more in sustainability initiatives.
CIBC’s current position, among the top 10 in North America for renewable energy financing, reflects its clear progress in helping clients achieve their sustainability goals.
Management Commentary
“We are committed to playing our role in creating a more sustainable future, and this strong rating is a reflection of the continued investments we’re making to accelerate climate action,” said Kikelomo Lawal, Executive Vice-President and Chief Legal Officer, CIBC. “We remain focused on working closely with our clients to enable their sustainability ambitions, while also delivering on operational commitments to reduce our environmental footprint.”
Wall Street’s Take
On December 8, Canaccord Genuity analyst Scott Chan maintained a Buy rating on CM with a C$161 price target. This implies 11.1% upside potential.
Overall, consensus among Wall Street analysts is that CM is a Strong Buy based on seven Buys. The average Canadian Imperial Bank of Commerce price target of C$166.06 implies 14.6% upside potential to current levels.
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