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TD Bank Group

CEF Lead Executives

Sustainability Goals

Sustainability Goals

2025 Goals

  • Reduce Scope 1 and 2 GHG emissions by 25% (2019 baseline)


2030 Goals

  • Reduce Scope 3 financed emissions by 29% for the Energy sector and reduce financed emissions by 58% for the Power Generation sector (2019 baseline)
  • Contribute $100 billion to help support a transition to a low-carbon economy through lending, financing, asset management and internal corporate programs
  • Donate $1 billion in total to create change


2050 Goals

  • Achieve Net-Zero GHG emissions from operations and financing activities


Past Goals Achieved

  • Zero increase in absolute scope 1 and scope 2 GHG emissions (2015 baseline) (reduced its Scope 1 and Scope 2 emissions by 25% as of 2021)
  • Embed the environment into 100% of financing decisions (achieved in 2018 and 2019)
  • Maintain carbon neutrality (achieved in 2018 and 2019)
  • Achieve 500,000 participants in a TD-sponsored financial education program (achieved in 2019)
  • Ensure 30% of independent directors are women (achieved in 2019)

Latest Sustainability Reporting

Highlights


  • Achieved $69.5 billion of its 2030 $500 billion Sustainable & Decarbonization Finance Target (established March 2023) and introduced its Sustainable Finance Strategy.
  • Reduced operational emissions 28% in 2023 (2019 baseline).
  • Achieved a 12% reduction in total Scope 3 absolute financed emissions footprint in 2021 relative to 2019.
  • Exceeded its client engagement goal of 50% of financed emissions for the energy and power sectors and extended the goal to engage with clients responsible for 75% of financed emissions in 2024 in sectors that have an interim financed emission target.
  • Increased women in roles titled Vice President and above in Canada from 40% in 2022 to 41.6% in 2023.
  • Increased Black, Indigenous and minority representation in roles titled Vice President and above across North America from 23% in 2022 to 24.3% in 2023.
  • Women globally earned more than 99 cents for every dollar earned by men and minorities in the U.S. earned one dollar for every dollar earned by non-minorities, according to a 2023 review.
  • 51% of the Board voluntarily self-identified as a visible minority, an Indigenous person, 2SLGBTQ+ or a person with a disability.

Recent News

2023

Announced new ESG and sustainable finance measures. This includes a new CAD$500 billion ($363.5 billion) Sustainable & Decarbonization Finance Target by 2030, and new Scope 3 financed emissions 2030 targets for two additional sectors: aviation (8% intensity reduction) and automotive manufacturing (a 50% “tank to wheel” intensity reduction), from a 2019 baseline. (March 2023)

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2022

RUBICON CARBON — Launched as a new carbon credit platform to scale and provide easier access to high-integrity emissions reduction solutions by vetting projects and their credits. Rubicon received an initial capital commitment of $300 million from CEF member TPG, with a total capital commitment target of $1 billion. As part of its launch, Rubicon also formed a coalition of corporate sustainability leaders to help guide its platform and product development, including CEF members Bank of America, Dow, GE, Honeywell, J.P. Morgan, JetBlue, McKinsey & Co., and TD Bank. (Dec 2022)

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Set new Paris-aligned targets for its financed emissions in the Energy sector and Power Generation sector. By 2030, the company is targeting a 29% reduction over a 2019 baseline in financed emissions for the Energy sector (including clients involved in thermal coal mining, low-carbon fuels and technologies, and the exploration, transportation, and refining of oil and gas) and a 58% reduction over 2019 in financed emissions for the Power Generation sector (including clients involved in the generation of power). Targets cover clients’ operational emissions (Scopes 1 and 2) and end-use Scope 3 emissions (i.e., emissions that result from the end-use combustion of fossil fuels). (March 2022)

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2021

Climate Action 100+ The group of 615 investors managing $60 trillion in assets released a new report through IIGCC detailing their expectations for electric utility companies’ net-zero transitions. They called on utilities to target net-zero emissions by 2035 in developed countries and by 2040 in developing countries, as well as a minimum 50% emission reduction by 2030. They also expect companies to commit to providing a “just” net-zero transition. Climate Action 100+ investors include CEF members BlackRock, Fidelity Investments, J.P. Morgan Asset Management (JPMorgan Chase & Co.’s asset management division), and TD Asset Management (of TD Bank Group). (Oct 2021)
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TPG — Announced a first close of $5.4 billion for the TPG Rise Climate Fund, the largest climate-focused fund in the world. Over 20 global companies—including CEF members 3M, ADM, Alphabet, Apple, Bank of America, Boeing, Dow, GE, General Motors, Honeywell, and TD Bank Groupparticipated in the close and will form a Rise Climate Coalition. The fund will take a broad sector approach, focusing on growth equity to value-added infrastructure to driving solutions for 5 climate sub-sectors. (Aug 2021)
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RE100 — The RE100 companies, which are committed to 100% renewable electricity, now have an electricity demand greater than that of the U.K. or Italy and are on track to save CO2 emissions equal to burning over 118 million tons of coal per year. RE100 members include CEF Members: 3M, Apple, Bank of America, Bloomberg, Dell Technologies, Ecolab, Facebook, General Motors, Google, Hewlett Packard Enterprise, HP Inc., Johnson & Johnson, JPMorgan Chase & Co., Mastercard, McKinsey & Co., Microsoft, Morgan Stanley, PepsiCo, Procter & Gamble, Siemens AG, TD Bank Group, Trane Technologies, Unilever, and Visa. (July 2021)
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2020

TD Bank Group issued a $500 million sustainability bond to “finance and/or refinance loans, investments and internal or external projects” that are considered to be environmentally or socially responsible under the bank’s Sustainable Bonds Framework. This is the Bank’s first-ever sustainability bond issuance. (October 2020)

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TD Bank committed CDN$1 million to help front-line community health centers meet local needs, in collaboration with the Canadian Association of Community Health Centers and the U.S.-based National Association of Community Health Centers. (April 2020)

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