TD Bank Group (No. 38 on the Fair360, formerly DiversityInc Top 50 Companies list) has announced a set of initiatives to advance the low-carbon economy of the future.
These initiatives include a target of CDN$100 billion in low-carbon lending, financing, asset management and other programs by 2030. TD is taking clear steps to help accelerate the development of a low-carbon economy, while recognizing the importance of responsibly developing conventional energy, vital to North America’s economic strength and security.
“Our economy is changing and TD intends to fully participate” said Bharat Masrani, Group President and CEO, TD Bank Group. “The initiatives outlined today build on our heritage of environmental and financial leadership to further advance a sustainable and prosperous future, where communities thrive economically and environmentally for both the short and long-term.”
TD’s low-carbon initiatives to support the $100 billion target include:
- Work with companies, ventures and projects that are driving innovation and contributing to carbon emissions reduction, energy-efficient housing and urban green space enhancement.
- Accelerate the low-carbon economy including renewable and clean energy technologies, businesses and processes through TD’s low-carbon lending, financing, asset management (in accordance with TD Asset Management’s sustainable investing approach) and other programs.
- Foster understanding and dialogue through research, publishing and conversations to help society and the economy make a successful transition.
- Enhance focus on successful green bonds strategy, (issuing, underwriting and investing) to support projects that provide both economic growth and environmental benefit.
- Build on a 7-year track record of carbon neutrality to further reduce TD’s carbon footprint.
- Plant 1 million new trees in communities in North America, more than doubling the number planted since 1990.
“TD is demonstrating the crucial role that financial institutions can and should play in supporting economic prosperity and transformational technology. We are determined to identify and advance initiatives with positive impact for society and our economies,” said Norie Campbell, Group Head, Customer & Colleague Experience, TD Bank Group.
TD was among the first in the banking industry to recognize climate change as an economic and environmental megatrend. This understanding has served as the foundation for TD’s expanding focus on low-carbon initiatives.
TD Milestones
- 2009: TD Economics issues its first paper on carbon pricing
- 2010: First major North American-based financial institution to become carbon neutral
- 2013-2017: Recognized as a top performing Canadian bank for climate disclosure by CDP
- 2013-2017: Listed on DJSI World Sustainability Index; only Canadian bank last 3 years
- 2014: First Canadian bank to issue a green bond
- 2015: Joined RE100; met our 100% renewable electricity commitment
- 2016: Reduced TD’s GHG emissions by 24% since 2008
- 2016: Helped protect 60,000 acres of critical forest habitat in the past five years and helpe plant 900,000 trees since 1990
- 2016: TD Securities participated in $6.5 billion of green bond underwriting since 2010
- 2017: TD Friends of the Environment Foundation enters its 27th year with the support ofmore than 180,000 donors, having providedapproximately $82 million toover 24,000 environmental projects and programs across Canada.
- 2017: Issued US$1 billion green bond, TD’s first in the United States
- 2017: One of 16 banks around the world committed to pilot the recommendations of the Task Force on Climate-related Financial Disclosures under the leadership of the United Nations Environment Programme Finance Initiative
- 2017: TD achieves 249 LEED-certified locations in North America
Surveys conducted for TD by Environics Research found that a majority of people in the U.S. and Canada are concerned about climate change, but most don’t have a clear understanding of the low-carbon economy and how it has the potential to shape the future over the next several decades.
- Over 70 percent of people surveyed in Canada and 60 percent of people surveyed in the U.S. feel poorly informed about climate change and energy issues
- The majority of people surveyed in both Canada and the U.S. consider environmental concerns a priority
- More than half support responsible energy development to meet existing energy demands.
