In 2022, as compared to our 2018 baseline, we achieved a 22.0% reduction in our absolute GHG emissions and a cumulative 73.4% of our 30% 10-year target. Furthermore, we obtained limited assurance of our 2022 Scope 1, Scope 2 and Scope 3 GHG emissions for our Canadian and U.S. operations, which represents 99% of our global footprint. For more details, refer to our Verification Statement (PDF, 100 KB) Opens in a new window..
We pursue opportunities to reduce both our direct and indirect GHG emissions throughout our network of over 1,100 branches and offices worldwide. We proactively invest in energy reduction initiatives to achieve a measurable decrease in our energy use and associated GHG emissions. Our Green Building Design criteria, including energy efficiency, are applied to new builds in our branch network and offices. We’re focused on reducing our environmental impact while improving the comfort of our employees and clients.
Renewable energy procurement
In 2019, we publicly committed to source 100% of our electricity from renewable sources and be carbon neutral by 2024. In 2022, we offset 35.2% of our electricity use in Canada and the U.S. by procuring approximately 55,000 EcoLogo-certified and 12,800 Green-e-certified renewable energy certificates (RECs).
In 2022, 13% of our occupied floor space was in Leadership in Energy and Environmental Design (LEED)-certified buildings.
The first phase of CIBC SQUARE is now ready for occupancy.. During construction, the principles of sustainable development have been at the forefront with the aim of achieving LEED Platinum certification — the highest level under the LEED green building rating system.
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We encourage our employees to consider alternatives to business travel, such as conference calls and online meetings. When travel is required, our employees are asked to combine trips and meetings to make each business trip as efficient as possible. Our travel policy also encourages employees to walk, bike, carpool and use public transportation or hotel shuttles whenever possible. To promote cycling, we’ve standardized the installation of bike racks for all new branch locations and work with our landlords to help ensure the provision of bike racks for our clients and employees. When a rental vehicle is necessary, employees are required to rent economy size or compact vehicles.