Second-Party Opinion Download

Sustainalytics is of the opinion that the CIBC Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – (i) Renewable Energy, (ii) Energy Efficiency, (iii) Pollution Prevention and Control, (iv) Environmentally Sustainable Management of Living Natural Resources and Land Use, (v) Terrestrial and Aquatic Biodiversity Conservation, (vi) Clean Transportation, (vii) Sustainable Water and Waste Water Management and (viii) Green Buildings – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG Goals 6, 7, 11, 12, 14 and 15.

PROJECT EVALUATION/SELECTION

CIBC has established a Green Bond Council which will be responsible for reviewing, approving and monitoring Eligible Assets. The Council will be comprised of representatives from specialist teams in Treasury, Environmental Risk Management, Commercial Banking and Capital Markets. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

CIBC’s Treasury team will be responsible for tracking the net proceeds and will earmark an amount equivalent to the net proceeds for allocation to eligible green assets originated or refinanced no more than 24 months prior to issuance. Allocations will be tracked on an annual basis, and pending allocation, the net proceeds will be invested in accordance with CIBC Treasury’s existing liquidity management procedures. This is in line with market practice.

REPORTING

CIBC has committed to issuing a publicly available allocation report on its website on an annual basis and continuing until full allocation. CIBC will also provide impact reporting, where feasible, that draws on relevant quantitative performance metrics. In addition, CIBC plans to engage both an external auditor and external reviewer to assess the process to ensure that lending activities are aligned with the Framework. Sustainalytics views CIBC’s allocation and impact reporting as aligned with market practice.