During his opening remarks at last year's COP27 conference, United Nations Climate Change Executive Secretary Simon Stiell said we were at a transitionary moment in our journey to fight climate change, somewhere between planning and implementation.
He noted that, "The heart of implementation is everybody, everywhere in the world, every single day, doing everything they possibly can to address the climate crisis."
As the Secretary says, the work of implementing plans and pushing for a more sustainable economy and world extends to all of us, and TD takes this effort seriously.
Understanding the Bank has an important role to play in helping to drive progress as a financial institution, today TD shared its progress in its annual Environment, Social and Governance (ESG) Reporting Suite. Included in this series of reports, we published a new set of interim 2030 Scope 3 financed emissions targets for Automotive Manufacturing and Aviation sectors, as well as the new TD Pathways to Economic Inclusion – a new framework which focuses our efforts on helping to improve employment, financial and housing access.
We also announced a new Sustainable & Decarbonization Finance Target that aims to mobilize $500 billion (CAD) by 2030, with a focus on supporting environmental, decarbonization and social activities through the Bank's financial activities, including lending, financing, underwriting, advisory services, insurance, and the Bank’s own investments.
TD considers sustainable and decarbonization finance to be an important lever to support our ESG Strategy and Climate Action Plan, which has a goal of achieving net-zero greenhouse gas (GHG) emissions from its operations and financing activities by 2050. The annual progress toward this $500 billion target is one of the ways to highlight the Bank's efforts to support our clients in the transition to the low-carbon economy and a more sustainable and inclusive future.
Over the last six years, TD has put more than $100 billion (CAD) toward low-carbon lending, financing, asset management and internal corporate programs. The environmental impact of that contribution is estimated at more than 2.7 million tonnes of CO2e avoided, which is equivalent to the annual emissions from the energy use of approximately 320,100 North American homes. And our low-carbon financing activities have supported more than 268,680 jobs and contributed approximately $44.6 billion (CAD) in GDP.
The path we chart through our Sustainable & Decarbonization Finance Target and our ESG reporting suite is deliberate, incremental, forward-focused and always true to our purpose: to enrich the lives of our customers, communities and colleagues. On this journey, we know that time is of the essence, which sharpens our focus as we work to contribute to a healthier and more sustainable economy and planet.