TORONTO, March 9, 2022 - With the release of its annual Environmental, Social and Governance (ESG) Reporting suite, today TD disclosed net-zero aligned 2030 interim financed emissions targets for two high-emitting sectors, Energy and Power Generation. TD's 2021 ESG Report, 2021 TD Ready Commitment Report and 2021 Climate Action Plan: Report on Progress and Update on TCFD reflect the Bank's ongoing commitment to keeping stakeholders informed of its ESG progress.
TD is proud to join select global banks in this commitment to develop and share its interim Scope 3 financed emissions targets. In a new paper (Advancing Our Climate Action Plan: Methodology for TD's Interim Financed Emissions Targets) also released today, the Bank provides its methodology to help chart its progress along its journey to achieve net-zero greenhouse gas (GHG) emissions by 2050.
TD is dedicated to supporting climate goals and, in 2020, became the first Canadian major bank to set a bold target to achieve net-zero GHG emissions associated with its operations and financing activities by 2050. The interim targets released today extend beyond the Bank's own operations and include its "financed emissions," or the emissions of the companies to which the Bank provides and facilitates capital.
"As one of the largest banks in North America, we can play a critical role in helping to create a more inclusive and sustainable future. This is core to our purpose as an organization and while not new to us, as we confront the pressing challenges presented by climate change, the importance of this work is amplified," said Norie Campbell, Group Head and General Counsel, TD, and Chair of the Bank's ESG Senior Executive Forum. "Our interim Scope 3 targets represent a significant step forward, turning our commitments into action to support the ambitious climate goals we have set."
TD is taking meaningful actions, with a focus on building momentum around ESG and accelerating progress toward our collective goals. The Energy and Power Generation sectors were prioritized because they are significant contributors to current global GHG emissions and to the transformation of the global energy supply away from fossil fuels and towards low-carbon solutions.
"We will make an impact and drive progress toward net zero, both in our own operations and by supporting our clients as they work to reduce their emissions," said Janice Farrell Jones, SVP, Sustainability and Corporate Citizenship, TD. "Contributing to a more sustainable future isn't just the right thing to do, it's the right foundation for future growth, for TD and for the broader economy—and tackling climate change is central to this. Our interim Scope 3 targets represent our next phase of progress in our Climate Action Plan."
As TD executes on these targets, the Bank will use a client engagement-centred approach to support clients in their low-carbon transition, helping to drive change and continued progress. The Bank also recognizes that a significant upscaling of renewable energy in these sectors and in downstream sectors, such as industry and transport, is necessary for the decarbonization of the broader economy. That's why the Bank has set these sector targets, which are Paris-aligned, based on the International Energy Agency's Net-Zero Emissions by 2050 Scenario, and informed by leading industry guidance, including the United Nations-convened Net-Zero Banking Alliance (NZBA) and the Partnership for Carbon Accounting Financials (PCAF).
"Across our businesses, TD is a trusted partner and advisor to our clients as they advance their transition plans," added Riaz Ahmed, President and CEO, TD Securities. "We're focused on engaging with our clients to develop and implement holistic ideas and solutions that help them capture the opportunities of the low-carbon economy to help ensure they are well-positioned for the future."
2021 Performance and Progress:
Also released today, TD issued its 2021 ESG Report and TD Ready Commitment Report. Both reports describe how the Bank accelerated its efforts and broadened its positive impact through a second year of significant disruption related to the COVID-19 pandemic. These highlights include:
- Contributed more than $125 million directly to the non-profit and charitable sector through the TD Ready Commitment and signature initiatives such as the annual TD Ready Challenge and Housing for Everyone competitions to help support an inclusive recovery to the pandemic and help build a more sustainable and equitable future for all.
- Listed on the Dow Jones Sustainability World Index for the eighth consecutive year and as the top-ranked North American-based bank on the World Index this year. This recognition serves to acknowledge the efforts the Bank has led as part of its Climate Action Plan and through its continued investments to help build community resilience and an inclusive and welcoming employee culture.
- Included on the Bloomberg Gender-Equality Index for the sixth consecutive year, recognizing TD's commitment to transparency in gender-data reporting.
- Scored an "A" on the CDP Supplier Engagement Rating, which is designed to evaluate, and spur action on corporate supply chain engagement to help cut global emissions.
- Introduced the annual TD Securities ESG Conference to convene experts and business leaders on the most important ESG issues facing companies within their industries.
- TD Securities has become a cornerstone investor in Canada's leading Cleantech venture capital funds and is the only Canadian member of the TPG RISE Climate Coalition.
- Joined PCAF to support the development of carbon accounting methodologies for financial institutions globally. This is part of TD's commitment to advocacy and collaboration with governments, regulators, investors, and industry leaders to develop supportive net-zero programs and policies that pave a path towards decarbonization.
- Entered a strategic partnership with RMI's Center for Climate-Aligned Finance to support the development of practical and scalable solutions that can help accelerate the transition to a more sustainable economy.
- Pledged to join NZBA as part of a global, industry-led initiative to accelerate and support efforts to address climate change.
As part of today's reporting suite, TD also released its 2021 Climate Action Plan: Report on Progress and Update on TCFD, which covers TD's progress implementing recommendations from the TCFD and is where the Bank will report on the progress that TD is making toward its interim Scope 3 financed emissions targets starting next year. This report shares how the Bank is continuing to embed climate-related considerations into its business.
For more information about the key highlights described in the Bank's reports, please visit stories.td.com.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 15 million active online and mobile customers. TD had CDN$1.8 trillion in assets on January 31, 2022. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
SOURCE TD Bank Group
For further information: Heather Reinsborough, TD Bank Group, heather.reinsborough@td.com