TD Invests in Canada’s Largest Private Conservation Project, Announces ESG Solutions’ Carbon Advisory Practice
$10 million investment in Nature Conservancy of Canada’s work will help conserve more than 350,000 acres of Boreal forest and builds on TD’s leading role in the carbon markets
TD has announced a $10 million investment into the Boreal Wildlands Carbon Project located in Hearst, Northern Ontario. The project is being developed by Nature Conservancy of Canada in support of its crucial efforts to protect nearly 1,500 square kilometers of boreal forest in Northern Ontario – the largest single private conservation project ever undertaken in Canada. Known as the ‘lungs’ of the planet, Canada’s boreal forests hold more than 10 per cent of the world’s land-based carbon reserves, and their protection remains critical in the fight against biodiversity loss and climate change.
Through its investment in the project, TD Securities will help conserve more than 350,000 acres (145,173 hectares) of mixed hardwood and softwood boreal forest in Northern Ontario. As part of the agreement with NCC, TDS will receive access to a portion of the carbon offsets generated from the project. The investment demonstrates TD’s commitment to supporting the growth and development of voluntary carbon markets by providing innovative financing solutions.
“We’re incredibly proud to be contributing to Nature Conservancy of Canada’s vital conservation efforts, in alignment with TD’s efforts to contribute to a more sustainable future,” said Riaz Ahmed, President and CEO, TD Securities. “This project highlights one of the many ways we are helping our clients transition to a lower carbon economy with unified solutions that help them navigate and succeed in this rapidly evolving space.”
“In the face of rapid biodiversity loss and the impacts of climate change, nature conservation provides real solutions. NCC is using the power of the voluntary carbon market to accelerate urgently needed, large-scale conservation across the country. We are proud that TDS has put its confidence in NCC and our Boreal Wildlands Carbon Project as part of their Environment, Sustainability and Governance strategy. Together, we’re contributing to a nature-positive, carbon-neutral future,” said Catherine Grenier, President and CEO of Nature Conservancy of Canada.
Carbon Advisory Business
TDS is also pleased to announce the formation of its Carbon Advisory business. As a core part of the ESG Solutions group (formerly the Sustainable Finance and Corporate Transitions group), the Carbon Advisory business will provide innovative, low-carbon solutions that leverage TDS’ capital markets expertise and deep client relationships. Led by Andrew Hall, TDS’ Carbon Advisory team will offer clients end-to-end carbon market solutions, including:
- Carbon offset advice for project acquisition and investment
- Access to carbon markets and strategic insights
- Carbon offset portfolio structuring
- Risk assessment and valuation related to carbon assets/liabilities for mergers and acquisitions
- Capital raising for project developers and financial participants
Beyond carbon, TDS’ ESG Solutions team continues to bolster its capabilities with the addition of Bridget Realmuto, who will lead ESG Strategy efforts. Bridget is a well-regarded leader in ESG research, joining TD from State Street Associates, where she was Co-Head of ESG Research. She has co-authored a number of ESG and climate finance papers and has appeared in many peer-reviewed journals, including the Financial Analysts Journal.
See related article: TD Launches ETF Focused on Global Carbon Credit Market
“TD is focused on supporting our clients in all facets of their ESG Journey. The formation of our Carbon Advisory practice and the buildout of our ESG strategy work highlights our dedication to bringing innovative, market-leading resources to our clients,” says Amy West, Global Head, ESG Solutions, TDS.
TD has a 30+ year relationship with Nature Conservancy of Canada supporting the conservation of Canada’s national forests. TD was the first North American bank to become carbon neutral in 2010. In 2020, TD became the first Canadian bank to target net-zero greenhouse gas emissions associated with its operating and financing activities by 2050, and this year, set interim financed emissions targets for two key sectors, Energy and Power Generation.
TD’s sustainable finance leadership includes:
- TD has been listed on the Dow Jones Sustainability World Index for eight consecutive years and is the top ranked North American-based bank on the World Index (2014-2021)
- TD joined the United Nations-convened Net-Zero Banking Alliance, committing to aligning financing activities with net-zero by 2050
- TD is a top underwriter of global ESG debt, including the Government of Canada’s inaugural Green Bond and the world’s first nuclear green bond for Bruce Power
- TD is a founding member of the International Capital Market Association (ICMA) Principles (including its Green, Social, Sustainability, and Sustainability-Linked Bonds Principles) and an active member of the ICMA Advisory Council
- TDS is the only Canadian dealer that sits on IHS Markit’s Carbon Meta-Registry advisory board
- TDS is an active member of the International Emissions Trading Association (IETA)