GHG Emissions - November 9, 2020
TD Bank targets net zero in operations and financing
TD Bank announced Nov. 9 that it is committed to achieving net zero emissions in its operations and financing activities by 2050.
The Toronto-based bank intends to counsel its clients in their pursuit of low-carbon opportunities. TD released its global climate action plan, in which it established a Sustainable Finance and Corporate Transitions Group and outlined a plan to use data measurement and analytics to eventually start cutting its emissions across sectors.
In particular, TD Bank will establish emissions baselines across its business and financing portfolio and set interim reduction targets accordingly. The bank will begin reporting on its progress in 2021.
“Climate change is a critical environmental and business challenge and will require significant effort over the long term to help economies transition successfully to the low-carbon future,” Bharat Masrani, Group President and CEO of TD Bank Group, said in a statement. "TD's climate action plan builds on a long history of environmental leadership and positions the Bank as a central player in the work needed to enable sustainable growth for our customers and clients, the communities we serve and the economies we support."
As a first step to improve the environmental impact of its financing activities, TD Bank announced that it will no longer provide new project-specific financing services for activities that are related to exploration, development or production of oil and gas within the Arctic Circle, a region particularly at risk amidst the climate crisis.