TD Bank Group Launches Initiatives to Support a Sustainable and Prosperous Future

December 18, 2017 - Low-Carbon Environment DC, DE, MD, VA Florida Maine New England New Jersey, New York and PA North and South Carolina North America

TD Bank Group (TD) today announced a set of initiatives to advance the low-carbon economy of the future. 

These initiatives include a target of CDN$100 billion (US$78 billion) in low-carbon lending, financing, asset management and other programs by 2030. TD is taking clear steps to help accelerate the development of a low-carbon economy, while recognizing the importance of responsibly developing conventional energy, vital to North America's economic strength and security.

"Our economy is changing and TD intends to fully participate" said Bharat Masrani, Group President and CEO, TD Bank Group. "The initiatives outlined today build on our heritage of environmental and financial leadership to further advance a sustainable and prosperous future, where communities thrive economically and environmentally for both the short and long-term." 

TD's low-carbon initiatives to support the $100 billion target include:

  • Work with companies, ventures and projects that are driving innovation and contributing to carbon emissions reduction, energy-efficient housing and urban green space enhancement.
  • Accelerate the low-carbon economy – including renewable and clean energy technologies, businesses and processes – through TD's low-carbon lending, financing, asset management (in accordance with TD Asset Management's sustainable investing approach) and other programs.
  • Foster understanding and dialogue – through research, publishing and conversations – to help society and the economy make a successful transition.
  •  Enhance focus on successful green bonds strategy, (issuing, underwriting and investing) to support projects that provide both economic growth and environmental benefit.
  •  Build on a 7-year track record of carbon neutrality to further reduce TD's carbon footprint.
  • Plant 1 million new trees in communities in North America, more than doubling the number planted since 1990.

"TD is demonstrating the crucial role that financial institutions can – and should – play in supporting economic prosperity and transformational technology. We are determined to identify and advance initiatives with positive impact for society and our economies," said Norie Campbell, Group Head, Customer & Colleague Experience, TD Bank Group.

TD was among the first in the banking industry to recognize climate change as an economic and environmental megatrend. This understanding has served as the foundation for TD's expanding focus on low-carbon initiatives.  

TD Milestones

  • 2009: TD Economics issues its first paper on carbon pricing
  • 2010: First major North American-based financial institution to become carbon neutral
  • 2013-2017: Recognized as a top performing Canadian bank for climate disclosure by CDP
  • 2014-2017: Listed on DJSI World Sustainability Index; only Canadian bank last 3 years   
  • 2014: First Canadian bank to issue a green bond
  • 2015: Joined RE100; met our 100% renewable electricity commitment
  •  2016: Reduced TD's GHG emissions by 24% since 2008
  • 2016: Helped protect 60,000 acres of critical forest habitat in the past five years and helped plant 900,000 trees since 1990
  • 2016: TD Securities participated in $6.5 billion of green bond underwriting since 2010
  • 2017: TD Friends of the Environment Foundation enters its 27th year with the support of more than 180,000 donors, having provided approximately $82 million to  over 24,000 environmental projects and programs across Canada.
  • 2017: Issued US$1 billion green bond, TD's first in the United States
  • 2017: One of 16 banks around the world committed to pilot the recommendations of the Task Force on Climate-related Financial Disclosures under the leadership of the United Nations Environment Programme – Finance Initiative
  • 2017: TD achieves 249 LEED-certified locations in North America

Surveys conducted for TD by Environics Research found that a majority of people in the U.S. and Canada are concerned about climate change, but most don't have a clear understanding of the low-carbon economy and how it has the potential to shape the future over the next several decades. 

  • Over 70 percent of people surveyed in Canada and 60 percent of people surveyed in the U.S. feel poorly informed about climate change and energy issues
  • The majority of people surveyed in both Canada and the U.S. consider environmental concerns a priority
  • More than half support responsible energy development to meet existing energy demands.


Caution Regarding Forward-Looking Statements  From time to time, the Bank (as defined in this document) makes written and/or oral forward-looking statements, including in this document, in other filings with Canadian regulators or the United States (U.S.) Securities and Exchange Commission (SEC), and in other communications. In addition, representatives of the Bank may make forward-looking statements orally to analysts, investors, the media, and others. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under, applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements made in this document, the Management's Discussion and Analysis ("2017 MD&A") under the heading "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail and Wholesale Banking segments under headings "Business Outlook and Focus for 2018", and for the Corporate segment, "Focus for 2018", and in other statements regarding the Bank's objectives and priorities for 2018 and beyond and strategies to achieve them, the regulatory environment in which the Bank operates, and the Bank's anticipated financial performance. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "intend", "estimate", "plan", "goal", "target", "may", and "could".

By their very nature, these forward-looking statements require the Bank to make assumptions and are subject to inherent risks and uncertainties, general and specific. Especially in light of the uncertainty related to the physical, financial, economic, political, and regulatory environments, such risks and uncertainties – many of which are beyond the Bank's control and the effects of which can be difficult to predict – may cause actual results to differ materially from the expectations expressed in the forward-looking statements. Risk factors that could cause, individually or in the aggregate, such differences include: credit, market (including equity, commodity, foreign exchange, interest rate, and credit spreads), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Bank operates; the ability of the Bank to execute on key priorities, including the successful completion of acquisitions and dispositions, business retention plans, and strategic plans and to attract, develop, and retain key executives; disruptions in or attacks (including cyber-attacks) on the Bank's information technology, internet, network access, or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; the failure of third parties to comply with their obligations to the Bank or its affiliates, including relating to the care and control of information; the impact of new and changes to, or application of, current laws and regulations, including without limitation tax laws, risk-based capital guidelines and liquidity regulatory guidance and the bank recapitalization "bail-in" regime; exposure related to significant litigation and regulatory matters; increased competition, including through internet and mobile banking and non-traditional competitors; changes to the Bank's credit ratings; changes in currency and interest rates (including the possibility of negative interest rates); increased funding costs and market volatility due to market illiquidity and competition for funding; critical accounting estimates and changes to accounting standards, policies, and methods used by the Bank; existing and potential international debt crises; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events. With regard to TD's target of CDN $100 billion by 2030, there can be no assurance that TD will reach such target due to a variety of factors, including: uncertainty regarding future levels of mergers & acquisitions and capital markets activity in relevant sectors, and TD Securities' relative level of participation in such activity; lower than anticipated growth in loan originations for relevant sectors; lower than anticipated growth in assets under management; uncertainty regarding the future size of the Bank's treasury portfolio; and uncertainty regarding future corporate environmental programs and community giving at the Bank.  The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results. For more detailed information, please refer to the "Risk Factors and Management" section of the 2017 MD&A, as may be updated in subsequently filed quarterly reports to shareholders and news releases (as applicable) related to any transactions or events discussed under the heading "Significant Events" in the relevant MD&A, which applicable releases may be found on www.td.com. All such factors should be considered carefully, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements, when making decisions with respect to the Bank and the Bank cautions readers not to place undue reliance on the Bank's forward-looking statements.

Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2017 MD&A under the headings "Economic Summary and Outlook", for the Canadian Retail, U.S. Retail, and Wholesale Banking segments, "Business Outlook and Focus for 2018", and for the Corporate segment, "Focus for 2018", each as may be updated in subsequently filed quarterly reports to shareholders.

Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. The Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf, except as required under applicable securities legislation.

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 approximately 11.5 million active online and mobile customers. TD had CDN$1.3 trillion in assets on October 31, 2017. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.


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