The bank will act as a limited partner in funds that back cleantech firms and those working on the transition away from fossil fuels. (The Logic)
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The bank will act as a limited partner in funds that back cleantech firms and those working on the transition away from fossil fuels. (The Logic)
Talking point: CIBC pledged in August to reach net-zero emissions in its operations and financing activities by 2050. It also said it would commit $300 billion to sustainable financing by the end of the decade. Its approach of backing cleantech funds as an LP is a vote of confidence in companies in the market which, until recently, struggled to get financing to scale. Despite plans to up its sustainable financing, the bank has faced criticism that it—as well as other big Canadian banks—continue to heavily finance the fossil-fuel industry.
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