TD is proud to be the first Canadian bank to join other global banks in this commitment to develop and transparently share its Scope 3 targets, as well as a practical methodology that helps chart progress along the journey to achieve net-zero emissions by 2050.
Our 2030 financed emissions targets represent the next step forward in our net-zero commitment. We prioritized the Energy and Power Generation sectors for our initial release of 2030 interim financed emissions targets as those sectors are significant contributors to current global emissions. As a result, these targets will help spur large-scale transformation of the global energy supply away from fossil fuels and towards low-carbon solutions.
Our approach to developing financed emissions targets builds on existing industry frameworks, as per the IEA WEO (International Energy Agency World Energy Outlook) scenario, and is utilized by financial institutions in aligning their financing activities with the Paris Agreement. Setting emissions reduction targets requires a number of scoping and methodology decisions. Find out more about these financed emissions targets, how we’re focusing on an initial set of high-emitting sectors, and our guiding principles in our Target-Setting Methodology Paper.