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CIBC joins rivals in eschewing lending for oil and gas activities in the Arctic

Published 2020-11-20, 01:26 p/m
Updated 2020-11-20, 01:30 p/m
© Reuters.

TORONTO, Nov 20 (Reuters) - Canadian Imperial Bank of Commerce CM.TO said on Friday it will not finance oil and gas exploration or development in the Arctic National Wildlife Refuge, joining other banks in the country and globally in making an explicit change to its policy.

CIBC added the clause to its environmental policy on its website, joining rivals including Royal Bank of Canada RY.TO , Toronto-Dominion Bank TD.TO and Bank of Montreal BMO.TO , which have made similar changes in the past two months. moves are the start of a shift for Canadian lenders, which have largely continued to support the fossil fuel industry, even as global counterparts have stepped back from parts of the sector.

Canadian banks don't disclose how much they lend for projects in the Arctic. Canada in 2019 prohibited work on frontier lands in the Canadian Arctic in offshore waters.

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