TD reports progress on climate action and inclusion, surpassing targets and enriching communities
TD Bank Group (TD) has announced updates on its sustainability efforts and continued commitment to supporting its customers, communities, and colleagues amid the challenges of rising living costs and the impacts of climate change.
Janice Farrell Jones, SVP of sustainability and corporate citizenship at TD, emphasized the bank's role in fostering a sustainable and inclusive future through its actions, highlighted in the Sustainability Reporting Suite.
TD has made significant strides in line with its Climate Action Plan, which doubles as the Bank's Transition Plan. It has improved the calculation of its Scope 3 financed emissions footprint and enhanced its financed emissions monitoring tools and progress tracking toward targets.
Furthermore, TD reported progress towards its Sustainable & Decarbonization Finance Target with $69.5bn in eligible business activities in 2023. The bank also surpassed its client engagement goal in the energy and power generation sectors, led by TD Securities, reaching over 50 percent in 2023 and setting a new goal of 75 percent for 2024.
TD's commitment to sustainability and corporate citizenship is also evident in its financial and economic inclusion efforts.
The bank has introduced five new targets under TD Pathways to Economic Inclusion to support progress in financial access, including US and Canadian small business lending and a North American financial education goal.
For housing access, targets for North American affordable housing financing and US home lending have been set, stemming from the newly launched Community Impact Plan. The 2023 TD Ready Challenge also awarded $10m in grants for innovative solutions to affordable housing barriers.
TD's sustainability and inclusion efforts align with its purpose of enriching the lives of customers, communities, and colleagues.
The bank's longstanding engagement includes founding the First Nations Bank of Canada and being the first major Canadian bank to set a 2050 net-zero emissions goal for its operations and financing activities. The 2023 efforts continue this legacy of engagement.
The 2023 Sustainability Reporting Suite further highlights TD's issuance of a US$500m three-year green bond in December 2023, led by a diverse syndicate of underwriters. This marks the bank's fourth green bond issuance.
Additionally, TD contributed $157m to non-profit and community organizations in 2023, advancing towards its $1bn philanthropy target by 2030.
