CIBC collaborates with EDC to expand sustainable finance solutions for Canadian businesses

ESG
13/03/2023 News

CIBC announced a new sustainable finance offering in collaboration with Export Development Canada (EDC) to help support export-oriented Canadian businesses transitioning towards more sustainable business operations.

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The Sustainable Finance Guarantee (SFG) pilot program is a risk-sharing solution aimed at helping with lending activities that contribute to decarbonizing the economy, and will provide up to $1 billion in financing over the next three years. The SFG program furthers the bank's ongoing work with EDC and advances CIBC's sustainability efforts.

"We're committed to supporting our clients on their sustainability journey and offering the Sustainable Finance Guarantee program will help Canadian businesses access the capital they need to reduce their carbon footprint," said Siddharth Samarth, Managing Director and Head, Sustainable Finance, Capital Markets, CIBC. "We're working together with our clients and stakeholders to drive change within our communities, and achieve our shared ambitions for a more sustainable future."

"CIBC is a long-standing, valued partner for EDC and their commitment to this initiative will enable us to continue working together to help Canadian companies compete in foreign markets," said Lorraine Audsley, Senior Vice-President and Chief Sustainability Officer, EDC. "We both recognize there's an urgent need to transition to lower carbon practices to combat climate change. By leveraging our Sustainable Financing Guarantee pilot, we can help more companies invest in sustainable activities to reach their energy and carbon-reduction goals. Together we will help Canadian companies prosper internationally as the world transitions to a more sustainable future."

Recent CIBC efforts towards accelerating climate action include:

• $300 billion commitment in sustainable finance mobilization by 2030, focused on addressing environmental and social issues and promoting sustainability

• $100 million commitment in limited partnership investments in climate technology and energy transition funds

• Launching Carbonplace, a new technology platform for the voluntary carbon market helping companies meet their net-zero ambitions, as part of an international joint effort by leading global banks

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