Caroline Cruickshank, director, sustainability advisory, at CIBC.Supplied
Caroline Cruickshank enjoyed a long career in international banking, during which she gained experience with sustainable products, before starting down a new path in a different sector in 2019. Three years later, she returned to her professional roots and joined CIBC in a role where she could continue to support sustainability and the transition to clean energy activities.
“I appreciate the importance of financial markets’ contributions in the transition to a low-carbon economy,” says Cruickshank, director, sustainability advisory group, CIBC Capital Markets. “This role gives me an opportunity to support our clients through this transition.”
CIBC participates in many energy financing transactions – supporting innovative deals and serving a wide range of clients.
“We have built a growing renewables franchise, providing our clients with expert advice, access to capital, and market- based solutions,” says Tom Heintzman, vice chair, energy transition and sustainability. “We’re ranked seventh in North America by IJGlobal for financing renewable energy projects in 2024. We’re right up there with the biggest global banks operating in the United States.”
The bank also set a goal of mobilizing $300 billion toward sustainable finance activities and services by 2030 (2018-2030) and it is well on its way to meeting that target. For more details, the Sustainable Finance Methodology can be found on the company’s website. “This includes money that we lend,” Heintzman says. “It’s also money we raise for others. Sometimes we’re acting as an adviser and we’re raising capital for companies for sustainable investment purposes.”
In 2025, CIBC was recognized by ‘Global Finance’ magazine’s Sustainable Finance Awards for Best Sustainable Finance Bank in Canada, Best Bank for Green Bonds in North America, and Best Bank for Sustaining Communities in North America.
“We’re constantly looking at new opportunities,” says Heintzman. “We’re financing large EV charging networks in the U.K., providing financing and advice to various players throughout the EV supply chain, as well as large carbon capture and storage projects in Europe and North America.
“It doesn’t matter where companies are on the spectrum,” he says. “We serve both mature energy players and young companies that are producing next-generation technology.”
Cruickshank is part of the team supporting advisory work. This includes developing thought leadership on sustainability and energy transition to help clients navigate the complexities of the landscape. “I manage a podcast channel called the Sustainability Agenda that was launched in 2021,” she says. “We have more than 80 episodes which have generated over 30,000 downloads. This is just one way we deliver subject matter expertise.”
Her group also produces video webcasts and a monthly newsletter discussing sustainability issues, and organizes two key conferences per year, including an upcoming electrification summit that is expected to attract global participation.
“We’re helping our clients understand the importance of electrification in decarbonizing business operations and supply chains,” Cruickshank says. “The opportunity is notable with energy transition investments reaching $2.1 trillion USD globally last year, more than double since 2020.”
Heintzman points out that, despite ebbs and flows, the energy transition continues to advance. “This is a megatrend that everybody recognizes is happening,” says Heintzman. “For many people, it’s important to understand that the energy transition is under way and will most likely continue for much of their careers. There’s an opportunity to get in at a relatively early stage and have a great career with the wind at your back, both literally and metaphorically.”
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