TD Bank Group (TD) today issued a progress report on advancing towards a transition to a low-carbon economy in North America, a component of its corporate citizenship platform, The Ready Commitment.
In December 2017, TD set a target of a total of CAD $100 billion in low-carbon lending, financing, asset management and internal corporate programs by 2030. TD recognizes that a transition towards a low-carbon economy will likely require a few decades to achieve. Therefore, TD is taking a balanced approach by supporting conventional energy sources that fuel North America’s current economic vitality, while investing in low-carbon innovation aimed at helping enable a more inclusive and sustainable tomorrow.
The progress report quantifies the economic and environmental benefits of the Bank’s support of low-carbon initiatives, which are focused on three drivers measured across a range of market sectors:
- Low-carbon power generation;
- Energy efficiency and management; and
- Green infrastructure / sustainable land use.
As set out in this report, the Bank’s support of low-carbon initiatives totaled CAD $22 billion in fiscal 2017, the first year of the program. Based on our methodology, these initiatives:
- Supported 51,000 jobs across multiple industry sectors;
- Contributed $8.8 billion to GDP; and
- Reduced greenhouse gas emissions by 611,000 tonnes, offsetting the annual energy consumption of nearly 70,000 North American households.
“Financial institutions can play a central role in helping to achieve a balanced and measured transition towards a low-carbon economy,” said Norie Campbell, Group Head, Customer and Colleague Experience, TD Bank Group. “We are proud of our role in job creation, economic growth and environmental progress in North America.”
The TD Low-Carbon Report tracks data across key market sectors, such as Auto and Transportation, Energy, Real Estate, Recycling, Sustainable Land Use and Multi Sector. The report’s results indicate that market demand is moving to help drive capital flow to industries and initiatives supporting a low-carbon economy in North America and globally through lending, finance and investing. The full 2017 Report is available here. Progress towards this target will be reported annually and the assessment for 2018 is already underway.
The Bank’s support of low-carbon initiatives reflects on and adds to its history of concern for the environment and its ongoing support of low-carbon financing and lending activities.
- TD became the first carbon-neutral bank in North America in 2010.
- It was among the first banks to recognize climate change as a global issue that could significantly impact economic, social and environmental health.
- In 2014, TD became the first Canadian-based bank to issue a green bond.
- TD has been recognized as a top-performing Canadian bank for climate disclosure for the past five years by CDP (formerly Carbon Disclosure Project).
- TD has been listed on the Dow Jones World Sustainability Index since 2014.
- TD is one of 16 global banks participating in a pilot led by the UN Environment Programme Finance Initiative to assess climate-related impacts to business, based on the recommendations from the Task Force on Climate-related Financial Disclosures; TD is the only bank to be participating in the lending, investing and insurance pilots.
TD’s 2030 low-carbon target is part of The Ready Commitment, the Bank’s global corporate citizenship platform, which aspires to help people succeed with confidence in a changing world.
“TD is committed to supporting initiatives that help create a more vibrant planet,” said Andrea Barrack, VP Global Corporate Citizenship. “Our low-carbon investments include the planting of 1 million new trees in North America by 2030, and the support of initiatives and events that are designed to help grow and enhance green spaces so people and communities can thrive.”