Earlier today, TD issued its Environment, Social and Governance (ESG) Reporting Suite, a trio of reports published annually since 2003 that outline the Bank's continued efforts to embed ESG across its business and operations.
These reports also highlight the Bank's ongoing effort to support the transition to a low-carbon economy and advance a more sustainable and inclusive future.
"As a financial institution, business, corporate citizen, and employer, TD has a critical role to play across the economy and society," said Janice Farrell Jones, SVP of Sustainability and Corporate Citizenship.
"Our 2022 ESG Reporting Suite tells the story of how TD is helping to address the challenges associated with the transition to a low-carbon economy and how we are working to contribute to a more inclusive society for the communities in which we operate. We have learned a great deal from the work we have been doing for over a decade to help drive positive change and have measurable impacts in the lives of our customers, colleagues, and communities, and that learning underpins our ESG ambitions for 2023 and beyond."
The suite includes:
- The 2022 ESG report, which details the Bank's progress on its ESG practices over the past year and outlines efforts to continue to enhance and measure our activities.
- The 2022 Climate Action Report which illustrates the progress TD is making in managing climate-related risks and opportunities, and how the Bank continues to help support the transition to a low-carbon economy.
- The 2022 TD Ready Commitment Report, which highlights what the Bank has done through its corporate citizenship platform to help people and communities to succeed and thrive in a changing world. It also details the Bank's plans to continue to help make meaningful impact, especially on financial health, social inclusion, equitable health outcomes, and the environment.
For more information or to read the full reports, please visit our ESG microsite on TD Stories.
Five key highlights from the 2022 ESG Reporting Suite
TD has set a new $500 billion (CAD) target to support key environmental, decarbonization, and social activities by 2030
- The Bank's new Sustainable & Decarbonization Finance Target supports progress toward key sustainability objectives of TD, including climate change mitigation and adaptation and economic inclusion.
- This new target builds on the Bank's progress and marks the next phase of its ambition, having achieved the previous $100 billion (CAD) low-carbon economy target. The new $500 billion target will focus on activities that meet the eligibility criteria set out in the Sustainable & Decarbonization Finance Target Methodology.
- Those activities include:
- Environmental activities focused on helping accelerate the deployment of solutions for cleaner sources of energy, biodiversity, circular economy, and climate change resiliency and adaptation.
- Decarbonization activities focused on supporting the Bank's new and existing clients through their transition and helping TD clients decarbonize and execute against their emissions reduction plans.
- Social activities that aim to help create a more sustainable and inclusive future in areas such as affordable housing, healthcare and socioeconomic advancement, and empowerment.
TD has expanded its interim financed emissions footprint reporting and targets to support decarbonization
- As part of its Climate Action Plan, TD has expanded its Scope 3 interim financed emissions footprint reporting to include seven carbon-intensive sectors and four Partnership for Carbon Accounting Financials (PCAF) asset classes, including its business loans, on-balance sheet investments (i.e., listed equity and corporate bonds), mortgages and motor vehicle loans portfolios.
- TD has also included a second set of 2030 interim financed emissions targets for two additional sectors – Automotive Manufacturing and Aviation – as well as an update on the previously announced Energy and Power Generation 2030 interim financed emissions targets.
- TD is prioritizing these sectors to help maximize the impact of the Bank's efforts and support decarbonization across the broader economy.
- In setting the new targets, TD focused on metrics that would be most suitable to understanding the Bank's emissions and driving impact, while encouraging TD clients to grow in low-carbon areas.
TD reaffirms its commitment to help drive progress towards an inclusive and sustainable future
- The Bank has established TD Pathways to Economic Inclusion, a new social framework which focuses the Bank's efforts on three areas where the Bank believes it has the knowledge and resources to make a meaningful impact: employment access, financial access, and housing access.
- The framework will:
- Sustain and build upon the Bank's longstanding commitment to improve financial and economic inclusion;
- Focus the Bank's efforts to further embed social factors into the Bank's businesses;
- Build on diversity and inclusion, an area that is a priority for the Bank;
- Strengthen the Bank's commitment to help open doors for all members of the communities it serves.
TD continues to support community resilience and help strengthen diversity and inclusion
- TD contributed $147 million to support non-profit organizations in 2022 across its global footprint, contributing to its target of $1 billion in philanthropy by 2030.
- The Bank announced a $10 million investment in the Nature Conservancy of Canada’s work to conserve more than 350,000 acres of Boreal Forest in Northern Ontario.
- TD delivered on its 2020 commitment to double the representation of Black executives (VP and above) at the Bank in North America by the end of 2022.
ESG efforts of TD were recognized by several ESG assessment initiatives
- TD was listed on the Dow Jones Sustainability World Index for the ninth consecutive year, and TD is the only North American-based bank on the World Index.
- TD was recognized by Mediacorp as one of Canada's Greenest Employers 2022 for the 14th consecutive year.
- TD Bank, America's Most Convenient Bank® was ranked ninth on Forbes’ list of America’s Best Employers for Diversity 2022.
- TD was recognized in the Bloomberg Financial Services Gender-Equality Index for the seventh consecutive year.