# 2024 Sustainable Investing Report ## Table of contents | | | | | :--- | :--- | :--- | | **1.0** | **Company overview** | **3** | | 1.1 | Leadership message | 4 | | 1.2 | About CIBC Asset Management | 5 | | 1.3 | 2024 highlights | 6 | | 1.4 | Evolution of ESG at CIBC Asset Management | 7 | | 1.5 | Industry partnerships | 8 | | 1.6 | Thought leadership | 10 | | 1.7 | Our dedicated sustainable investing professionals | 13 | | **2.0** | **Sustainability framework** | **15** | | 2.1 | Our sustainability pillars | 16 | | 2.2 | Firm collaboration and responsibilities | 17 | | **3.0** | **Responsible investing policy** | **18** | | 3.1 | Background and philosophy | 19 | | 3.2 | Implementation and approach | 20 | | 3.3 | Portfolio manager due diligence and research | 22 | | 3.4 | Exclusions | 23 | | 3.5 | Case study—Our policy in action: Investment analysis of weather events | 24 | | **4.0** | **Climate action** | **27** | | 4.1 | Climate policy | 28 | | 4.2 | Industry initiatives | 29 | | 4.3 | Disclosure and reporting | 30 | | **5.0** | **Stewardship** | **31** | | 5.1 | Engagement—a vital part of our investment process | 32 | | 5.2 | Engagement in action | 33 | | 5.3 | Proxy voting | 34 | | **6.0** | **Inclusion** | **35** | | 6.1 | Creating a culture of inclusion | 36 | | 6.2 | Workforce representation | 36 | | 6.3 | Our commitments | 36 | | **7.0** | **Advancing economic reconciliation** | **38** | | 7.1 | Partnering with Indigenous Nations and communities | 39 | | 7.2 | Understanding the unique needs of Indigenous Nations and communities | 39 | | 7.3 | Commitment to reconciliation | 40 | | 7.4 | CIBC Asset Management’s 2024 progress | 41 | | **8.0** | **Sustainable investing** | **42** | | 8.1 | CIBC Sustainable Investment Strategies | 43 | | 8.2 | CIBC Sustainable Investment Solutions | 43 | | 8.3 | CIBC Clean Energy ETF | 43 | | **9.0** | **Giving back** | **44** | | 9.1 | CIBC Sustainable Investment Strategies impact donation | 45 | | 9.2 | Community impact | 46 | | **10.0** | **About CIBC** | **47** | | 10.1 | Corporate profile | 48 | | 10.2 | Sustainability at CIBC | 48 | | 10.3 | CIBC awards and recognition | 48 | --- ## 1.0 Company overview ### About this report Within this report, we provide a review of CIBC Asset Management’s firm-wide approach and commitment to sustainable investing in Canada. We provide highlights of our corporate initiatives through 2024, as well as a detailed overview of the policies and practices that guide us. All data presented is as at December 31, 2024, unless otherwise noted. --- ### 1.1 Leadership message At CIBC Asset Management, we’re focused on a culture of continuous improvement, investing in enhancements to our sustainable investing capabilities in alignment with industry developments to support our clients. In 2024, we worked to strengthen our processes and tools to support our investment teams as we seek to deliver positive outcomes for our investors. We believe that material non-financial factors present both risks and opportunities for our investments and can play a role in driving outcomes for our portfolios. By continually enhancing our integration capabilities, we are able to develop deeper investment insights, and in 2024, our focus remained on continuing our investment in tools and data to enhance our processes. We worked to improve our active ownership platform by developing formal benchmarks for identifying, escalating, and tracking material sustainability risks at our portfolio companies. Additionally, we initiated the development of a formalized approach to assessing macroeconomic sustainability factors, which will guide further research across multiple investment teams. While we are excited by the progress made in 2024, the year was not without its challenges. Developments in regulation, legislation, and disclosures have created an environment of uncertainty and noise as the industry works through its maturation process. Our approach continues to be anchored in transparency with a focus on helping our clients achieve their goals. Looking ahead, we continue to maintain our focus on providing tailored advice and solutions to clients across all channels and seek new ways to drive value and strengthen our relationships. Establishing ourselves as a trusted partner for our clients requires a deep understanding of their financial and non-financial objectives. Our ongoing commitment to sustainability enhances our ability to service and solution various client needs while supporting our investment research to drive positive outcomes for our investors. We look forward to continuing this journey together. **Doug MacDonald, CFA** Senior Vice-President & Global Head of Distribution, Chair of Responsible Investing Committee, CIBC Asset Management --- ### 1.2 About CIBC Asset Management **Discover a partnership in investment excellence** For more than 50 years$^{1}$, CIBC Asset Management has been a trusted partner of over 2 million investors and institutions worldwide looking to grow and protect their portfolios. We’re ready to help you navigate your investing journey with innovative solutions, thoughtful insights and dedicated support. **Specialized expertise** Gain access to the expertise of our seasoned investment professionals, who are committed to finding opportunities, managing risk and helping clients build resilient portfolios. **Innovative solutions** Explore the breadth and depth of our solutions, made possible by our relentless pursuit of improving investment outcomes and delivering institutional-grade capabilities for different investor needs. **Sustainability driven** We’re dedicated to addressing systemic risks by including environmental, social and governance (ESG) factors into our active ownership and investment decisions. **Our Canadian business at a glance** - **$255 billion** of assets under management$^{2}$ - **160+** highly qualified investment professionals with an average of over 17 years of industry experience - **50+** years of experience in actively managing investment mandates **Our client segments** - Personal banking: 54% - Institutional: 24% - High net worth: 14% - Independent brokerage: 5% - Online brokerage: 1% - Business banking: 1% *The total above equals 99% due to rounding. Client segment percentages calculated with assets under management.* --- ### 1.3 2024 highlights - **Enhancements to team and processes** We made new enhancements to our team and processes to support our ongoing sustainability and climate initiatives. - **Continuous improvement of ESG integration** We implemented ongoing refinements to our ESG integration processes related to country-level sustainability and physical climate risk. - **Structured active ownership platform** We developed a structured active ownership platform, including formal processes for the identification of priority issues and escalation. - **Reconciliation benchmarking exercise** We performed a comprehensive analysis of public commitments from Canadian corporate issuers regarding reconciliation. - **$65,000 impact donation** We once again extended our ESG impact by donating a portion of our Sustainable Investment Strategies management fees to the Energy Transition Centre (ETC). - **Over $200,000 in employee giving** Our team has made a lasting impact in our communities through our One for Change program, donating $209,606 in 2024 to charitable organizations that make an incredible difference. - **Awarded scholarships and internships** Proudly supported access to opportunities through scholarships and internships to students from talent segments traditionally under-represented in financial services. - **128 ESG engagements** We continue to deepen the dialogue with investee companies through ongoing engagement activities. - **Continuous team learning opportunities** We supported the ongoing training and development of our teams, including workshops focused on Indigenous perspectives, gaining new industry credentials, and hosting sustainability-focused guest speakers. --- ### 1.4 Evolution of sustainable investing at CIBC Asset Management ```mermaid timeline title Evolution of sustainable investing at CIBC Asset Management 2011 : Drawing upon 30 years of expertise in managing socially responsible investing (SRI) segregated mandates, we launched a series of SRI pooled funds 2017 : Launch of CIBC Asset Management Responsible Investing Committee : Became a Principles for Responsible Investment (PRI) signatory : Signatory to the statement on ESG in credit ratings 2018 : Development and implementation of a proprietary framework for incorporating ESG factors into equity and fixed-income investment processes 2020 : Expanded ESG coverage to global equities leveraging existing framework : Development of a proprietary process to incorporate quantitative and fundamental ESG assessments in global sovereigns 2021 : Launched CIBC Sustainable Investment Strategies : Joined Climate Engagement Canada : Signatory to Responsible Investment Association (RIA) Canadian Investor Statement on Climate Change : Signatory to RIA Canadian Investor Statement on Diversity and Inclusion 2022 : Expanded dedicated team of ESG professionals : Increased resources for disclosure and transparency requirements : Enhancements to our responsible investing policy and development of climate policy 2023 : Enhancements to our ESG integration framework for equity and credit : Published Reconciliation policy : Published inaugural Climate Report 2024 : Enhancements to team and processes to support our commitments to sustainability and climate : Ongoing refinement of ESG integration processes related to country-level sustainability and physical climate risk : Development of structured active ownership platform, including formal processes for the identification of priority issues and escalation ``` --- ### 1.5 Industry partnerships **Partnering to help build a more sustainable global financial system** In 2017, we proudly joined the United Nations-supported Principles for Responsible Investment, affirming our dedication to responsible investing. This commitment is reflected in how we manage and oversee investment products internally as well as our choice of sub-advisors. As a PRI signatory, we’re committed to the following six principles: 1. **Incorporate** Incorporate ESG issues into investment analysis and decision making processes 2. **Be active** Be active owners and incorporate ESG issues into our ownership policies and practices 3. **Seek disclosure** Seek appropriate disclosure on ESG issues by the entities in which we invest 4. **Promote** Promote acceptance and implementation of the principles within the investment industry 5. **Work together** Work together to enhance our effectiveness in implementing the principles 6. **Report** Report on activities and progress towards implementing the principles **Partnering to help build a more sustainable global financial system (cont.)** We support sustainability in our industry and we actively participate on several external committees to support this goal. - **The Responsible Investment Association** is Canada’s industry association for responsible investment. Members include asset managers, asset owners, advisors, and service providers who support our mandate of promoting responsible investment in Canada’s retail and institutional markets. - **As part of the Canadian Bond Investors’ Association**, we strive to drive positive developments in Canada’s fixed income sector. We engage with stakeholders like regulators and bond issuers—as well as other industry participants—on behalf of investors for meaningful change that will benefit the entire market. - **As a signatory to the 30% Club Canada**, we exercise our ownership rights in order to create more inclusive representation within corporate boards and executive management positions across Canada. - **The Canadian Coalition for Good Governance (CCGG)** is the pre-eminent corporate governance organization in Canada uniquely positioned to effect change as the voice of institutional shareholders that invest in Canadian public equities. - **We are proud to be a part of Climate Engagement Canada**, an initiative that connects the finance sector with corporate leaders in order to drive progress towards our collective goal of creating a net-zero economy. --- ### 1.6 Thought leadership Thought leadership is an important part of what we do. Our investment research, delivered through articles, podcasts, webcasts and speaking engagements, create educational value that helps shape the sustainable investing industry. From in-depth analysis to current events commentary, our team is dedicated to helping investors make informed decisions. > "Investors have shown a growing interest in sustainability and its impact on their investment portfolios. Our commitment to thought leadership and the delivery of timely analysis serves to inform internal and external stakeholders on emerging topics." > > **Aaron White, CIM** > Executive Director & Head, Sustainable Investing **Featured 2024 thought leadership** *Articles:* - **CIBC Asset Management article:** Responsible investing: 2023 recap and what to watch in 2024 – January 2024. Author: Nick Ciaravella, Associate, Sustainable Investing, CIBC Asset Management - **Advisor.ca article:** Developments to watch in ESG investing – March 2024. Featuring: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **CIBC Asset Management article:** Biodiversity: An emerging factor in long-term investing – April 2024. Author: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Benefits Canada article:** How will growing anti-ESG sentiment in the U.S. impact Canadian institutional investors? – April 2024. Featuring: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **CIBC Asset Management article:** The 6 themes that will influence ESG investing in 2024 and beyond – May 2024. Author: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Advisor.ca article:** Understanding biodiversity as an emerging asset class – June 2024. Featuring: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Advisor.ca article:** ESG Trends and Opportunities For 2025 – November 2024. Featuring: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management *Video and podcasts:* - **CIBC Asset Management video:** Expert Access: Taking action on sustainable investing – March 2024. Featuring: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Advisor To Go podcast:** Developments to Watch in ESG Investing – March 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Advisor To Go podcast:** Understanding Biodiversity as an Emerging Asset Class – June 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Advisor To Go podcast:** ESG Trends and Opportunities For 2025 – November 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management *Speaking engagements:* - **CIBC Private Wealth webcast:** Exploring the evolving landscape of sustainable investment and social impact – March 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **McGill ESG Spring Conference:** Sustainability Finance, Reconciliation and Indigenous Communities – Making Consultation and Consensus a Reality in Today’s Sustainable Finance Projects – March 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Canadian Investment Forum:** Currency Strategies in the Storm: Unveiling the Power of Active Currency Investing Amidst Changing Markets and Extreme Weather Events – August 2024. Speakers: Giuseppe Pietrantonio, Director & Vice-President, Multi-Asset and Currency; Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management - **Indigenomics BAY STREET 2024:** Environmental, Social, Governance and Indigenous (ESGI) session – October 2024. Speaker: Aaron White, Executive Director & Head, Sustainable Investing, CIBC Asset Management --- ### 1.7 Our dedicated sustainable investing professionals At CIBC Asset Management, we collectively integrate sustainability into investment decisions, focusing on the concerns that matter to our clients. Since 2021, we have been building a team of dedicated, specialized professionals focused solely on guiding and supporting CIBC Asset Management’s sustainable investing activities and capabilities. - **Aaron White, CIM** (Executive Director & Head, Sustainable Investing) leads the strategy, stewardship and sustainable investing initiatives across the firm globally. - **Nick Ciaravella, CFA** (Associate, Sustainable Investing) proposes, creates and manages sustainable investment solutions for prospects, clients and consultants. - **Summer Yang** (ESG Analyst, Sustainable Investing) supports the firm’s ESG activities, advancing their integration into the investment decision-making process. - **Aayush Tandon, CAIA** (Senior Credit Analyst) is a member of the Credit Research team, helping integrate climate and other ESG risk factors into fundamental credit research. --- ## 2.0 Sustainability framework ### 2.1 Our sustainability pillars - **Governance:** CIBC Asset Management has established a robust governance framework to ensure senior leadership is actively involved in the firm’s approach to ESG. The CEO and the senior executive leadership team are all members of the Responsible Investing Committee. - **Stewardship:** As a fiduciary, we have a responsibility to our clients to act in their best interest as investors. This includes meeting directly with company management and actively exercising our voting rights. - **ESG integration:** We have adopted a responsible investment policy that guides our investment and active ownership decisions. By combining financial and ESG risk analysis, we reach a deeper understanding of the investments we make. - **Investment solutions:** We believe in empowering our clients to invest in accordance with their values. This means developing strategies that incorporate strong investment outcomes together with non-financial benefits. ### 2.2 Firm collaboration and responsibilities - **Responsible Investing Committee:** Comprised of executive and senior leadership; oversees our PRI commitment; establishes firm strategy; approves policies and corporate initiatives. - **Responsible Investing Sub-Committee:** Executes on Responsible Investing Committee strategy; handles research, policy development, and industry analysis. - **Investment Team:** Conducts independent financial and ESG analysis; meets with companies on an ongoing basis; manages CIBC Sustainable Investment Strategies. - **Total Investment Solutions Team:** Conducts annual qualitative assessment of the ESG commitments of sub-advisors; establishes best practices by asset class; reviews specific cases of sub-advisor corporate engagement. --- ## 3.0 Responsible investing policy ### 3.1 Background and philosophy At CIBC Asset Management, we recognize that we have a responsibility to act in the best interest of our clients when managing their capital. We believe ESG factors create risks and opportunities for investors. Integrating an evaluation of these ESG factors into our research process plays a fundamental role when assessing the value and performance of an investment over the medium and longer term. > "At CIBC Asset Management, we are committed to the ongoing evolution of our processes and policies to align with industry best practices and the latest insights." > > **Doug MacDonald, CFA** > Senior Vice-President & Global Head of Distribution, Chair of Responsible Investing Committee, CIBC Asset Management ### 3.2 Implementation and approach **Equity and fixed income** We have implemented a rigorous procedure to integrate ESG factors in our fundamental analysis. As part of our analysis, we incorporate ESG risk assessments on companies, covering Environment (climate risk, natural resource disruption), Social (workforce management, product liability, social license to operate), and Governance (corporate behavior, audit & oversight, shareholder alignment, board committees, board composition, compensation). **Global sovereign** Our global sovereign ESG framework integrates: 1. Quantitative scoring of ESG risk factors 2. Qualitative assessment of economic risk factors, sovereign idiosyncrasies and ESG dynamics The quantitative screen evaluates: - **Environment:** Primary energy consumption, carbon emissions, renewable energy share, food production, environmental vulnerability. - **Social:** Human development, labour force growth, cultural/ethnic identity respect, youth unemployment, labour freedom, GINI, gender inequality. - **Governance:** Voice and accountability, political stability, government effectiveness, regulatory quality, rule of law, control of corruption. ### 3.3 Portfolio manager due diligence and research Our Total Investment Solutions (TIS) team researches potential portfolio managers based on organization, staff, decision making, idea generation, security selection, sell discipline, research, and portfolio construction. In addition, we perform an in-depth ESG due diligence of all prospective and existing managers, looking at their ESG integration process, active ownership policies, resources, industry collaboration, and incentives. ### 3.4 Exclusions CIBC Asset Management adheres to all regulatory requirements to exclude securities required by domestic and international law. We do not have any values-based exclusions that apply firm-wide. For certain strategies with values-based exclusions, we partner with external data providers to construct approved lists. ### 3.5 Case study: Investment analysis of weather events Extreme weather events pose significant threats to populations and economies. The Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report (AR6) clearly indicates that the world is expected to experience an increase in both frequency and intensity of these events. We have analyzed the impact of such events on currencies and sovereign economic indicators, including rainfall shocks on GDP growth per capita. --- ## 4.0 Climate action ### 4.1 Climate policy CIBC Asset Management supports the Paris Agreement. We have formally accepted that climate risk is investment risk, and we’re diligent in assessing climate risk as an extension of our fiduciary duty. We favour an active ownership approach to investing in fossil fuels, rather than divestment, to encourage better practices and transition strategies. ### 4.2 Industry initiatives - **Climate Engagement Canada:** We are a founding participant in this finance-led initiative. - **RIA Canadian Investor Statement on Climate Change:** As a signatory, we recognize the urgent need to accelerate the transition towards a net-zero economy. ### 4.3 Disclosure and reporting We developed a formal governance structure and strategy related to climate, which we disclose and update annually in the CIBC Asset Management Climate Report, following the TCFD recommendations. --- ## 5.0 Stewardship ### 5.1 Engagement—a vital part of our investment process We focus on direct interaction with management and engage on a variety of issues including strategy, financial performance, capital structure, and ESG risks. We focus on two types of engagement: those centered around strategic priorities and ad hoc engagements led by ESG risks. ### 5.2 Engagement in action - **Example #1 (Canadian consumer company):** We raised concerns regarding E. Coli within their supply chain and compensation packages for the CEO. - **Example #2 (Canadian utility company):** Following Climate Engagement Canada assessments, we engaged on disclosure gaps, transition plans, and board-level climate experience. ### 5.3 Proxy voting In 2024, our voting statistics were: - **54,230** total votable items - **88.9%** votes WITH management - **11.1%** votes AGAINST management - **5,274** proxy voting meetings --- ## 6.0 Inclusion ### 6.1 Creating a culture of inclusion At CIBC, inclusion is the cornerstone of our bank. Our objective is to build teams that reflect the clients and communities we serve. ### 6.2 Workforce representation (as at Oct 31, 2024) - **Women:** 33.7% - **People of colour:** 34.0% - **Persons with disabilities:** 10.9% - **Indigenous peoples:** 1.0% ### 6.3 Our commitments - **30% Club Canada:** We exercise our ownership rights to encourage gender-balanced leadership on corporate boards. - **Scholarships:** CIBC Commercial Banking and Wealth Management Inclusion Scholarship, CFA Scholarship for Indigenous Peoples, and Ivey Women in Asset Management Scholarship. --- ## 7.0 Advancing economic reconciliation ### 7.1 Partnering with Indigenous Nations and communities We are dedicated to supporting First Nations, Métis and Inuit communities achieve wellness and financial prosperity by managing assets with respect to culture, beliefs and values. ### 7.2 Understanding the unique needs of Indigenous Nations and communities Our Indigenous Markets Team includes key partners in Asset Management, Commercial Banking, and Indigenous Trusts. More than half of the members identify as Indigenous. ### 7.3 Commitment to reconciliation We recognize our responsibility to facilitate Call to Action 92 of the Truth and Reconciliation Commission. We commit to training our teams, understanding Indigenous perspectives, understanding UNDRIP, and engaging with investee companies on reconciliation action plans. ### 7.4 CIBC Asset Management’s 2024 progress We awarded three scholarships for Indigenous peoples, provided financial literacy sessions, participated in industry conferences (NATOA, FNMPC, Indigenomics), and benchmarked TSX-listed companies on reconciliation commitments. --- ## 8.0 Sustainable investing ### 8.1 CIBC Sustainable Investment Strategies Our fund family incorporates responsible investing principles into its fundamental objectives, reflecting the values of our clients and communities. ### 8.2 CIBC Sustainable Investment Solutions These actively managed solutions utilize our proprietary ESG analysis and portfolio construction methodology, along with customized screening in collaboration with Sustainalytics. Solutions include: - CIBC Sustainable Canadian Core Plus Bond Fund - CIBC Sustainable Canadian Equity Fund - CIBC Sustainable Global Equity Fund - CIBC Sustainable Conservative Balanced Solution - CIBC Sustainable Balanced Solution - CIBC Sustainable Balanced Growth Solution ### 8.3 CIBC Clean Energy ETF The CIBC Clean Energy Index ETF (CCLN) provides investors with broad exposure to companies that primarily operate in the clean energy sector, including: - Solar energy - Wind energy - Hydro/geothermal - Bioenergy - Energy management and storage - Electric vehicles - Fuel cell/hydrogen --- ## 9.0 Giving back ### 9.1 CIBC Sustainable Investment Strategies impact donation In 2024, we made a charitable impact donation of **$65,000** to the Innovate Calgary Energy Transition Centre (ETC). The ETC supports research and development of new energy technologies while accelerating the commercialization of innovations. ### 9.2 Community impact Through our One for Change employee program in 2024: - **48.2%** of employees participated - **147** charitable organizations impacted - **$209,606** donated by employees - **1,210** volunteer hours --- ## 10.0 About CIBC ### 10.1 Corporate profile CIBC is a leading North American financial institution with 48,000 employees providing services to 14 million clients globally. ### 10.2 Sustainability at CIBC We are guided by our purpose—to help make our clients’ ambitions a reality—by activating our resources to contribute to a more secure, equitable, and sustainable future. ### 10.3 CIBC awards and recognition Every year, CIBC is recognized by a variety of organizations for its business successes, community commitment, and employee initiatives. --- $^1$ TAL Global Asset Management Inc., a privately-owned investment manager was founded in 1972. CIBC took an ownership stake in 1994, eventually assuming 100% ownership in 2001. $^{2}$ This figure includes $50 billion in multi-asset and notional currency overlay mandates and $41 billion in 3rd party sub-advised assets. Assets shown as of December 31, 2024. $^{3}$ Engagement refers to interactions between the investor and current or potential investees on ESG issues. Engagements are undertaken to influence ESG practices and/or improve ESG disclosure. $^4$ Sustainalytics is a global leader in ESG and corporate governance research and ratings. $^5$ 5% of the management fees earned by the Canadian Imperial Bank of Commerce (“CIBC”), after payment of trailer fees, as applicable, on Series A, F and ETF series of the CIBC Sustainable Investment Strategies (the “Funds”) will be donated annually to organizations supporting climate transition activities. For the CIBC Clean Energy Index ETF, 5% of CAMI’s management fee will be donated. CIBC Asset Management Inc. (“CAMI”) will donate annually 5 bps of the assets under management of the CIBC Sustainable Investment Strategies held by CIBC Private Investment Counsel “CPIC” and Institutional clients to organizations supporting Climate Transition activities.