The Canadian Imperial Bank of Commerce issued a EUR 500 million three-year green bond on 29 January 2024, with proceeds allocated to clean energy projects. The issuance, which falls in CIBC's 2024 fiscal year, is the bank's second green bond transaction.
Proceeds from the EUR 500 million instrument are to be allocated to eligible projects under CIBC's Sustainability Issuance Framework, which covers categories including onshore and offshore wind farms, solar power installations, and green buildings. CIBC's F24 impact report shows the proceeds of the euro bond were allocated entirely to clean energy, across 202 wind projects in Europe.
ELIGIBLE CATEGORIES
Green buildings are also an eligible category under the framework, although none of the euro bond's proceeds were allocated to them, according to CIBC's 2024 impact report.
SUSTAINABLE FINANCE TARGET
CIBC has established a long-term sustainable finance target of CAD 300 billion by 2030, covering both direct lending and capital markets activity across its business lines.