CIBC Auto Finance is donating $25 to the Nature Conservancy of Canada (NCC) for every hybrid or electric vehicle financed through the company’s initiative with partner dealerships.
The CIBC Green Vehicle program was officially launched on April 22 (Earth Day) in partnership with the NCC, and runs until July 21, 2021. Eligible vehicles include Hybrid Electric Vehicles (HEV or HV), Plug-In Hybrid Vehicles (PHEV), Battery Electric Vehicles (BEV), and Fuel Cell Electric Vehicles (FCEV).
“We wanted to provide something more meaningful than just a great rate to environmental conscious clients buying green vehicles,” said Stephanie Lamb, Senior Manager of Business Development, CIBC Auto Lending. “With the donation to the Nature Conservancy of Canada, we are taking action to promote sustainability in a measurable and meaningful way.”
In May, the company published a report that briefly highlights the growth in the EV market, noting that “if the theme of if you build it, they will come, also holds for that segment of the market, fully electric vehicles will be much less of a novelty in the decade ahead.”
It is also no secret that a number of automakers, including large OEMs, are investing “hundreds of billions of dollars” to develop EVs with the expectation that there will be rapid growth in their volumes ahead, according to the report.
CIBC is also aiming to reach $150 billion for environmental and sustainable finance by 2027. In 2020, they mustered $15.7 billion in environmental and sustainable finance activities, achieving a cumulative 28 per cent of its 10-year target.