Scope 3 targets represent a significant step
forward as TD progresses on its path to achieving net-zero
greenhouse gas emissions by 2050
TORONTO, March 9, 2022 /CNW/ - 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 TDStories.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