Initiative will see 77,000 trees planted at Munsee-Delaware Nation land
STRATHROY, ON, July 21 /CNW/ - TD Bank Financial Group (TD), in partnership with Tree Canada and the Munsee-Delaware Nation, announced today the planting of Ontario's newest carbon forest, which will see a total of 77,000 fast growing hardwood trees planted on 48 hectares of abandoned farmland on the Munsee-Delaware First Nation land in Southwestern Ontario.
"This creative partnership will help launch a new enterprise that will train our community to develop and manage carbon forests, creating jobs and a new sustainable industry, which mirrors our environmental values," said Chief Patrick Waddilove of the Munsee-Delaware Nation.
Tree planting on Munsee-Delaware Nation land is expected to be completed by August 2010. During their 31 years of growth, the trees are expected to sequester 20,000 tonnes of carbon dioxide after which they will be harvested for biofuel production. Biofuel, by replacing carbon-based energy sources (such as gasoline or coal) will further reduce emissions of carbon dioxide in the atmosphere.
"We congratulate the Munsee-Delaware First Nations and Tree Canada on demonstrating the foresight and leadership to put this thinking into practice," said Karen Clarke-Whistler, Chief Environment Officer, TD. "By finding new and creative ways to reduce energy use and greenhouse gas emissions - and connecting them to how we live and work - we're proving we can adapt to living in a low carbon economy."
This is the first carbon forest to be developed under Tree Canada's "Forest and Urban Tree Carbon Project Protocol," a comprehensive guide that details how Tree Canada accounts for the greenhouse gas value of the trees. The protocol was peer reviewed by Climate Change Central, Saskatchewan Research Council, Smart Forest Biomass Ltd., and the Université du Québec à Chicoutimi.
"We're excited to be working with TD and the Munsee-Delaware Nation to establish the first carbon forest in Canada under our new protocol," said Michael Rosen, President, Tree Canada. "This forest is an excellent example of the progressive work that corporations, not-for-profits and First Nations can accomplish by working in partnership to promote sustainable development."
The Carbon Forest is the latest in a series of initiatives TD has launched in support of its commitment to being carbon neutral. TD is using its carbon neutral initiative to promote innovative energy conservation projects with community partners. TD has partnered with, for example: Habitat for Humanity Canada, to help them build more energy efficient low income housing; and through its investment in the Greening Canada Fund, TD is helping the Toronto District School Board fund the energy retrofits of schools.
About TD Bank Financial Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Financial Group. TD Bank Financial Group is the sixth largest bank in North America by branches and serves more than 18 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Insurance; Wealth Management, including TD Waterhouse and an investment in TD Ameritrade; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank; and Wholesale Banking, including TD Securities. TD Bank Financial Group also ranks among the world's leading online financial services firms, with more than 6 million online customers. TD Bank Financial Group had CDN$574 billion in assets on April 30, 2010. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
About Tree Canada
Tree Canada is a not-for-profit charitable organization established to encourage Canadians to plant and care for trees in urban and rural environments. A winner of the Canadian Environmental Award (2007), Tree Canada engages Canadian companies, government agencies and individuals to support the planting of trees, the greening of schoolyards, and other efforts to sensitize Canadians to the benefits of planting and maintaining trees. To date, more than 76 million trees have been planted, more than 450 schoolyards have been greened, and Tree Canada has organized 8 national urban forest conferences. More information about Tree Canada is available at www.treecanada.ca.