- TD sets new $500 billion CAD
Sustainable & Decarbonization Finance Target by 2030
- Publishes additional set of interim 2030 Scope 3 financed
emissions targets for Automotive Manufacturing and Aviation
sectors
- Announces TD Pathways to Economic Inclusion which focuses its
efforts on helping to improve employment, financial and housing
access.
TORONTO, March 16,
2023 /CNW/ - Today TD Bank Group (TD or the Bank)
reaffirmed its focus on helping drive progress towards an inclusive
and sustainable future by releasing additional interim 2030 Scope 3
financed emission targets and sharing its newly established social
framework, TD Pathways to Economic Inclusion. These new initiatives
are included in the Bank's 2022 ESG Report, which was published
today alongside its 2022 Climate Action Plan Report and 2022 TD
Ready Commitment Report. As part of its ongoing efforts to
support sustainable growth for its customers and clients, the
communities it serves, and the economies it supports, TD also
announced a new $500 billion CAD
Sustainable and Decarbonization Finance Target by 2030.
Through the Bank's Climate Action Plan, its Scope 3 interim
financed emissions footprint reporting has been expanded to include
seven carbon-intensive sectors and four Partnership for Carbon
Accounting Financials (PCAF) asset classes, including its business
loans, on-balance sheet investments (i.e., listed equity and
corporate bonds), mortgages and motor vehicle loans
portfolios. Also detailed in the Plan are the Bank's continued
efforts toward its net-zero goals with the inclusion of
a second set of interim 2030 Scope 3 financed emissions
targets for two additional sectors, Automotive Manufacturing and
Aviation, and an update on its progress towards its previously
announced Energy and Power Generation targets. TD has
prioritized these sectors with the goal of maximizing the impact of
its efforts to support decarbonization and additional details
regarding these new targets can be found in the TD Climate Action
Plan.
TD considers sustainable and decarbonization finance to be an
important lever to support its ESG Strategy and Climate Action
Plan, which has a goal of achieving net-zero GHG emissions from its
operations and financing activities by 2050. TD intends to report
annually, on a cumulative basis, on its progress toward the
Sustainable & Decarbonization Finance Target.
"We have a critical role to play across the economy and society
as a financial institution, business, corporate citizen and
employer," said Janice Farrell
Jones, SVP of Sustainability and Corporate Citizenship. "Our
2022 ESG Reporting Suite sets out how TD is helping to address the
challenges associated with the transition to a low-carbon economy
and how we are working to contribute to a more inclusive society
for the communities in which we operate. The additional interim
financed emissions targets and new Sustainable &
Decarbonization Finance Target announced today are two more
examples of how we are embedding ESG into our business and
supporting our customers and clients."
At TD, financial and economic inclusion have long been core to
its sustainability priorities. Building on this foundation, the
Bank is taking another step forward through TD Pathways to Economic
Inclusion, which focuses its efforts on three areas where it
believes it has the knowledge and resources to make a meaningful
impact: employment access, financial access, and housing access. TD
Pathways to Economic Inclusion will focus the Bank's efforts to
further embed social factors into its business, build on an area
that has long been a priority for the Bank - diversity and
inclusion - and strengthen its commitment to help open doors for
all members of its communities. The 2022 ESG Report outlines its
efforts over the past year and provides an overview of the areas of
focus for 2023 and beyond. TD will share its progress on these
efforts in its 2023 ESG Report, which will be published in the
spring of 2024.
Key highlights of the 2022 ESG Reporting Suite also include:
- Delivering on its commitment to double the representation of
Black executives within the Bank by the end of 2022 and remaining
on track to increase Black, Indigenous Peoples and minority
representation at VP+ levels by 2025.
- Engaging more than 339,000 people through TD-supported
financial literacy initiatives over the past year in Canada and the U.S.
- Launching a new certification program for businesses owned by
refugees with the Canadian Aboriginal and Minority Supplier Council
and the Tent Partnership for Refugees.
- Contributing $147 million to
support non-profit organizations in 2022 across the Bank's global
footprint, towards its target of $1
billion in philanthropy by 2030.
- Raising more than $24 million
through employee giving campaigns across North America in support of charitable
organizations across Canada and
the U.S.
- More than 4,300 colleagues globally in the TD Ready Commitment
Network volunteering over 90,000 hours of their time to help better
their communities.
The 2022 ESG Reporting Suite includes the ESG Report, the
Climate Action Plan Report, the Sustainable & Decarbonization
Finance Target Methodology and the TD Ready Commitment Report. To
review all of the Reporting Suite documents, please visit:
https://www.td.com/ca/en/about-td/for-investors/economic-social-governance-reporting
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 fifth
largest bank in North America by
assets and serves over 27 million customers in four key businesses
operating in a number of locations in financial centres around the
globe: Canadian Personal and Commercial Banking, including TD
Canada Trust and TD Auto Finance Canada; U.S. Retail, including TD
Bank, America's Most Convenient Bank®, TD Auto Finance
U.S., TD Wealth (U.S.), and an investment in The Charles Schwab
Corporation; Wealth Management and Insurance, including TD Wealth
(Canada), TD Direct Investing, and
TD Insurance; and Wholesale Banking, including TD Securities. TD
also ranks among the world's leading online financial services
firms, with more than 15 million active online and mobile
customers. TD had $1.9 trillion in
assets on January 31, 2023. The
Toronto-Dominion Bank trades under the symbol "TD" on the
Toronto and New York Stock
Exchanges.
Caution Regarding Forward-Looking
Statements
This document is not required to be prepared or filed by the
Bank (as defined in this document) under Canadian or U.S.
securities laws, and the information contained herein should not be
read as necessarily rising to the level of materiality of
disclosure required in our securities law filings.
From time to time, the Bank 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 regarding
the Bank's financial performance objectives, vision and strategic
goals and the Bank's social, economic, environmental, and
governance-related impacts and objectives, including the Bank's
greenhouse gas (GHG) emission reduction targets and the Bank's
position on Thermal Coal. 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:
strategic, credit, market (including equity, commodity, foreign
exchange, interest rate, and credit spreads), operational
(including technology, cyber security, and infrastructure), model,
insurance, liquidity, capital adequacy, legal, regulatory
compliance and conduct, reputational, environmental, and social,
and other risks. Examples of such risk factors include the
economic, financial, and other impacts of pandemics, including the
COVID-19 pandemic; general business and economic conditions in the
regions in which the Bank operates; geopolitical risk; the ability
of the Bank to execute on long-term strategies and shorter-term key
strategic priorities, including the successful completion of
acquisitions and dispositions, business retention plans, and
strategic plans; technology and cyber security risk (including
cyber-attacks or data security breaches) on the Bank's information
technology, internet, network access or other voice or data
communications systems or services; model risk; fraud activity; 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, and other risks arising from the Bank's use of
third-party service providers; the impact of new and changes to, or
application of, current laws and regulations, including without
limitation tax laws, capital guidelines and liquidity regulatory
guidance and the bank recapitalization "bail-in" regime; regulatory
oversight and compliance risk; increased competition from
incumbents and new entrants (including Fintechs and big technology
competitors); shifts in consumer attitudes and disruptive
technology; exposure related to significant litigation and
regulatory matters; ability of the Bank to attract, develop, and
retain key talent; 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; Interbank
Offered Rate (IBOR) transition risk; critical accounting estimates
and changes to accounting standards, policies, and methods used by
the Bank; existing and potential international debt crises;
environmental and social risk (including climate change); and the
occurrence of natural and unnatural catastrophic events and claims
resulting from such events. In addition, information on the
assumptions, risks, uncertainties, and other factors affecting the
Bank's GHG emissions targets, the Bank's position on Thermal Coal,
and the Bank's Sustainable & Decarbonization Finance Target may
be found here: Cautionary Statement Regarding Disclosure on
Emission Targets, Cautionary Statement Regarding Thermal Coal
Position, and Cautionary Statement Regarding Disclosure on
Sustainable & Decarbonization Finance Target.
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 2022
Management's Discussion and Analysis (MD&A), as may be updated
in subsequently filed quarterly reports to shareholders and news
releases (as applicable) related to any events or transactions
discussed under the heading "Significant Acquisitions" or
"Significant and Subsequent Events and Pending Acquisitions" in the
relevant MD&A, which applicable releases may be found on
www.td.com. All such factors, as well as other uncertainties
and potential events, and the inherent uncertainty of
forward-looking statements, should be considered carefully when
making decisions with respect to the Bank. 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 2022
MD&A under the headings "Economic Summary and Outlook", under
the headings "Key Priorities for 2023" and "Operating Environment
and Outlook" for the Canadian Personal and Commercial Banking, U.S.
Retail, Wealth Management and Insurance and Wholesale Banking
segments, and under the heading "2022 Accomplishments and Focus for
2023" for the Corporate segment, 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. This document should not be used as
a basis for trading in securities of the Bank or for any other
investment decision. This document is not intended to constitute
financial, legal, tax, investment, professional or expert advice.
No representation or warranty, express or implied, is or will be
made in relation to the accuracy, reliability or completeness of
the information contained in this document. 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.
Any references to "sustainable investing," "sustainable
finance," "ESG," "carbon neutral", "net-zero" or similar terms in
this document are intended as references to the internally defined
criteria of the Bank and not to any jurisdiction-specific
regulatory definition that may exist.
SOURCE TD Bank Group