|
Listen to this story:
|
TD Bank Group (TD or the Bank) provided updates on its sustainability strategy and continuing efforts to help its customers, communities and colleagues thrive in a changing world.
“In the last year, people have felt the stress of higher costs of living, alongside the growing effects of climate change,” said Janice Farrell Jones, SVP of Sustainability and Corporate Citizenship. “As a financial institution and corporate citizen, TD has a role to play in supporting our customers and communities through these times while contributing to efforts to build a more sustainable and inclusive future. The updates shared in our Sustainability Reporting Suite highlight the ways we’re taking action to help drive sustainable value creation for our customers and our communities.”
As part of its commitment to helping customers and communities thrive, TD made continued progress under its Climate Action Plan, which serves as the Bank’s Transition Plan. TD has expanded and enhanced the calculation of its Scope 3 financed emissions footprint, and enhanced tools for monitoring financed emissions and progress toward targets. In addition, TD shared an update on progress toward its Sustainable & Decarbonization Finance Target, reporting a total of $69.5 billion in eligible business activities in 2023. The Bank also shared that it exceeded its 50% client engagement goal for two initial sectors – energy and power generation, where efforts have been led by TD Securities – in 2023, and disclosed a new, extended goal of 75% for 2024.
In advancing on the Bank’s sustainability goals and role as a corporate citizen, TD continued to deepen its contributions to financial and economic inclusion. To guide efforts and support progress toward TD Pathways to Economic Inclusion, TD disclosed five new targets. Under financial access, TD has set US and Canadian small business lending targets and a North American financial education target. Under housing access, the Bank has set a North American affordable housing financing target and a US home lending target. The two US targets come from the recently launched Community Impact Plan. Through the 2023 TD Ready Challenge, TD also awarded $10 million in grants toward innovative solutions that address barriers to affordable housing.
Across the board, TD’s commitment to sustainability and inclusion flows from its purpose: to enrich the lives of its customers, communities and colleagues. Over the past 30 years, the Bank’s engagement has spanned serving as one of the founders of the First Nations Bank of Canada to being the first major Canadian bank to set a 2050 net-zero goal for emissions from its operations and financing activities. The work done by TD in 2023 continues that engagement.
Related Article: Deutsche Bank Unveils Updated Sustainable Finance Framework, Underscoring Commitment to Sustainability Goals
Additional highlights from the 2023 Sustainability Reporting Suite include:
- A US$500 million three-year green bond issued in December 2023, led by a syndicate of underwriters including minority-, women- and veteran-owned enterprises. This is the Bank’s fourth green bond issuance
- A total contribution in 2023 of $157 million to support non-profit and community organizations, contributing to the Bank’s target of $1 billion in philanthropy by 2030