Quebec-based pension fund Bâtirente is applauding CIBC for joining the Partnership for Carbon Accounting Financials.
Through the industry initiative, the bank will publish the greenhouse-gas emissions associated with its loans and investments and consider the adoption of reduction targets aligned with the Paris Agreement, according to a press release. A shareholder proposal submitted by the pension fund — which asked the bank to adopt a corporate net-zero greenhouse gas-emissions target by 2050 — was withdrawn following CIBC’s announcement in late February, the release said.
In the release, Daniel Simard, chief executive officer of Bâtirente, said the financial services sector can help accelerate de-carbonization of the economy, citing the fund’s 2020 commitment to reduce emissions and stop climate change. “Banks need to measure and then reduce the carbon footprint of their loans and investments. It’s important for Bâtirente to meet its fiduciary responsibility by taking measures to optimally allocate the capital entrusted to us.”