CIBC issued its first green bond, a US$500-million offering to finance environmental projects and businesses that mitigate the effects of climate change, the bank said Monday.
The five-year bond will be used to fund renewable energy, green buildings, clean transportation and natural resource conservation, among other projects, a release said.
“Our clients are increasingly investing in the sustainability of their operations, and our green bond issuance supports these efforts while meeting the growing demand for environmentally responsible investments,” said Roman Dubczak, managing director and head of global investment banking with CIBC Capital Markets, in a statement.
CIBC follows RBC, Scotiabank and other financial institutions into the green bond market, which recorded a record-setting third quarter.