PR Newswire
TORONTO and NEW YORK, Dec. 21, 2018
TORONTO and NEW YORK, Dec. 21, 2018 /PRNewswire/ -- TD Bank Group (TD) today issued a progress report on advancing towards a transition to a low-carbon economy in North America, a component of its corporate citizenship platform, The Ready Commitment.
In December 2017, TD set a target of a total of CAD $100 billion in low-carbon lending, financing, asset management and internal corporate programs by 2030. TD recognizes that a transition towards a low-carbon economy will likely require a few decades to achieve. Therefore, TD is taking a balanced approach by supporting conventional energy sources that fuel North America's current economic vitality, while investing in low-carbon innovation aimed at helping enable a more inclusive and sustainable tomorrow.
The progress report quantifies the economic and environmental benefits of the Bank's support of low-carbon initiatives, which are focused on three drivers measured across a range of market sectors:
As set out in this report, the Bank's support of low-carbon initiatives totaled CAD $22 billion in fiscal 2017, the first year of the program. Based on our methodology, these initiatives:
"Financial institutions can play a central role in helping to achieve a balanced and measured transition towards a low-carbon economy," said Norie Campbell, Group Head, Customer and Colleague Experience, TD Bank Group. "We are proud of our role in job creation, economic growth and environmental progress in North America."
The TD Low-Carbon Report tracks data across key market sectors, such as Auto and Transportation, Energy, Real Estate, Recycling, Sustainable Land Use and Multi Sector. The report's results indicate that market demand is moving to help drive capital flow to industries and initiatives supporting a low-carbon economy in North America and globally through lending, finance and investing. The full 2017 Report is available here. Progress towards this target will be reported annually and the assessment for 2018 is already underway.
The Bank's support of low-carbon initiatives reflects on and adds to its history of concern for the environment and its ongoing support of low-carbon financing and lending activities.
TD's 2030 low-carbon target is part of The Ready Commitment, the Bank's global corporate citizenship platform, which aspires to help people succeed with confidence in a changing world.
"TD is committed to supporting initiatives that help create a more vibrant planet," said Andrea Barrack, VP Global Corporate Citizenship. "Our low-carbon investments include the planting of 1 million new trees in North America by 2030, and the support of initiatives and events that are designed to help grow and enhance green spaces so people and communities can thrive."
For more information on The Ready Commitment, visit www.td.com/readycommitment.
Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements |
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 sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres 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 TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on October 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
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SOURCE TD Bank