The TD Bank Group has launched a new Sustainable & Decarbonization Finance Target to support its customers, clients and the communities it serves by aiming to mobilize $500 billion by 2030 through financial activities including lending, financing, underwriting, advisory services, insurance, and the bank’s own investments.
This new target represents the next step in the Bank’s efforts to help support its customers and clients in the transition to a low-carbon economy and help contribute to improving social outcomes. The eligible environmental, decarbonization and social activities are focused on supporting progress toward key sustainability objectives of TD such as climate change mitigation and adaptation and economic inclusion.
“Mobilizing sustainable finance is a valuable business opportunity as well as a critical part of our work towards our target of achieving net-zero greenhouse gas (GHG) emissions associated with our operations and financing activities by 2050,” said Janice Farrell Jones, SVP of Sustainability and Corporate Citizenship, TD Bank Group.
“Our new Sustainable & Decarbonization Finance Target is an exciting next step forward that builds on the progress we’ve been making for over a decade to help drive positive and measurable impacts on society and our environment, and to help contribute to a more inclusive and sustainable future.”
As part of the announcement, TD published a Sustainable & Decarbonization Finance Target Methodology which outlines the Bank’s approach to categorizing, assessing, and reporting on progress towards its new target, including:
- The financial activities of the Bank that contribute toward the target, including lending, financing, underwriting, advisory services, insurance, and the Bank’s own investments.
- The environmental, decarbonization and social activities eligible to be counted toward the target, including mapping to the United Nations Sustainable Development Goals.
- A governance process to help support its work to quantify, validate, monitor, and report progress toward the target.
TD intends to annually report, on a cumulative basis, about its progress toward the Sustainable & Decarbonization Finance Target in one or more future ESG-related reports.
In 2017, TD was the first major Canadian bank to set a financial target of $100 billion to be deployed by 2030 toward low-carbon lending, financing, asset management and internal corporate programs. In 2022, the bank achieved this target and details can be found in the 2022 ESG Report.
The bank also released its 2022 ESG Reporting Suite, which provides information on the Bank’s strategy and performance related to environmental, social and governance matters. To view these reports, visit:
https://www.td.com/ca/en/about-td/for-investors/economic-social-governance-reporting/
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group, the fifth largest bank in North America by assets and serves over 27 million customers in four key businesses operating in a number of locations in financial centres around the globe.
Featured image credit: Arturo Casteneya/Unsplash.
