During his opening remarks at last year's COP27 conference, UN 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, noting 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 responsibility for implementing plans and pushing for a more sustainable economy and world extends to all of us, and TD takes that responsibility seriously. Understanding the bank has a leadership role to play in driving progress, while addressing our immediate and systemic social challenges, today TD has released new targets and a new framework that will help us address the expectations of our customers, colleagues and shareholders, while continuing to set an example for our peers in implementing the change we all need.
As part of our annual Environment, Social and Governance (ESG) reporting suite released today, TD is committing to new activities that can help address environmental and social, issues. TD's new Sustainable & Decarbonization Finance Target aims to mobilize $360 billion* by 2030, with a focus on supporting environmental, decarbonization and social activities through the bank's key financial activities in lending, financing, underwriting, advisory services, insurance and its own investments.
TD is on a journey toward net-zero and our Sustainable & Decarbonization Finance Target is one of the ways to highlight TD’s efforts to support our clients in the transition to the low-carbon economy and a more sustainable and inclusive future. In 2010, TD was the first North American bank to achieve carbon neutrality across our operations and in 2020 we committed to net-zero GHG emissions in our operations and financing by 2050. But we know that with the important role we play in North America's economy, we can and must do more to help those we work with reach their sustainability objectives as well.
Over the last six years, TD has put over $72 billion* toward low-carbon lending, financing, asset management and internal corporate programs. The environmental impact of that contribution is very real – estimated at over 2.7 million tons 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 $32.5 billion* 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: making a positive impact on our colleagues, communities and customers. Time is not our ally in this journey, so the important question becomes how we will each seize on our shared responsibility, show our leadership, and implement our plans for a healthier and more sustainable economy and planet.
*Based on CAD to USD conversion rate as of 3/15/2023
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