TD Bank Group (TD or the Bank) has given updates on its sustainability strategy and ongoing efforts to support its customers, communities, and employees in a changing world.
Janice Farrell Jones, SVP of Sustainability and Corporate Citizenship, stated that people have been feeling the pressure of increased living costs and the escalating impacts of climate change. TD, as a financial institution and corporate citizen, has a responsibility to assist its customers and communities during these challenging times, while also contributing to efforts for a more sustainable and inclusive future. The updates shared in the Sustainability Reporting Suite demonstrate how TD is taking action to create sustainable value for its customers and communities.
As part of its dedication to helping customers and communities thrive, TD has continued to make progress under its Climate Action Plan. The bank has expanded and improved the calculation of its Scope 3 financed emissions footprint, as well as enhanced tools for monitoring financed emissions and progress towards targets. In addition, TD has reported progress towards its Sustainable & Decarbonization Finance Target, with a total of $69.5 billion in eligible business activities in 2023. The Bank has also exceeded its 50% client engagement goal for two initial sectors – energy and power generation – in 2023, and has announced a new, extended goal of 75% for 2024.
In its pursuit of sustainability goals and role as a corporate citizen, TD has continued to enhance its contributions to financial and economic inclusion. To guide efforts and support progress towards TD Pathways to Economic Inclusion, TD has revealed five new targets. These include US and Canadian small business lending targets, a North American financial education target under financial access, and a North American affordable housing financing target and a US home lending target under housing access. Additionally, TD has awarded $10 million in grants through the 2023 TD Ready Challenge towards innovative solutions addressing barriers to affordable housing. The 2023 TD Ready Challenge has delivered $10 million in grants towards innovative solutions tackling barriers to affordable housing.Through the Community Impact Plan. The 2023 TD Ready Challenge, TD has also awarded $10 million in grants for innovative solutions addressing barriers to affordable housing.
Overall, TD's commitment to sustainability and inclusion is driven by its purpose of enriching the lives of its customers, communities, and employees. Over the past 30 years, the Bank has been involved in founding the First Nations Bank of Canada and becoming the first major Canadian bank to set a 2050 net-zero goal for emissions from its operations and financing activities. The work carried out by TD in 2023 continues this commitment.
Other highlights from the 2023 Sustainability Reporting Suite include:
- A $500 million three-year green bond issued in December 2023, led by a group of underwriters including minority-, women- and veteran-owned enterprises. This marks the Bank’s fourth green bond issuance.
- A combined donation of $157 million in 2023 to help non-profit and community groups, working towards the Bank's goal of $1 billion in charitable giving by 2030
