CIBC releases 2024 ESG disclosures updating its progress toward a more sustainable future

TORONTO, March 10, 2025  CIBC (TSX: CM) (NYSE: CM) today released its annual environmental, social, and governance (ESG) disclosures that include the 2024 Sustainability Report and Public Accountability Statement, and the 2024 Climate Report. The disclosures provide a progress update on CIBC’s ESG strategy and outline how the bank is helping to drive positive change toward a more sustainable future.

“Banks play an integral role in fostering economic growth while enabling a more sustainable future, and our team is committed to playing our part,” said Victor Dodig, CIBC President and CEO. “Our bank is working alongside our clients to support their sustainability ambitions and those of future generations.”

Key highlights from the reports include:

Building integrity and trust:

• Continued to advance adoption of artificial intelligence (AI) tools and their governance and risk management processes across our business. This included the creation of an Enterprise AI Governance Office, and the introduction of several GenAI pilot programs, including the CIBC AI platform, which provides team members access to AI tools in a secure environment.
• Broadly recognized for our mobile banking services, acknowledging CIBC for its client experience, innovative features, security, and ease of use. These include ranking #1 overall in Surviscor’s Consumer Mobile Banking Experience, and three shared awards in Ipsos’ 2024 Customer Service Index study.

Creating access to opportunities:

• Provided more than $94 million globally to community investment initiatives, with a focus on supporting persons with disabilities, Indigenous peoples, and members of the Black community.¹
• Completed the first phase of an independent Racial Equity Assessment examining our employment policies and practices in Canada highlighting our notable strengths, and identifying opportunities where we could further enhance our efforts to be more racially equitable and inclusive. Visit our website to read the full report.
• Received the 2025 Catalyst Award, demonstrating global recognition of organizational excellence for inclusion and gender-balanced leadership. This award highlights the success of the bank’s evolved approach to inclusion and underscores our ongoing efforts to build a culture that values each team members’ uniqueness.

¹ Includes cash and in-kind contributions (including sponsorships), employee volunteerism time, management costs, and employee giving and fundraising (Team CIBC).

Accelerating climate action:

• We continue to support the development of emissions-free energy. As of October 31^st 2024, we have allocated $12.2 billion towards emissions-free power generation financing commitments².
• Developed Transition Planning Assessment and Engagement Framework, which will be implemented in fiscal 2025, to better understand our clients’ transition planning actions across our oil and gas and power generation portfolios.
• Mobilized $42.5 billion in 2024, achieving a cumulative progress of $199.8 billion toward our goal of $300 billion in sustainable finance by 2030 to help clients achieve their green, social, and decarbonization objectives³
• Recipient of six Global Finance Sustainable Finance Awards in 2024, including Best Investment Bank in Canada; Best Bank for Green Bonds, Global; and Best Bank for Sustainable Bonds, Global; among others.

² Total authorized commitment for borrowers who have 100% of power generation aligned with emissions free energy (includes borrowers with projects in construction); excludes transmission, distribution, and services.

³ Refer to CIBC’s Sustainable Finance Methodology for details on eligible green, decarbonization, and social activities and corresponding eligibility criteria, business products, and measurement methodology used for the classification of a transaction as sustainable finance. 

“In 2024, we made meaningful progress toward achieving our sustainability ambitions and furthering initiatives across our bank to contribute to a more inclusive and prosperous future,” said Kikelomo Lawal, CIBC Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council. “This progress requires collective change through collaboration and partnerships. We continue to build on our momentum and evolve our strategy on the strong foundation of engagement with our clients, team members, communities, and stakeholders.”

For more details, please refer to CIBC’s Sustainability website.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.

For further information: For further information: Erica Belling, CIBC Investor & Financial Communications, 416-594-7251, erica.belling@cibc.com

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